20 March 1989 Income Tax Severed Letter 5-7133 - [Paragraph 256(1.1)(d) of the Income Tax Act]

By services, 22 July, 2022
Official title
[Paragraph 256(1.1)(d) of the Income Tax Act]
Language
English
Document number
Citation name
5-7133
Severed letter type
Miscellaneous
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
658066
Extra import data
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"field_release_date_new": "1989-03-20 07:00:00",
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Main text

XXXX

S. Leung (613) 957-2116

XXXX

MAR 20 1989

Dear Sirs:

Re: Paragraph 256(1.1)(d) of the Income Tax Act (Canada) (the "Act")

This is in reply to your letter of November 28, 1988 with respect to the prescribed rate of interest for the purposes of the above-noted paragraph of the Act.

We agree with your views that for the period after 1983 the prescribed rate of interest is the rate specified in Section 4301 of the Income Tax Regulations. We also agree that for the period prior to January 1, 1984, the Act and the Income Tax Regulations do not contain a prescribed rate of interest for purposes of paragraph 256(1.1)(d) of the Act. We have referred this matter to our Current Amendments and Regulations Division and have been advised that the Department of Finance is now reviewing the matter.

Yours truly,

for Director Reorganizations and Non-Resident Division Specialty Rulings Directorate Legislative and Intergovernmental Affairs Branch