Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.
Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the Department.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle du ministère.
Principal Issues: Change of Facts - Following the ruling, a decision was arrived at by the shareholders of ACO, whereby the shareholders themselves, through a newly incorporated holding company would acquire the shares of BCO.
Position: N/A
Reasons: N/A
XXXXXXXXXX 2000-006794
XXXXXXXXXX, 2001
Dear XXXXXXXXXX:
Re: XXXXXXXXXX
Advance Income Tax Ruling (Our File #2000-005307)
We are writing in reply to your letter of XXXXXXXXXX wherein you informed us of changes to the facts and proposed transactions described in the advance income tax ruling #2000-005307 (the "Ruling") issued by us on XXXXXXXXXX, 2000. Terms defined in the Ruling otherwise have the same meaning.
The Ruling is hereby amended as follows:
1. The following information is added to the end of paragraph 5:
The only issued and outstanding shares of ACO consist of class XXXXXXXXXX common shares. The holders of the ACO class XXXXXXXXXX common shares are as follows:
Number of Class XXXXXXXXXX
Shareholder Common Shares
XXXXXXXXXX
2. New paragraph 10.1 is inserted as follows:
A new holding company ("Holdco") was established on XXXXXXXXXX , by the existing shareholders of ACO. The issued and outstanding shares of Holdco consist solely of class XXXXXXXXXX common shares. The holders of the Holdco's class XXXXXXXXXX common shares are as follows:
Number of Class XXXXXXXXXX
Shareholder Common Shares
XXXXXXXXXX
3. The references to ACO which appear in the Proposed Transactions (other than subparagraph 12(c)), the Purpose of Transactions and Ruling Requested and Given, are deleted and replaced by "Holdco".
Notwithstanding the above changes, we hereby confirm that, subject to the conditions set out therein, the rulings given in the Ruling will continue to be binding on the Canada Customs and Revenue Agency in accordance with the practice outlined in Information Circular 70-6R4, dated January 29, 2001, provided that the proposed transactions are completed in the manner described in the Ruling, as hereby amended, by XXXXXXXXXX.
Yours truly,
for Director
Reorganizations and Resources Division
Income Tax Rulings Directorate
Policy and Legislation Branch
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© Her Majesty the Queen in Right of Canada, 2001
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© Sa Majesté la Reine du Chef du Canada, 2001
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