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:
What foreign debt instruments are exempt from the foreign property rules?
Position TAKEN:
referred to wording of regulations.
Reasons FOR POSITION: routine
May 31, 1994
Head Office Head Office
Registered Plans Division Rulings Directorate
Stella Black (613) 957-8953
Director
Attention: E. Scobie
6-941009
Foreign Property
This is in reply to your memorandum of April 15, 1994, on whether certain bonds are foreign property as defined in subsection 206(1) of the Income Tax Act (the "Act").
Paragraph (g) of the definition of foreign property includes certain bonds of, or issued by, non-resident persons except for those issued or guaranteed by:
(i) the International Bank of Reconstruction and Development,
(ii) the International Finance Corporation,
(iii) the Inter-American Development Bank,
(iv) the Asian Development Bank,
(v) the Caribbean Development Bank, or
(vi) a prescribed person.
A bond that is not issued or guaranteed by one of the above persons but is issued by a non-resident person is a foreign property. XXXXXXXXXX would have to determine if the bonds listed in their submission that are not issued by one of the above persons are guaranteed by one of them in order to determine if they are excluded as foreign property.
for Director
Financial Industries Division
Rulings Directorate
All rights reserved. Permission is granted to electronically copy and to print in hard copy for internal use only. No part of this information may be reproduced, modified, transmitted or redistributed in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, or stored in a retrieval system for any purpose other than noted above (including sales), without prior written permission of Canada Revenue Agency, Ottawa, Ontario K1A 0L5
© Her Majesty the Queen in Right of Canada, 1994
Tous droits réservés. Il est permis de copier sous forme électronique ou d'imprimer pour un usage interne seulement. Toutefois, il est interdit de reproduire, de modifier, de transmettre ou de redistributer de l'information, sous quelque forme ou par quelque moyen que ce soit, de facon électronique, méchanique, photocopies ou autre, ou par stockage dans des systèmes d'extraction ou pour tout usage autre que ceux susmentionnés (incluant pour fin commerciale), sans l'autorisation écrite préalable de l'Agence du revenu du Canada, Ottawa, Ontario K1A 0L5.
© Sa Majesté la Reine du Chef du Canada, 1994
Email this Content