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.
MINISTER/DM'S OFFICE 95-05529M
ADM'S OFFICE
RETURN TO RULINGS, 15th Floor, Albion Tower
August 31, 1995
XXXXXXXXXX
Dear XXXXXXXXXX:
The Honourable David Anderson, Minister of National Revenue, has asked me to respond to your letter of July 17, 1995, addressed to the Honourable Paul Martin, Minister of Finance, concerning the proposed elimination of the deferral of tax on business income as announced in the February 27, 1995, budget.
The role of Revenue Canada is to administer and enforce the Income Tax Act as passed by Parliament. As the Department of Finance is responsible for tax policy relating to the proposed changes to the Income Tax Act, and as you have already sent your letter to Mr. Martin, I am certain your views will receive every consideration.
I am, however, pleased to advise you that in a press release on July 19, 1995, releasing the draft legislation pertaining to the budget, Mr. Martin announced that the government has consulted with taxpayers and their elected representatives concerning this particular proposal. As a result of these consultations, several modifications have been incorporated in the draft legislation. In response to the concerns of taxpayers who have valid non-tax reasons for having an off-calender fiscal period, Mr. Martin announced that the government will provide an alternative method of calculating income for the purposes of the measure eliminating the deferral of tax on business income. Legislation implementing this alternative method will be included in the Bill to be tabled in the House of Commons in the fall.
I appreciate being made aware of your concerns.
Yours sincerely,
Denis Lefebvre
Interim Assistant Deputy Minister
Policy and Legislation Branch
C.C. The Honourable Paul Martin, P.C., M.P.
Minister of Finance
Bill Kerr
957-2139
August 15, 1995
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