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/DEPUTY MINISTER'S OFFICE 96-08158M
ADM'S OFFICE
RETURN TO 15TH FLOOR, ALBION TOWER
January 7, 1997
XXXXXXXXXX
Dear XXXXXXXXXX:
The Honourable Jane Stewart, Minister of National Revenue, has asked me to respond to your letter of November 21, 1996, concerning the tax policies relating to the demolition of heritage buildings.
The Department of National Revenue is responsible for applying the provisions of the Income Tax Act (the "Act") as enacted by Parliament. This responsibility includes determining the tax consequences of the demolition of buildings. In this respect, you should note that, although the demolition of a building that is a depreciable property may give rise to a terminal loss, there are special rules in the Act which may reduce the potential terminal loss upon the disposition of a building. As the demolition of a building constitutes a disposition, these rules may apply.
Any changes to the rules relating to terminal losses would require a change in tax policy and an amendment to the Act. Since tax policy issues and amendments to the Act fall within the purview of the Department of Finance, I have forwarded a copy of our correspondence to Mr. David Dodge, Deputy Minister, Department of Finance, so that he will be made aware of your concerns.
I wish to thank you for bringing your views to our attention.
Yours sincerely,
Pierre Gravelle, Q.C.
cc. Mr. David Dodge
Deputy Minister
Department of Finance
C. Chouinard
957-2098
December 9, 1996
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© Her Majesty the Queen in Right of Canada, 1997
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© Sa Majesté la Reine du Chef du Canada, 1997
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