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:
Can we extend the time in which the retiring allowance must be paid?
Position:
Yes.
Reasons:
Routine. A retiring allowance can be paid in instalments.
XXXXXXXXXX 2001-007352
XXXXXXXXXX, 2001
Dear XXXXXXXXXX:
Re: Advance Income Tax Ruling (our file 2000-005545)
XXXXXXXXXX .
This is in reply to your facsimile dated XXXXXXXXXX wherein you requested the following amendments to the above-referenced Advance Income Tax Ruling (hereinafter referred to as the "Rulings Letter").
1. The following sentence is added at the end of paragraph 10:
"Each of the retiring allowances will be paid in XXXXXXXXXX instalments."
2. The phrase "provided that the retiring allowances are paid prior to XXXXXXXXXX " following the words "Revenue Agency" in the last paragraph of the Rulings Letter is deleted and is replaced with "provided that the first of the XXXXXXXXXX instalment payments in respect of each retiring allowance is made before XXXXXXXXXX ."
We confirm that the above-noted amendments will not affect the rulings given in the Rulings Letter and they will continue to be binding on the Canada Customs and Revenue Agency as indicated therein.
Yours truly,
XXXXXXXXXX
for Director
Financial Industries Division
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