2018-0753831R3 Supplemental Ruling - Extension of Time

Principal Issues: Whether the time to complete the proposed transactions can be extended until XXXXXXXXXX.

Position: Yes.

Reasons: The extension of time will allow the taxpayers to complete the proposed transactions.

Author: XXXXXXXXXX
Section: -

XXXXXXXXXX                                                                                                        2018-075383

XXXXXXXXXX, 2018

Dear XXXXXXXXXX,

Re:   Time Extension Request for Advance Income Tax Ruling no. 2017-068145
         Taxpayer:   XXXXXXXXXX

This is in reply to your emails of XXXXXXXXXX and XXXXXXXXXX, in which you requested an extension of time to complete the proposed transactions described in the advance income tax ruling numbered 2017‑068145 issued on XXXXXXXXXX (the “Ruling”). You also requested certain changes to paragraphs 77, 100 and 109 of the Ruling.

We confirm that the Ruling will continue to be binding on the Canada Revenue Agency, subject to the same limitations and qualifications set out therein, provided that the Proposed Transactions described therein, other than the corporate legal dissolution of TC Tempco, are completed by XXXXXXXXXX.

We also confirm that the following changes to paragraphs 77, 100 and 109 of the Ruling will not affect the Ruling given:

Paragraph 77 is changed to be read: Cco has an unlimited number of common shares and Class A Preference Shares authorized.  XXXXXXXXXX common shares are issued and outstanding and are all owned by Jco.

Paragraph 100 is changed by replacing the reference to the Corporation Act 1 by the Corporation Act 2.

Paragraph 109 is changed to be read: The authorized share capital of Yco will be the same as the authorised share capital of Cco.  As a result of the amalgamation, all of the issued shares of Yco, being common shares, will be the same shares as the shares of Cco all held by DC.

We note that if any of the facts or proposed transactions, except those provided in this letter, are changed from those presented in the Ruling, the Ruling may not be binding on the Canada Revenue Agency unless you request and receive a new supplemental ruling prior to the implementation of the proposed transactions.

Yours truly,

XXXXXXXXXX
Reorganizations Division
Income Tax Rulings Directorate
Legislative Policy and Regulatory Affairs Branch

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