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Return of Capital Re-filing Update - February 2001
In late February 2001, PricewaterhouseCoopers Inc. sent the Return of Capital portion of the following projects to Canada Customs & Revenue Agency (CCRA) for their processing:
Capital Productions Inc. (CPI)
Eron Financial Services (EFS)
Eron Investment Corporation (EIC)
To date, we have mailed communication to the lenders in dealing with only the interest paid on active investments (had a balance in a project) as at October 3, 1997. This has been in accordance with instructions as directed by the CCRA.
Our next step in this process will be to communicate with those lenders who will qualify for additional re-filings for the interest earned on paid-out investments (investments whose balance is NIL as at October 3, 1997). For the many lenders of EIC who have earned interest in a `roll-out' project - this interest will be picked up in this round of mailings, (providing all criteria set out by CCRA is met).
CCRA has not released any funds to the investors as of yet, however, we are encouraging them at every opportunity to do so. We continue to send in to CCRA any late forms we receive from the investors.
We are awaiting a final list of Eron projects from CCRA that will be eligible for an ABIL treatment. Once received, we will post an update to this website and we will initiate communication to the lenders involved on a project by project basis. Many lenders have asked about the year in which the loss must be taken. We advise that CCRA has indicated that the commencement date for the claiming of the loss must be in the 1997 taxation year. Your carry-back/carry-forward rules would apply from that year.
Questions on the re-filing process can still be directed to David Craig, at (604) 713-6680.
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