Tax Re-Filing - General Update - January 2004 |
| Round 1 | Round 2 | |
| Number of re-assessments processed by CCRA | 2,100 | 2,746 |
| Number of investors receiving a refund | unknown | 1,147 |
ROUND ONE - Return of Capital only - COMPLETED
The majority of the initial phase of tax re-filing was completed by CCRA in the spring/summer of 2001. Their figures indicate over 2,100 re-assessments were completed, and income tax refunds were mailed to investors. The refunds were based on the re-filing of Eron interest as a Return of Capital.
If you elected to have Return of Capital treatment in multiple years (for example 1995, 1996 & 1997), CCRA counts this as three re-assessments, however; only one refund cheque was produced for the total refund. CCRA is unable to provide the number of investors receiving a refund from this round.
ROUND TWO - COMPLETED
Over October 2001 - July 2002, we mailed each eligible investor, a package of election forms. We confirm we have submitted all requests received to date to CCRA. We made 14 submissions of lender's losses to CCRA, representing $43,857,720.00 in allowable losses for 1,200 lenders.
IMPORTANT - CCRA has advised us that they will continue to accept late submissions, however, all requests must be submitted through PricewaterhouseCoopers Inc. If you did not receive your package, please contact Patty Cotton, at (604) 806-7780 ext 4146, to request a duplicate package.
OTHER
If your investment is registered (RRSP/RRIF), you are not eligible for this re-filing process.
If your investment is in ABC Boat Charters, Castlegar, Discovery Ridge, Homer Street, Leewood Village, Petrochemical, Ravenswood, Shopkeepers or Wang Building, you did not receive a loss election form for your investment. The return on these projects is close to, if not over, 100 cents on the dollar, and there may be no loss incurred. If a loss is sustained on these projects, it will be dealt with near the end of the Judicial Trusteeship.
PricewaterhouseCoopers Inc.
Judicial Trustee
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