Tax Re-Filing - General Update - February 2002
The majority of the initial round of tax re-filing has been
completed by CCRA. Their latest figures indicate 2,059 re-assessment
(refund) cheques have been mailed to investors. PricewaterhouseCoopers
are working on a reconciliation to ensure every lender's request has
been completed by CCRA.
We are currently
underway with the second phase of the re-filing process. To date
we have mailed 813 lender packages; there are approximately 1,200
packages left to complete. Each package contains:
- Summary of
non-registered investments eligible for the re-filing process
- Summary of elections made to date
- Additional interest amounts eligible for Return of Capital treatment
- Capital Loss calculation and application forms as deemed by CCRA
- ABIL calculation and application forms as deemed by CCRA
- Individual discrepancies raised in initial round mailing explained
- General information
To date we have
made 2 submissions of lender's losses to CCRA. All correctly completed
forms received to January 21, 2002 (168 lenders) have been forwarded
to CCRA for processing.
We expect that
this stage of the re-filing process will take several months to
complete. We will update these figures as the process continues.
PricewaterhouseCoopers
Inc.
Judicial Trustee
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