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Tax Re-Filing - General Update - May 2002
The majority of the initial round of tax re-filing has been completed by CCRA. Their latest figures indicate over 2,100 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 1,600 lender packages; there are approximately 550 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
The packages are being mailed in a random order. Lenders whose last name begins with the following letters have been mailed packages:
B, I, P, N, H, D, G, A, L, U, #, X, Y, Z, C, O, J, W & T.
To date we have made 3 submissions of lender's losses to CCRA. All correctly completed forms received to March 15, 2002 (284 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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