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Tax Re-Filing - General Update - September 2002
The majority of the initial phase 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. These refunds were based on the re-filing of Eron interest as a Return of Capital. PricewaterhouseCoopers are working on a reconciliation to ensure every lender's request has been completed by CCRA.
We have now completed the second phase of the re-filing process. Over October 2001 - July 2002, we mailed each eligible investor, a package of election forms and information containing:
- 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
If your investment is registered (RRSP), 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 there is a loss on these projects, it will be dealt with near the end of the Judicial Trusteeship.
If you did not receive your package, please contact Patty Cotton, at (604) 806-7780 ext 4146, and request a duplicate package.
If the deadline date on your mailing has passed, and you did not submit your election forms in time, we advise that it's not too late to take part in the process. We will accept any `late' submissions over the next several weeks.
Our next task is to compile and check all responses received, and submit them to CCRA for processing. To date, we have made 5 submissions of lender's losses to CCRA, representing $19,250,800.00 in allowable losses. Correctly completed forms for 508 lenders have been sent to CCRA:
Submission # 1 - December 18, 2001 - 113 lenders
Submission # 2 - January 23, 2002 - 55 lenders
Submission # 3 - March 28, 2002 - 116 lenders
Submission # 4 - August 2, 2002 - 122 lenders
Submission # 5 - September 13, 2002 - 102 lenders
We expect to make our next submission to CCRA in early October 2002. We estimate we have 700 additional responses to review before we can submit them to CCRA.
We will update these figures and any other information as the process continues.
PricewaterhouseCoopers Inc.
Judicial Trustee
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