,canada ,cu/oms #a & ,rev5ue ,ag5cy ,m ,ways 6,s]ve ,y6 ,9come ,tax ,te*nical ,news ,numb] #bh ,april #bd1 #bjjc ,9 ,? ,issue ,l>ge corpor,n ,tax--,l;g ,t]m ,debt ,sec;n #hf.a--,=eign ,sp9-,(fs ) 8,poison ,pill0 ,%>ehold] ,"rs ,plans ,! ,9come ,tax ,te*nical ,news is produc$ 0! ,policy & ,legisl,n ,bran*4 ,x is provid$ = 9=m,n purposes only & does n replace ! law4 ,if y h any -;ts or su7es;ns ab ! matt]s 4cuss$ 9 ? public,n1 pl1se s5d !m to3 #a  ,te*nical news a#a ,manag]1 ,te*nical ,public,ns & ,projects ,sec;n ,9come ,tax ,rul+s ,directorate ,policy & ,legisl,n ,bran* ,canada ,cu/oms & ,rev5ue ,ag5cy ,ottawa ,,on ,k#a;,a #j;,l#e or 0;e-mail at ! foll[+ a4ress3 _+bulletins@ccra.gc.ca_: ,l>ge ,corpor,ns ,tax--,l;g- ,t]m ,debt ,p>agraph #db ( ,9t]pret,n ,bullet9 ,,it-#ecb1 ,"p ,i4#c--,tax on ,l>ge ,corpor,n1 -;ts on ! m1n+ ( 8l;g-t]m debt0 (a f9ancial 9/itu;n = ,"p ,i4#c (! ,9come ,tax ,act 7! ,act7 purposes4 ,9 "picul>1 x 9dicates t a subord9at$ 9debt$;s issu$ = n less ?an #e ye>s b t may 2 retir$ 2f ! #e-ye> t]m has expir$ is n 3sid]$ l;g-t]m debt4 ,we h review$ ? posi;n & x is n[ \r view t1 :ile ! t]ms & 3di;ns (a debt may 3ta9 a #b  ,l>ge corpor,ns tax b#a provi.n =! retire;t (! debt )9 #e ye>s1 ! debt wd meet ! def9i;n ( 8l;g-t]m debt0 9 subsec;n #aha7#a7 (! ,act s9ce ! debt has n"o!.s be5 issu$ =a t]m t is n less ?an #e ye>s4 ,z a result ( \r revis$ posi;n1 a f9ancial 9/itu;n1 : has issu$ a deb5ture s* z ! "o describ$ abv1 wd 9clude ! am.t (! deb5ture 9 -put+ xs capital z l;g-t]m debt "u subp>agraph #aha.c7#c77a77;i7 (! ,act &a corpor,n t is n a f9ancial 9/itu;n wd 2 5titl$ 6claim an 9ve/;t all[.e 9 respect (! deb5ture pursuant 6p>agraph #aha.b7#d77d7 (! ,act4 ,? revi.n 6\r posi;n w 2 reflect$ 9 ! next v].n ( ,,it-#ecb4 ,sec;n #hf.a--,=eign ,sp9-,(fs ) 8,poison ,pill0 ,%>ehold] ,"rs ,plans ,we h n[ _h ! opportun;y 6review 9 detail ! issue ( :e!r sec;n #hf.a (! ,act c apply 6provide taxpay]s )a #c  ,sec;n #hf.a c#a tax def]ral 9 ! situ,n ": "! is a =eign sp9-(f &! %>es 2+ spun-(f h an atta*$ 8poison pill0 %>ehold] "rs plan4 ,we h 3firm$ )! ,de"p;t ( ,f9.e t "! >e g5],y no tax policy 3c]ns ) 8typical0 8poison pill0 %>ehold] "rs plans1 t is1 "rs plans ": ! "rs >e only ex]cisa# on ! o3urr;e (a well-def9$ ev5t 7g5],y1 ! acquisi;n (a significant p]c5tage (! %>es (! "picul> corpor,n74 ,acly1 we >e prep>$ 6a3ept t1 g5],y1 sec;n #hf.a (! ,act c apply 9 a situ,n 9volv+ s* "rs plans1 provid$ t ! "picul> "rs plan 0 e/abli%$ = bona fide -m]cial r1sons & n 6obta9 a tax b5efit1 & provid$ t ! "rs e/abli%$ "u ! plan d n h any significant value 9dep5d5t (! %>es 2+ spun-(f at ! "t (! sp9-(f4 ,": a plan is a typical 8poison pill0 "rs plan1 !n1 provid$ t "! >e no unusual ext]nal factors 7s* z an imm95t *ange ( 3trol (! spun-(f corpor,n71 we w presume t ! exi/;e (! plan w n 9 &( xf preclude ! applic,n ( sec;n #hf.a (! ,act4 #d  ,sec;n #hf.a #b ,z %>ehold] "rs plans c v>y widely1 x w alw 2 a "q ( fact :e!r "! 0 a tax b5efit purpose 9 e/abli%+ a "picul> %>ehold] "rs plan & :e!r ! "rs e/abli%$ "u ! plan h m ?an a nom9al value at ! "t (! sp9-(f4 ,9 ? reg>d1 a copy (! %>ehold] "rs plan or ! 9=m,n circul> describ+ ! nature (! %>ehold] "rs plan 7&1 9 "picul>1 ! 3t+5t nature (! 8poison pill0 "rs 2+ transf]r$ )! sp9-(f %>es7 %d 2 9clud$ )! docu;ts t >e requir$ 6be provid$ 0a =eign corpor,n 6! ,,ccra 9 ord] =a 4tribu;n 6qualify z an 8eligi# 4tribu;n0 "u sec;n #hf.a (! ,act4 ,all relevant docu;ts 6be provid$ 0! =eign corpor,n %d 3t9ue 6be =w>d$ 6! ,9t]n,nal ,tax ,directorate (! ,-pli.e ,programs ,bran* (! ,,ccra4 #e