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 June 2, 2008 - Board Minutes
PRESENT: J. Kerr, S. Sinnott, R. Kerr, B. Henshall, L. Marshal, K. Croft and T. Renney.
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HISTORY
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2. Minutes of the Meetings: Moved by B. Henshall, seconded by K. Croft: THAT the minutes of the 3. Incidental Information: K. Moeller presented the tax opinion from a Ms. M. Mason of Bull, Housser & Tupper , a high level Vancouver based legal tax company. The opinion stated that if CRTV was sold that "“In our view, CRTV should be exempt from a tax as an NPO (Non-Profit Organization) under paragraph 149(1)(1) of the ITA (Income Tax Act). However, certainty can only be obtained with a ruling from the CRA (Canadian Revenue Agency)" and that "Such distribution to the members will be a capital gain in their hands to the extent that the amount of the receipt exceeds the respective adjusted cost bases of their memberships. One half of such gain will be included in income as a taxable capital gain.". This opinion is in concert with two previous local opinions received prior the October 2007. Moved by L. Marshal, seconded by B. Henshall: J. Forsyth reviewed the estimated Costs of Sale if CRTV was sold to Shaw. D. Wickham reviewed the status of communications with Shaw noting that they are seriously interested in purchasing CRTV’s assets and that further discussion will be required before an actual offer is made by Shaw. Moved by B. Henshal, seconded by S. Sinnott: ______________________________________________________________________
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