Following our letters of December 13, 2011 and March 8, 2012 and past discussions with the Department of Finance staff where we discussed our concerns with the ”prohibited investment” rules (the “Rules”) under Part X1.01 of the Income Tax Act, we were very pleased to review your letter of June 12, 2012 (the “Letter”) which addressed a number of concerns raised by PMAC and other industry associations.
