Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the Department.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle du ministère.
Principal Issues:
Can an RSP that was incorrectly registered as being a spousal RRSP be corrected?
Position:
No correction is required but registered plans should be advised of the correction to the records..
Reasons:
A spousal RRSP is defined (in simple terms) as an RRSP to which the annuitant's spouse has contributed or an RRSP which has received property from an RRSP or RRIF that was a spousal plan. If no such contributions or transfers have ever occurred the plan is not a spousal RRSP.
973055
XXXXXXXXXX W.C. Harding
Attention: XXXXXXXXXX
December 3, 1997
Dear Sirs:
Re: Spousal Registered Retirement Savings Plans
This is in reply to your facsimile of November 18, 1997, in reference to your letter of September 15, 1997, in which you requested our opinion on amending the registration of an RRSP that was apparently incorrectly identified as being a spousal RRSP at the time of registration. We also assume your original letter of September 15, 1997 on this matter has been misdirected since we have no record of receiving it in our offices.
A spousal plan is defined in the Income Tax Act. In basic terms it is a registered retirement savings plan to which a taxpayer has contributed at a time when the taxpayer's spouse was the annuitant, or a plan that has received property from an RRSP or RRIF that was itself a spousal plan. If neither of these conditions apply, the RRSP is not a spousal plan even if it was indicated on the registration documentation that it is. Accordingly no action needs to be taken to correct any error that may have been made on registration. We would suggest, however, that a letter notifying us of the error should be sent to the Registered Plans Division of Revenue Canada at the address indicated in Information Circular 72-22R9.
We trust this information will be of assistance to you.
Yours truly,
for Director
Financial Industries Division
Income Tax Rulings and
Interpretations Directorate
Policy and Legislation Branch
