Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.
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: What is our position on transfers from RRSPs to RRIFs given the June 5, 2000 draft legislation?
Position: Referred to IRPPD
Reasons: They are responsible for assessments under the provisions.
XXXXXXXXXX 2000-005839
S. E. Thomson
Attention: XXXXXXXXXX
January 17, 2001
Dear XXXXXXXXXX:
Re: Transfers from an RRSP to a RRIF
This is in reply to your facsimile of November 17, 2000 which was forwarded to us by the Registered Plans Division on November 25, 2000. As stated in the Canada Customs and Revenue Agency's January 19, 2000 news release, our position is that, until there is a change in the legislation, a transfer from a registered retirement savings plan (an "RRSP") to a registered retirement income fund (a "RRIF") will be done at fair market value. You have asked if this remains our current position in light of the draft legislation released on June 5, 2000.
The responsibility for assessments under the relevant provisions lies with the Individual Returns and Payment Processing Directorate, Assessment and Collections Branch. As such, we are forwarding a copy of your enquiry to that directorate for their response to you. If you have any questions with regard to your enquiry, please call 613-954-0247.
Yours truly,
Roberta Albert, CA
for Director
Financial Industries Division
Income Tax Rulings Directorate
c.c: Phil Doucet, IRPPD
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