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 CCRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ADRC.
Principal Issues:
Can amounts withdrawn from an RRSP to help the annuitant's mother be re-contributed back into the RRSP on compassionate grounds?
Position: No.
Reasons:
Other than the Home Buyers' Plan or the Lifelong Learning Plan, there is no provision in the Act that would allow for the re-contribution of amounts previously withdrawn from an RRSP.
XXXXXXXXXX 2002-013664
M. P. Sarazin, CA
May 23, 2002
Dear XXXXXXXXXX:
Re: RRSP Replenishment for Previous RRSP Withdrawal
This is in reply to your letter of April 25, 2002, asking whether there is a provision in the Income Tax Act (the "Act") that would allow an annuitant under a registered retirement savings plan ("RRSP") that has withdrawn amounts from his or her RRSP to provide short-term financing for a family financial emergency to re-contribute the previously withdrawn amounts to the RRSP when the family financial emergency ceases to exist.
Other than withdrawals under the Home Buyers' Plan (section 146.01 of the Act) and the Lifelong Learning Plan (section 146.02 of the Act), there is no provision in the Act that allows an annuitant to re-contribute an amount to an RRSP to replace amounts previously withdrawn from the RRSP. Since your withdrawal did not qualify under the Home Buyers' Plan or the Lifelong Learning Plan, you are not able to re-contribute an amount that you withdrew from your RRSP. There is no exception for withdrawals used to fund a short-term family financial emergency.
We trust that the above comments will be of assistance to you.
Yours truly,
Roberta Albert, CA
for Director
Financial Industries Division
Income Tax Rulings Directorate
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