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.
XXXX W.E. Douglas (613) 995-0051
January 28, 1986
Dear Sirs:
This is in reply to your letter of November 29, 1985 concerning qualified investi for a registered retirement savings plan.
Paragraph 146(1)(8) of the Income Tax Act provides, among other things, that an annuity described in paragraph 146(1)(Œ.1) is a qualified investment for a trust governed by an RRSP. Paragraph 146(1)(i.1) requires that the annuity commence at "maturity" of the plan which is, pursuant to paragraph 146(1)(d), the date fixed under the RRSP for the commencement of retirement income under the plan.
Based on the above, it is our view that the immediate life -annuity described in your letter would not be a qualifed investment for an RRSP.
We regret that our comments could not be more favourable.
Yours truly,
for Director Financial Industries Division Rulings Directorate
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© Her Majesty the Queen in Right of Canada, 1986
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© Sa Majesté la Reine du Chef du Canada, 1986
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