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.C. Harding (613)957-3499
August 17, 1988
Dear Sirs:
This is in reply to your letter of March 15, 1988 received by us on July 7, wherein you requested clarification of the Department's policy with respect to interest bonusing on RRSP contributions.
It is our opinion that, when interest bonuses are paid directly to an RRSP, the provisions of paragraph 146(2)(c.4) of the Income Tax Act will not be applicable. That is, no advantage will be considered to have been extended to the annuitant of the RRSP by virtue of the bonus payment even if it is conditional in any way on the existence of the RRSP.
We trust that this reply is satisfactory to your needs.
Yours truly,
for Director Financial Industries Division Rulings Directorate
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© Her Majesty the Queen in Right of Canada, 1988
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© Sa Majesté la Reine du Chef du Canada, 1988
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