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.
| 19(1) |
File No. 5-8256 |
| |
F. Francis |
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(613) 957-3496 |
June 28, 1989
Dear Sirs:
This is in reply to your letter of June 14, 1989, wherein you requested our comments in respect of the draft legislation on the transfer provisions of funds between registered pension plans ("RPP") and registered retirement savings plans ("RRSP").
We do not generally offer opinion in respect of proposed legislation. However, we will offer the following general comments in respect of the provisions detailed in the March 28, 1988 draft legislation, the August 19, 1988 press release and the April 27, 1989 Department of Finance Information Release.
Effective January 1, 1989, lump-sum amounts may only be transferred between plans on a direct, plan to plan basis. Periodic payments of retirement income may not be transferred between plans after 1989 except for a transfer of up to $6,000 from an RPP to a spousal RRSP. This exception is a transitional provision which applies for the years 1989 to 1994.
We trust the above comments will be of assistance to you.
Yours truly,
Wayne Douglas for Director Financial Industries Division Rulings Directorate
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© Her Majesty the Queen in Right of Canada, 1989
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© Sa Majesté la Reine du Chef du Canada, 1989
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