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.
| 24(1) |
5-902958 |
| |
D.S. Delorey |
| |
(613) 957-3494 |
19(1)
November 20, 1990
Dear Sirs:
This is in reply to your letter of October 23, 1990 concerning paragraph 146(2)(c.4) of the Income Tax Act (the "Act").
Your particular concern relates to the situation where a bank intends to offer a higher than normal rate of interest to individuals who acquire a registered retirement savings plan ("RRSP") through the bank. This "bonus" interest would be paid into an RRSP rather than to the annuitant and you ask if this would contravene paragraph 146(2)(c.4) of the Act.
It is our view that payment of bonus interest into an RRSP does not contravene paragraph 146(2)(c.4) of the Act.
The above comments are an expression of opinion only and are not binding on the Department, as explained in paragraph 21 of Information Circular 70-6R2. We trust however that they are of assistance to you.
Yours truly,
for DirectorFinancial Industries DivisionRulings Directorate
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© Her Majesty the Queen in Right of Canada, 1990
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© Sa Majesté la Reine du Chef du Canada, 1990
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