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.
7-910194
Dear Mr. Rittenberg:
Re: Self-Funded Leave Plan
This is with respect to the proposed Self-Funded Leave Plan (the "Plan") that you referred to us on January 21, 1991 for review. We have reviewed the Plan and have the following comments
1. In line 3 of paragraph 2 of No. 13, the word "manner" is missing.
2. We suggest that No. 18 be reworded as follows
"The trust account will generate interest income that must be paid annually. Such interest income is income from employment and, consequently, the financial institution will issue a T4 for this interest for each taxation year that monies are held in the trust account. The amount shown on the T4 for a particular year will be included in the individual's income from employment for that year."
3. In line 5 of paragraph 3 under "Comment" on page 1 of Appendix A, "quarterly" should be "quarterly".
4. In line 2 of the last paragraph under "Comment" on page 1 of Appendix A, "therefore" should be "therefore".
We trust that our comments are of assistance.
Yours truly,
DirectorFinancial Industries DivisionRulings Directorate
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