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.
7-913311 24(1) RRSP promotion:
This is in reply to your memorandum of November 29, 1991 requesting our opinion as to whether there is an advantage when the aforementioned bank reduces the mortgage rates for annuitants with a specified amount in their RRSPs.
The brochure states
24(1)
This is an advantage as contemplated in paragraph 146(2)(c.4) and would prevent the acceptance of a plan for registration if offered at that time. If at the present time the 24(1) extends such an advantage to annuitants having RRSPs with it, the bank will be liable to the penalty in paragraph 146(13.1)(b).
If you have any further questions please contact David Duff.
for DirectorFinancial Industries DivisionRulings Directorate
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© Her Majesty the Queen in Right of Canada, 1991
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© Sa Majesté la Reine du Chef du Canada, 1991
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