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)
The Honourable Otto Jelinek, Minister of National Revenue, has asked me to respond to your letter of August 30, 1991, concerning qualified investments for a trust governed by a registered retirement savings plan ( "R.R.S.P. trust"). I apologize for the delay of my reply .
You indicate in your letter that the value of the shares of 24(1) a small business development corporation, has decreased considerably since you acquired some of them in 1985 and you ask why Revenue Canada is allowing such investments to be registered as R.R.S.P,s.
While I appreciate your situation, I must advise that the Department's responsibility is limited to administering the law as enacted. The Income Tax Act and Regulations provide that the shares of a corporation registered under the provisions of the Small Business Development Corporations Act of Ontario are a qualified investment for an R.R.S.P. trust. Departmental officials have no authority to challenge the acceptability of such shares as qualified investments.
The responsibility for recommending changes to existing legislation rests with the Department of Finance. I have therefore forwarded a copy of your letter to Finance officials so that they may be made aware of your concerns.
I trust that my comments have explained the Department's position.
Yours sincerely,
Pierre Gravelle, Q.C.
c. c: Mr. Frederick W. Gorbet Deputy Minister of Finance
D.S. Delorey/cl957-2131November 5, 1991
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