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.
Mr. Peter Zalite Canadian Embassy Apartado, Aereo 53531 Bogota, Colombia
Dear Mr. Zalite:
RE: Roll-Over of Severance Pay to a Registered Retirement Savings Plan ("RRSP")
This is in reply to your letter of May 26, 1993, in which you ask whether the total years of service with an employer, whether continuous or discontinuous, can be included in the calculation of the maximum amount that may be transferred on a tax deferred basis to a RRSP.
Paragraph 60(j.1) of the Income Tax Act refers to the "number of years during which the employee was employed by the employer or a person related to the employer". Therefore, the service may be either continuous or discontinuous.
The foregoing comments are an expression of opinion and are not binding on the Department. We trust, however, that they are helpful.
Yours truly,
for DirectorFinancial industries DivisionRulings Directorate
c.c.: Lyne Aubin-Morriset Registered Plans
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