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.
July 12, 1993
| Kitchener District Office |
Head Office |
| Financial Industries Division |
P. Spice (613) 957-8953 |
| Client Assistance |
Attention: Ms Carol Grieco
Paragraph 146(8.2)(b) of the Income Tax Act
This is in reply to your facsimile transmission of June 2, 1993, requesting our interpretation of the above-noted provision. You ask whether the registered retirement savings plan (RRSP) from which the payment is received must be the same plan to which the undeducted premiums were contributed.
Paragraph 146(8.2)(b) refers to the receipt of "a payment from a registered retirement savings plan or a registered retirement income fund in respect of such undeducted premiums". In our view, such a payment can only be received from the plan or fund to which the undeducted premiums were paid.
We have also reviewed the wording proposed in Bill C-92, "in respect of such portion of the undeducted premiums". This minor change does not affect the interpretation stated above.
In the event that a taxpayer makes contributions to several plans or funds in one taxation year and exceeds the RRSP deduction limit for that taxation year, the undeducted premiums would be associated with those made last. If the latest contributions are made to more than one plan on the same day, we believe the best course would be to permit the taxpayer the option of choosing the plan from which the undeducted premiums will be withdrawn.
We trust these comments assist.
for DirectorFinancial Industries DivisionRulings Directorate
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© Her Majesty the Queen in Right of Canada, 1993
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© Sa Majesté la Reine du Chef du Canada, 1993
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