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.
XXXXXXXXXX
Attention: XXXXXXXXXX
Dear Sirs:
RE: Term of Annuities acquired as RRSP Retirement Income under Subparagraph 146(1)(i.1)(ii) of the Income Tax Act
This is in reply to your letter of August 16, 1993 regarding the above noted topic.
We are aware of the concerns expressed in your letter and have given consideration to them in our examination of the provisions of subparagraph 146(1)(i.1)(ii) and its application in relation to other provisions of the Act. However, to the best of our knowledge, it is and always has been our position that the provisions of this paragraph do not permit the use of an annuity with a term shorter than the term expressed in the paragraph.
The Department can not discuss the income tax affairs of a specific taxpayer with you because of the confidentiality provisions of the Income Tax Act. However, you can be assured that it is the policy of Revenue Canada to treat all taxpayers equally and fairly and we will make every endeavour to maintain this policy in the future.
We trust that our comments will be of assistance to you.
Yours truly,
for DirectorFinancial Industries DivisionRulings DirectorateLegislative and Intergovernmental Affairs Branch
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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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