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: Registered Retirement Savings Plans ("RRSP") Promotions
This is in reply to your letter of September 3, 1993 concerning the above noted topic.
The Department's position concerning lotteries and contests is that if the prizes being offered are deposited directly into the RRSPs of the contest winners and no receipts for the contributions are offered to the annuitants the promotion will not contravene the provisions of paragraph 146(2)(c.4) of the Income Tax Act (the "Act").
In the Department's opinion, the amount of the prize deposited in the RRSP will not constitute a gift to the RRSP for the purposes of Part X.1 of the Act.
The Department's position with respect to the offering of a publication such as a book or booklet to the annuitant of an RRSP is that the offer will contravene the provisions of paragraph 146(2)(c.4) of the Act and the provisions of subsection 146(13.1) of the Act can be applied if the offer is linked in any manner to the issue or existence of an RRSP. A publication that is offered free to anyone making an RRSP contribution will contravene this rule even if it is available to other customers. However, if it is provided to anyone free of charge and without reference to the making of contributions to an RRSP the offer will not be offensive.
The above comments reflect an expression of opinion only and are not binding on the Department, as explained in paragraph 21 of Information Circular 70-6R2. We trust however that they are of assistance.
Yours truly,
for DirectorFinancial Industries DivisionRulings Directorate
All rights reserved. Permission is granted to electronically copy and to print in hard copy for internal use only. No part of this information may be reproduced, modified, transmitted or redistributed in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, or stored in a retrieval system for any purpose other than noted above (including sales), without prior written permission of Canada Revenue Agency, Ottawa, Ontario K1A 0L5
© Her Majesty the Queen in Right of Canada, 1993
Tous droits réservés. Il est permis de copier sous forme électronique ou d'imprimer pour un usage interne seulement. Toutefois, il est interdit de reproduire, de modifier, de transmettre ou de redistributer de l'information, sous quelque forme ou par quelque moyen que ce soit, de facon électronique, méchanique, photocopies ou autre, ou par stockage dans des systèmes d'extraction ou pour tout usage autre que ceux susmentionnés (incluant pour fin commerciale), sans l'autorisation écrite préalable de l'Agence du revenu du Canada, Ottawa, Ontario K1A 0L5.
© Sa Majesté la Reine du Chef du Canada, 1993
Email this Content