2 March 1994 Internal T.I. 9404637 - ROLL OF TOTAL RRIF TO RRSP

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.

Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the Department.

Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle du ministère.

RULINGS DIRECTORATE
CORRESPONDENCE SUMMARY

DOCUMENT TYPE:

District Office Memo

Principal Issues:

Whether there is provision for transfer from RRIF to RRSP.

Position TAKEN:

Yes

Reasons FOR POSITION TAKEN:

Because 60(l)(v)(D) permits it.

LEGAL:

FINANCE OPINION:

JURISPRUDENCE:

RCT PUBLICATIONS:

1993 RRSP and Other Registered Plans for Retirement (pg. 47)

HAA NUMBER:

7251-1

			March 2, 1994

Penticton District Office Head Office
K. Ritcey, Director Rulings Directorate
(613) 957-8953
Attention: Gina Richardson
940463

XXXXXXXXXX

This is in reply to your facsimile transmission of February 22, 1994, in which you ask whether there is provision in the Income Tax Act (the "Act") for a transfer from a registered retirement income fund (RRIF) to a registered retirement savings plan (RRSP).

Pursuant to clause 60(l)(v)(D) of the Act, funds in a RRIF which are in excess of the "minimum amount" (defined in paragraph 146.3(1)(b.1) of the Act) for the year may be transferred directly by the annuitant's RRIF carrier to the annuitant's RRSP. The form used is Form T2030 (Record of Direct Transfer - Under Subparagraph 60(l)(v)). Please note the commentary at page 47 of the 1993 RRSP and Other Registered Plans for Retirement Guide.

We also spoke to Rick Owen of the Client Assistance Directorate concerning the possibility of administrative relief in this situation but he was not aware of any departmental position permitting the transfer of the whole amount in the RRIF to an RRSP (unless it is the year in which the RRIF is entered into and, therefore, the "minimum amount" is nil). It may be that this was a decision of the particular district office in this instance.

for Director
Financial Industries Division
Rulings Directorate