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.
Principal Issues:can amount be transferred from a specific foreign pension plan to an RRSP?
Position TAKEN:
Not if the foreign plan does not permit such a transfer.
Reasons FOR POSITION:
TP received a letter saying funds cant be transferred. He is seeking relief on this from us but Canadian law does not apply.
XXXXXXXXXX 5-943283
Attention: XXXXXXXXXX
February 28, 1995
Dear Sirs:
Re: XXXXXXXXXX
This is in reply to your letter of December 7, 1994, with respect to your client's proposal to transfer funds held in a United Kingdom Superannuation scheme to a Registered retirement savings plan in Canada.
Canadian income tax law provides that amounts can be transferred into an RRSP from a foreign pension plan. However, Canadian law does not require or provide any basis for such transfers where the rules governing the foreign plan do not permit them. Therefore, since XXXXXXXXXX has advised you in its letter of November 11, 1994, that the local government superannuation regulations of the United Kingdom do not permit the transfer of XXXXXXXXXX pension to an RRSP, it does not appear that the proposal can be undertaken.
Please note that we are not familiar with the above noted regulations and can not comment on their application to your client's circumstances.
We regret that we could not be of greater assistance.
Yours truly,
for Director
Financial Industries Division
Rulings Directorate
Policy & Legislation Branch
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, 1995
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, 1995
Email this Content