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: When must T4RSP be prepared
Position TAKEN: In year amount is paid
Reasons FOR POSITION: Routine
XXXXXXXXXX 5-951966
Attention: XXXXXXXXXX
August 1, 1995
Dear Sirs:
Re: RRSP Withdrawals
This is in reply to your letter of July 17, 1995 with respect to the preparation of T4RSP Information returns when withdrawals from an RRSP are requested in one taxation year but are made in the following taxation year.
Sections 202 and 214 of the Income Tax Regulation (the "Regulations"), require an information return to be filed when any person pays an amount out of an RRSP under one of the provisions specified in the Regulations. However, neither the Income Tax Act nor the Regulations provide any rules with respect to the determination of when a payment of an amount from an RRSP is made when a withdrawal is requested. Accordingly, the law in general or any other Provincial or Federal Act which may have application in a particular situation will apply to determine when a payment is made. It is, however, our view that a payment will not be made until the issuer of the RRSP or its agent has made an actual payment of the amount. Therefore, when a request for a withdrawal is made in one year but is not processed until the next year, the payment would not be considered to have been made until that following year.
We trust these comments will be of assistance to you.
Yours truly,
for Director
Financial Industries Division
Income Tax Rulings and
Interpretations Directorate
Policy & Legislation Branch
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