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:
What are eligible investments of an RESP
Position:
There are no restrictions on RESP investments. However section 206.1 may have application.
Reasons:
There are no provisions in the Act governing RESP investments except for section 206.1
XXXXXXXXXX 970970
Attention: XXXXXXXXXX
April 28, 1997
Dear Sirs:
Re: Registered Education Savings Plan (RESP)
This is in reply to your letter of April 10, 1997, in which you requested clarification of what is an eligible investment for an RESP. In particular you, are considering guaranteed and segregated fund deferred annuities as investments.
The Income Tax Act (the "Act") does not apply any restrictions on what types of investments a trust governed by an RESP may hold. While not applicable to your question, section 206.1 of the Act may, however, apply to an RESP trust if the trust acquires certain options to acquire shares of the capital stock of a corporation.
We trust these comments will be of assistance to you.
Yours truly,
for Director
Financial Industries Division
Income Tax Rulings and
Interpretations Directorate
Policy and Legislation Branch
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