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:
Will we change our position that the unpaid portion of the home buyers' plan withdrawal is not a debt for purposes of the bankruptcy laws?
Position:
No
Reasons:
We continue to be of the view that the withdrawal is not a debt.
971001
XXXXXXXXXX M.P. Sarazin
Attention: XXXXXXXXXX
May 2, 1997
Dear Sirs:
Re: Home Buyers' Plan and Bankruptcy
This is in reply to your letter of April 9, 1997, wherein you requested that we reconsider the positions expressed in our letters dated March 26 (file #970637) and February 13, 1997 (File #970313) (hereinafter collectively referred to as the "Letters").
Our Letters have provided you with our general views with respect to the bankruptcy of a person who has withdrawn funds from a registered retirement savings plan under the Home Buyers' Plan. In addition, we have discussed these views with you during our various telephone discussions (XXXXXXXXXX/Duff). We have not changed our position.
We regret that our reply could not be more favourable. As suggested in one of our Letters, any recommended changes to existing legislation should be directed to the Department of Finance at the address provided therein.
Yours truly,
for Director
Financial Industries Division
Income Tax Rulings and
Interpretations Directorate
Policy and Legislation Branch
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