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:
Is an RESP restricted to acquiring property that qualifies as a qualified investment under subsection 146(1) of the Act?
Position:
No
Reasons:
Section 146.1 does not contain any provision that restricts the type of investment that can be made by an RESP.
971063
XXXXXXXXXX M.P. SarazinAttention: XXXXXXXXXX
May 7, 1997
Dear Sirs:
Re: Registered Education Savings Plans ("RESP")
This is in reply to your letter dated April 21, 1997, wherein you requested our views as to whether an RESP can only acquire property that would be a "qualified investment", within the meaning assigned by subsection 146(1) of the Income Tax Act (the "Act"), for a registered retirement savings plan ("RRSP").
Section 146.1 of the Act does not contain any provisions that restrict the investment that can be acquired by an RESP. Consequently, an RESP can acquire any property whether it is or is not a qualified investment for an RRSP.
We trust the above 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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