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.
F. Francis (613) 957-3496
19(1)
November 3, 1989
Dear Sir:
This is in reply to your letter of August 4, 1989, wherein you requested our opinion as to whether a withdrawal of amounts under a registered retirement savings plan ("RRSP") by a resident of Australia would be subject to a lower treaty rate for pensions and annuities under the Canada-Australia Income Tax Convention (1980) or the higher 25% withholding tax.
It is our opinion that a lump sum payment under an RRSP would not be considered as a pension payment and would therefore be subject to 25% tax under subsection 212(1)(i) of the Income Tax Act.
We trust the above comments will be of assistance to you.
Yours truly,
Wayne Douglas for Director Financial Industries Division Rulings Directorate
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© Her Majesty the Queen in Right of Canada, 1989
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© Sa Majesté la Reine du Chef du Canada, 1989
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