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:
Can an annuitant of an RRSP transfer funds from an RRSP to a spouse’s RRSP where there is no breakdown in their marriage?
Position:
No.
Reasons:
Subsection 146(16) only permits such transfers on marriage breakdown.
XXXXXXXXXX 982267
W. C. Harding
November 6, 1998
Dear Sir:
Re: RRSP transfers
This is in reply to your letter of August 27, 1998, in which you asked if funds held in your RRSP could be transferred to your spouse’s RRSP in order to have equal balances in both of the plans.
The Income Tax Act (the “Act”) sets out the requirements for the transfer of funds between RRSPs and in particular provides that funds may only be transferred between spouses’ plans where the transfer is being made in respect of the division of property as a consequence of a breakdown of marriage. The Department has no authority to permit transfers of property between plans except as provided under the Act.
Additional information on permissible transfers between spouses’ RRSPs can be found in paragraph 22 of the enclosed Interpretation Bulletin IT-307R3 Spousal Registered Retirement Savings Plans.
We hope this information will be of assistance to you.
Yours truly,
Paul Lynch
for Director
Financial Industries Division
Income Tax Rulings and
Interpretations Directorate
Policy and Legislation Branch
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