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:
Does the Department's position on the application of 146(2)(c.4) apply to the application of 146.3(2)(g)?
Position:
Yes.
Reasons:
The two provisions have the same intended application. The difference in wording appears to be as a consequence of the fact that the term "benefit" is defined for the purposes of section 146 but not for the purposes of 146.3. In the latter section it seems that benefits can include advantages.
XXXXXXXXXX 971874
Attention: XXXXXXXXXX
August 6, 1997
Dear Sirs:
Re: Registered Retirement Income Fund ("RRIF") Promotions
This is in reply to your letter of July 10, 1997, in which you requested our opinion on whether the Department's position on the application of paragraph 146(2)(c.4) of the Income Tax Act (the "Act") with respect to a contest or promotion of RRSPs would apply to the application of paragraph 146.3(2)(g) of the Act with respect to a contest or promotion of RRIFs.
In your letter you noted a number of technical opinions have been written with respect to RRSPs but that you could not find any with respect to RRIFs.
As a general statement, it is our opinion that our comments on the application of paragraph 146(2)(c.4) with respect to the contests and the promotion of RRSPs are also relevant to the application of paragraph 146.3(2)(g) in respect of RRIFs. Furthermore, the payment of amounts into a RRIF pursuant to a contest or promotion will not, of itself, result in the application of subsection 146.3(3) of the Act.
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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