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:
RRSP home buyers' & marriage breakdown.
Position:
Cannot transfer repayment requirements
Reasons:
Legislation
962845
XXXXXXXXXX D. Duff
August 30, 1996
Dear XXXXXXXXXX:
Re: RRSP Home Buyers' Plan
This is in response to your letter of August 26, 1996 regarding the repayment to your registered retirement savings plan ("RRSP") of an eligible amount withdrawn under the RRSP Home Buyers' Plan.
As discussed by telephone on August 29, 1996 (XXXXXXXXXX/Duff), it is the annuitant that must repay the eligible amount pursuant to subsection 146.01(3) of the Income Tax Act ("Act") and it is the annuitant who will be required to include an amount in income pursuant to subsection 146.01(4) of the Act if these amounts are not repaid.
Pursuant to paragraph 146(16)(b) of the Act, property can be transferred on a tax free basis from an annuitant's RRSP to an RRSP of the annuitant's spouse or former spouse provided the transfer is made under a written separation agreement and certain other conditions are met. This provision is not restricted to one transfer.
We trust this is satisfactory.
Yours truly,
for Director
Financial Industries Division
Income Tax Rulings and
Interpretations Directorate
Policy and Legislation Branch
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© Her Majesty the Queen in Right of Canada, 1996
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