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.
930257
XXXXXXXXXX W.C. Harding
(613) 957-8953
Attention: XXXXXXXXXX
May 18, 1993
Dear Sirs:
Re: Transfer of Funds between RRSPs
This is in reply to your letter of January, 28, 1993, wherein you requested a ruling on the propriety of a request for the transfer of funds from one RRSP to another on behalf of one of your clients.
Revenue Canada can not provide you with any form of a ruling in respect of the circumstances described since the issue is one of applying the terms of an existing contract to the requested transfer. Nevertheless, while we can not provide a ruling we would note the following.
Paragraph 8 of the Department's Information Circular 72-22R8 states that it is permissable for an RRSP to restrict the maturity date, withdrawals before maturity and commutation of an RRSP annuity but that if the issuer wishes to be restrictive in one or more of these options, the intention must be clearly stipulated in the plan text.
Subsection 146(16) of the Income Tax Act on the other hand provides that an RRSP may be revised or amended to provide for the transfer of funds to another RRSP. Accordingly an RRSP can also allow the transfer a deposit account to another RRSP. In such a case, however, the deposit account can not be registered as an RRSP.
These comments are based on our best understanding of the law as it applies in general and may or may not be applicable to any specific case. As noted above this does not constitute an advance income tax ruling by the Department and it is not binding.
Yours truly,
for Director Financial Industries Division Rulings Directorate
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