13 March 2003 External T.I. 2003-0182785 - RRIF MINIMUM AMOUNT ADMIN RELIEF

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 CCRA.

Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ADRC.

Principal Issues: What is the minimum amount to be paid out of a RRIF?

Position: This is a matter for Assessment & Collections. File transferred

Reasons: General reply.

XXXXXXXXXX 2003-018278
Renée Shields
(613) 948-5273
March 13, 2003

Dear XXXXXXXXXX:

Re: Minimum amount payable from a registered retirement income fund ("RRIF")

This is in response to your letter of January 9, 2003 regarding the calculation of the minimum amount paid from an individual's RRIF in 2002.

Written confirmation of the tax implications inherent in particular transactions is given by this Directorate only where the transactions are proposed and are the subject matter of an advance income tax ruling request submitted in the manner set out in Information Circular 70-6R5, Advanced Income Tax Rulings, dated May 17, 2002. Where the particular transactions are completed, the inquiry should be addressed to the relevant tax services office.

You have questioned a RRIF carrier's computation of a RRIF minimum amount for 2002 and you are essentially requesting a form of administrative relief pertaining to the minimum amount paid from a particular RRIF in 2002. Although consideration of such relief is not a function performed by the Income Tax Rulings Directorate, we have discussed the situation with officials of the Assessment and Collections Branch who have requested that we forward your correspondence to their attention. Should you need to contact someone in the interim, we can refer you to Mr. Pierre Beaudry of the Individual Returns and Payments Processing Directorate of the Assessment and Collections Branch. He can be reached at (613) 952-6098.

We trust that these comments will be of assistance.

Yours truly,

Mickey Sarazin, C.A.

for Director
Financial Industries Division
Income Tax Rulings Directorate
Policy and Legislation Branch