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:
What is required to make corporations listed on the tier 3 CDNX stock exchange (not a prescribed exchange) qualified investments for an RRSP?
Position: Question is too broad to provide an all-inclusive answer.
Reasons:
Referred to IT-320R2 (in particular paragraphs 5 and 15).
Enclosed standard letter on 4900(6)(a) and 4900(12)(a).
XXXXXXXXXX 2001-007159
G. Kauppinen
March 13, 2001
Dear XXXXXXXXXX:
Re: Registered Retirement Savings Plan ("RRSP")
This is in reply to your facsimile transmission dated February 22, 2001 regarding qualified investments for an RRSP.
Specifically, you have asked how shares of a "Tier 3" corporation listed on the CDNX stock exchange could be qualified investments for RRSPs. Such shares are not qualified by virtue of their listing on the CDNX exchange.
Your question is too broad in order to answer fully. Shares of a corporation described above may qualify as an investment for an RRSP pursuant to various provisions of the Income Tax Act and/or Regulations. We have enclosed Interpretation Bulletin IT-320R2, Registered Retirement Savings Plans - Qualified Investments in this regard. Paragraphs 5 and 15 therein may be of particular interest. We have also enclosed a copy of a severed letter, which expands upon the commentary in paragraph 15 of IT-320R2.
We trust our comments will be of assistance to you.
Yours truly,
Roberta Albert, CA
for Director
Financial Industries Division
Income Tax Rulings Directorate
Policy and Legislation Branch
Attach. (2)
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