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: Whether RRSP can be registered where the trustee is entitled to be reimbursed from assets of the plan for costs incurred to safeguard the assets
Position: Yes
Reasons: Previous position that the trust can reimburse the trustee for reasonable expenses incurred in its role as trustee
REVENUE CANADA REVENU CANADA
MEMORANDUM NOTE DE SERVICE
DATE November 4, 1999
TO Registered Plans Division FROM Income Tax Rulings and
À Bob D'Aurelio DE Interpretations Directorate
Director S.E. Thomson
952-9853
Attention: David Loney
FILE 992878
DOSSIER
SUBJECT:
OBJET: RRSP Trustee fees to safeguard assets
We are responding to your request for our opinion on a request from a trust company to amend several of its specimen RRSP plans to include the following:
" XXXXXXXXXX; "
In our opinion, reasonable expenses incurred by the trustee in the exercise of its fiduciary duty with regard to the plan assets may be reimbursed from the assets of the plan. An amendment to existing RRSP plans to allow for such reimbursements would not, in our view, contravene the registration requirements contained in subsection 146(2) of the Act.
P. Spice
for Director
Financial Industries Division
Income Tax Rulings and
Interpretations Directorate
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