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.
| 19(1) |
File No. 5-8978 |
| |
W.C. Harding |
| |
(613) 957-3499 |
November 14, 1989
Dear Sirs:
Re: Qualified Investments - Registered Retirement Savings Plans
This is in reply to your letter dated October 23, 1989 in which you request confirmation of your opinion that a guaranteed investment certificate stated in a foreign currency and issued by a trust company incorporated under the laws of Canada or of a province is a qualified investment for the purposes of a registered retirement savings plan (RRSP).
In our view, a guaranteed investment certificate stated in a foreign currency and issued by a trust company incorporated under the laws of Canada or of a province is a qualified investment for the purpose of an RRSP by virtue of subparagraphs 146(1)(g)(i) and 204(e)(vii) of the Income Tax Act. Furthermore, provided the issuer remains a resident of Canada, such a certificate will not be a foreign property within the meaning of subsection 206(1) of the Act.
We trust the foregoing comments will be useful to you.
Yours truly,
for DirectorFinancial Industries DivisionRulings Directorate
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© Her Majesty the Queen in Right of Canada, 1989
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© Sa Majesté la Reine du Chef du Canada, 1989
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