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.
| |
September 5, 1989 |
| Enquiries and Taxpayer |
Technical Interpretations |
| Assistance Division |
Division |
| P. McNally, Director |
S. Parnanzone |
| |
957-9232 |
| ATTN: Chantal Jalbert |
| |
File No. 7-4271 |
Subject: TI SPECIAL GUIDE - LINES 208 AND 314
This is in reply to Ms. C. Jalbert's request of August 116, 1989 to review part of the comments appearing under line 208 and line 314 of the "Special Guide". As discussed with Ms. C. Jalbert of your office on August 24, 1989, our comments are a follows.
1. Line 208.
(a) We suggest replacing "To calculate your earned income, it is to your advantage to use" with "To calculate your earned income, you may use".
(b) We presume that your reference to any payment transferred to RRSP's or RPP's is to amounts deductible under section 60 (referred to in paragraph 146(1)(c)).
2. Line 314.
(a) Third last bullet (65 or older). As the definition of "pension income" refers to a life annuity (as opposed to simply an annuity) under a pension or superannuation plan, the exception in the Guide for only lump sum payments would not cover annuities which are not life annuities (unless you are satisfied that only life annuities are payable under pension or superannuation plans).
In addition, are RRSP annuity payments reported on line 115? If they are not, they do not seem to be reflected in the pension income amount.
(b) Last bullet (under 60 and you did not receive...). The first reference to pension income is not sufficient to cover all paragraph 60(j) transfers (other than subsection 147(10) amounts in satisfaction of all rights and entitlements under a DPSP), the disentitling situations referred to in subparagraph 118(3)(b)(iii).
Also, the phrase, "other than lump-sum payments form deferred profit-sharing plans" should precede the phrase "to your own registered retirement savings plan or registered pension plan".
3. In reviewing the comments under lines 208 and 314 we have not verified if the line references to the Special T1 return are both correct and complete since we have neither a copy of the Special T1 return nor a complete copy of the special Guide to such return.
A.G. Cockell, DirectorTechnical Interpretations DivisionLegislative and IntergovernmentalAffairs Branch
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