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.
Dear Sirs:
Re: Retiring Allowance Subsection 248(1) of the Income Tax Act (the "Act")
This is in reply to your letter of May 14, 1991 wherein you request confirmation that the payment to be made under the proposed agreement will be considered a retiring allowance as that term is defined in subsection 248(1) of the Act.
As indicated in Information Circular 70-6R2, we do not express opinions on specific proposed transactions other than as a reply to an advance income tax ruling. As a consequence thereof, we may only offer the following general comments.
Amounts paid under pension plans are generally considered to be superannuation or pension benefits. This includes amounts that represent the excess of the pension that would have been payable under a plan if the maximum pension rules were not applicable over the amount payable under the plan as registered.
By definition, a superannuation or pension benefit cannot be treated as a retiring allowance.
We trust the above comments will be of assistance to you.
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© Her Majesty the Queen in Right of Canada, 1991
Tous droits réservés. Il est permis de copier sous forme électronique ou d'imprimer pour un usage interne seulement. Toutefois, il est interdit de reproduire, de modifier, de transmettre ou de redistributer de l'information, sous quelque forme ou par quelque moyen que ce soit, de facon électronique, méchanique, photocopies ou autre, ou par stockage dans des systèmes d'extraction ou pour tout usage autre que ceux susmentionnés (incluant pour fin commerciale), sans l'autorisation écrite préalable de l'Agence du revenu du Canada, Ottawa, Ontario K1A 0L5.
© Sa Majesté la Reine du Chef du Canada, 1991
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