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S3-F10-C2- Prohibited Investments – RRSPs, RESPs, RRIFs, RDSPs, FHSAs and TFSAs-- summary under Subsection 207.05(2) Summary Under Tax Topics- Income Tax Act- Section 207.05- Subsection 207.05(2) Computation of advantage tax 2.21 The controlling individual of a registered plan is also subject to a 100% advantage tax under section 207.05 on income earned and capital gains realized by the plan that is reasonably attributable directly or indirectly to a prohibited investment. ...

S3-F10-C3- Advantages – RRSPs, RESPs, RRIFs, RDSPs, FHSAs and TFSAs-- summary under Subparagraph (b)(ii) Summary Under Tax Topics- Income Tax Act- Section 207.01- Subsection 207.01(1)- Advantage- Paragraph (b)- Subparagraph (b)(ii) Example 7 (performance prefs) Private company employees whose plans are issued non-voting prefs that pay dividends well in excess of the subscription price taking into account the company’s performance relative to benchmarks receive a (b)(ii) advantage. ...

S3-F10-C3- Advantages – RRSPs, RESPs, RRIFs, RDSPs, FHSAs and TFSAs-- summary under Registered Plan Strip Summary Under Tax Topics- Income Tax Act- Section 207.01- Subsection 207.01(1)- Registered Plan Strip Definition can apply even where no property removal 3.34 The definition [of registered plan strip] is intended to apply even in situations where no amount was traceably removed from a registered plan but where nevertheless the value of the plan has been reduced. ...

S3-F10-C3- Advantages – RRSPs, RESPs, RRIFs, RDSPs, FHSAs and TFSAs-- summary under Subsection 207.05(2) Summary Under Tax Topics- Income Tax Act- Section 207.05- Subsection 207.05(2) Advantage tax computed only on annual basis 3.45 In the case of an advantage consisting of an increase in the FMV of plan property attributable to certain transactions or events..., each increase in the FMV of plan property constitutes a separate advantage. ...

S3-F10-C1- Qualified Investments – RRSPs, RESPs, RRIFs, RDSPs, FHSAs and TFSAs-- summary under Subsection 204.4(1) Summary Under Tax Topics- Income Tax Act- Section 204.4- Subsection 204.4(1) Retroactive registration to Jan. 1 of application year, and maintenance until end of year following loss of status 1.27 A share or unit of a corporation or trust that is a registered investment (RI) (as defined in subsection 204.4(1)) is a qualified investment. ...

S3-F10-C1- Qualified Investments – RRSPs, RESPs, RRIFs, RDSPs, FHSAs and TFSAs-- summary under Subsection 207.01(6) Summary Under Tax Topics- Income Tax Act- Section 207.01- Subsection 207.01(6) Effect of deemed FMV disposition 1.77 Subsection 207.01(6) provides a special rule that applies when an investment becomes or ceases to be a non-qualified investment while being held by an RRSP, RRIF or TFSA. ...

S3-F10-C1- Qualified Investments – RRSPs, RESPs, RRIFs, RDSPs, FHSAs and TFSAs-- summary under Paragraph 146(4)(a) Summary Under Tax Topics- Income Tax Act- Section 146- Subsection 146(4)- Paragraph 146(4)(a) Accommodation of unintended short-term overdrafts 1.84 The CRA will not apply the adverse income tax consequences... to an overdraft in a registered plan if it: is temporary in nature and covered without undue delay; arises as a result of (i) a mismatch of cash flow due to differences in standard settlement cycles for securities, (ii) a reasonable error, or (iii) an unintended infrequent event; and does not have the character of leveraged investing. ...

S3-F10-C2- Prohibited Investments – RRSPs, RESPs, RRIFs, RDSPs, FHSAs and TFSAs-- summary under Subsection 207.05(4) Summary Under Tax Topics- Income Tax Act- Section 207.05- Subsection 207.05(4) Transitional relief for locked-in plans 2.33 This transitional rule does not distinguish between locked-in plans and regular plans. ...

S3-F10-C3- Advantages – RRSPs, RESPs, RRIFs, RDSPs, FHSAs and TFSAs-- summary under Subparagraph (a)(ii) Summary Under Tax Topics- Income Tax Act- Section 207.01- Subsection 207.01(1)- Advantage- Paragraph (a)- Subparagraph (a)(ii) 3.9 An RRSP annuitant providing a letter of direction to collapse the plan and remit the proceeds to the lender on default would not render the (a)(ii) exception inapplicable provided the loan reflects arm’s-length terms. 3.10 The broader exception permitting TFSAs to be used as security does not apply to the other plans, so that the others may not be “used in any manner to secure or guarantee a loan or other debt resulting in financing terms that are more favourable than would otherwise be available in the absence of the arrangement” failing which the favourable terms would constitute an advantage. 3.11 If an RRSP or RRIF permits its property to be used as security for a loan, s. 146(10) or 146.3(7) would apply to require the FMV of the property so used to be included in the annuitant’s income. ...

S3-F10-C3- Advantages – RRSPs, RESPs, RRIFs, RDSPs, FHSAs and TFSAs-- summary under Swap Transaction Summary Under Tax Topics- Income Tax Act- Section 207.01- Subsection 207.01(1)- Swap Transaction Permitted exceptions 3.25 Contributions, distributions to the plan’s controlling individual, and purchase and sale transactions between an individual’s two plans with the same tax attributes (for example, TFSA to TFSA or RRSP to RRSP/RRIF) are not treated as swap transactions. ...