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: Any problem in non-resident using RRSP funds to provide a mortgage?
Position: Can't tell what the issue is (e.g., is it non-residency, the particular mortgage, lack of "earned income" to contribute to RRSP).
Reasons: Referred to IT-320R2 commentary on mortgages and directed to RPDivision if non-residency of annuitant was the issue.
XXXXXXXXXX 2000-003921
Attention: XXXXXXXXXX
August 10, 2000
Dear Sir/Madam:
Re: Funding of Mortgage through Registered Retirement Savings Plan
Thank you for your voice mail message of August 9, 2000, in which you indicate that you have obtained an answer to your query as set out in your facsimile transmission of July 25, 2000, and that you will no longer require a written response from this directorate.
For your future reference and as I advised in my voice mail messages of July 27, 31 and August 8, 2000, we are unable to provide an advance income tax ruling except in response to a request submitted in the form described in Information Circular IC 70-6R3. Copies of Canada Customs and Revenue Agency publications and forms are available at the following internet site: http://www/ccra-adrc.gc.ca/formspubs/menu-e.html. If your question relates to the use of funds in a registered retirement savings plan to provide a mortgage, please refer to Interpretation Bulletin IT-320R2 (Registered Retirement Savings Plans - Qualified Investments) at paragraphs 9 and 10.
If your question relates to the ability of a non-resident to acquire a registered retirement savings plan, please contact the Registered Plans Division by telephone at 613-954-0419 or by facsimile at 613-952-0199.
We will now close our file.
Yours truly,
P. Spice, Manager
Deferred Income Plans Section
Income Tax Rulings Directorate
Policy and Legislation Branch
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