As part of its response to the question as to whether a guaranteed investment certificate or term deposit denominated in Canadian or foreign currency issued by a bank in Canada or a trust company a qualified investment for an RRSP, CRA stated:
[A] term deposit, with a term of 5 years or less, denominated in Canadian or foreign currency, issued by a trust company that is a federal institution or a provincial institution within the meaning of the CDICA, could qualify as a qualified investment under paragraph (a) of the definition of "qualified investment" in section 204. However, in some cases, a term deposit issued by such a trust company may not be a deposit within the meaning of the CDICA and may not be a qualified investment. That would be the case where it is money received for which an institution that is a member of CDICA has issued or is obligated to deliver an instrument of indebtedness that is payable outside Canada or in a foreign currency in accordance with subsection 2(6) of the CDSA Schedule.