5-911216
Dear Sirs:
This is in reply to your letter of April 25, 1991 concerning trusts governed by registered retirement savings plans ("RRSP trusts").
An investment will represent a qualified investment for an RRSP trust if it is owned by the trust and meets the requirements of paragraph 146(1)(g) of the Act. Ownership of securities is normally demonstrated by their registration and one would expect therefore that securities of an RRSP trust would be registered in the name of the trustee. The Department is thus of the view that investments of an RRSP must be registered in the name of the trustee and not of the RRSP annuitant. This view is set out in paragraph 1 of Interpretation Bulletin IT-320R, paragraph 15 of Information Circular 72-22R8 and on pages 31 and 32 of the 1990 Pension and RRSP Tax Guide under the caption "Self-directed RRSPs".
In the case of an agency agreement between a trust company and a securities dealer, it may be necessary to register the securities in the agent's name. If so, the form of the registration should clearly disclose the fact of agency, the identity of the trustee principal and the registration number of the RRSP that governs the trust.
It is our view that the above comments apply whether or not the RRSP is a self-administered plan.
We trust that our comments are of assistance.
Yours truly,
for DirectorFinancial Industries DivisionRulings Directorate