20 November 1991 External T.I. 9128635 F - Credit Union Shares As Qualified Investments For RRSP

By services, 18 January, 2022
Official title
Credit Union Shares As Qualified Investments For RRSP
Language
French
CRA tags
137(6)(b), ITR 4900(l)(f)
Document number
Citation name
9128635
Severed letter type
Technical Interpretation - External
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
633252
Extra import data
{
"field_external_guid": [],
"field_proprietary_citation": [],
"field_release_date_new": "1991-11-20 07:00:00",
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Main text

5-912863

Dear Sir:

Re: Credit Union Shares an Qualified Investments for a registered Retirement Savings Plan (RRSP)

This is in reply to your letter of October 8, 1991 in request of a clearance in respect of your Investment Equity Shares as an investment for RRSPs.  We apologize for not replying to your earlier letters of July 10, and September 6, 1991 on this matter, however, we have no record of those request being referred to our office.

Please be advised that Revenue Canada can not provide a "clearance" that your shares will qualify as an investment for an RRSP except as an advance income tax ruling when such is requested in accordance with the provisions of the Department's Information Circular IC 70-6R2, a copy of which is enclosed.

While we can not at this time provide you with a ruling, we can advice that, in general, a share issued by a credit union as defined under paragraph 137(6)(b) of the Income Tax Act (the "Act") is a qualified investment for an RRSP pursuant to paragraph 4900(l)(f) of the Income Tax Regulations.

We trust this information will be satisfactory to your need.

Yours truly,

for DirectorFinancial Industries DivisionRulings DirectorateLegislative and Intergovernmental Affairs Branch