| 24(1) | 5-903259 |
| D.S. Delorey | |
| (613) 957-3494 |
19(1)
December 18, 1990
Dear Sirs:
Re: Registered Retirement Savings Plan ("RRSP") 24(1)
Your letter of October 9, 1990 was referred to this office on November 19, 1990 for reply.
24(1)
24(1)
Whether or not a particular investment is a qualified investment for a trust governed by an RRSP (an "RRSP trust") can be determined only at the time the investment is acquired by the trust. The following comments are therefore of a general nature.
Qualified Investments for an RRSP trust include a bond, debenture, note or similar obligation
(a) of the government of a province or an agent thereof,
(b) of a municipality in Canada, or a municipal or public body performing a function of government in Canada,
(c) of a corporation, commission or association not less than 90% of the shares or capital of which is owned by Her Majesty in right of a province by a Canadian municipality,
(d) of a subsidiary wholly-owned corporation that is a subsidiary to a corporation, commission or association described in (c) above, or
(e) of a corporation the shares of which are listed on a prescribed stock exchange in Canada.
The relevant provincial authorities may be able to advise you whether or not the bonds to be issued by the 24(1) would be bonds described in any of (a) to (e) above.
We trust that our comments are of assistance.
Yours truly,
for DirectorFinancial Industries DivisionRulings Directorate