| 5-923019 | |
| 24(1) | D. Duff |
| (613) 957-8953 |
Attention: 19(1)
October 9, 1992
Re: Life Income Funds ("LIF")
This is in response to your facsimile of October 6, 1992 and further to our telephone conversations (19(1)/Duff) regarding the LIFs being proposed by the Ministry of Financial Institutions of Ontario.
Your concern related to the proposed requirements for the LIFs as stated in the documents you forwarded to us. Specifically you felt that the minimum amount of income to be paid out of the plan each year as determined by subsection 5(1) of Schedule 1 of the proposals was less than the minimum amount permitted under the requirements for a registered retirement income fund ("RRIF"). After reviewing the documents we agree that this minimum amount will be less than the minimum amounts prescribed pursuant to subsection 7308(3) of the proposed Regulations to the Income Tax Act, for plans that are not qualifying RRIFs.
We trust this is satisfactory and we thank you for forwarding this information to us.
Yours truly,
for DirectorFinancial Industries DivisionRulings Directorate