Revenue Canada Taxation Head Office
G. Kauppinen (613) 957-3495
October 7, 1986
Dear Sirs:
This is in reply to your letter dated September 9, 1986 wherein you requested our opinion as to whether bankers' acceptances are qualified investments for a Registered Retirement Savings Plan ("RRSP").
In our opinion, bankers' acceptances are bills of exchange and are not qualified investments for an RRSP. Specifically, we do not consider bankers' acceptances to be "bonds, debentures, notes or similar obligations" for the purposes of paragraph 146(l)(g) of the Income Tax Act and section 4900 of the Income Tax Regulations.
We trust the foregoing is of assistance.
Yours truly,
for Director Financial Industries Division Rulings Directorate Legislative and Intergovernmental Affairs Branch