20 November 1991 Income Tax Severed Letter

By services, 22 July, 2022
Language
English
Document number
Severed letter type
Miscellaneous
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
658218
Extra import data
{
"field_external_guid": [
"menu:://Federal Income Tax [CCH Tax ]/Tax Window Files/Tax Window Files/Tax Window Files/1990s/1991 [9130235 - NV91_273.274]/NV91_075 — Transfer of Shares to RRSP"
],
"field_proprietary_citation": [],
"field_release_date_new": "1991-11-20 07:00:00",
"field_tags": []
}
Main text
24(1)19(1)                         Wayne Douglas
                                             (613) 957-8957

Nov 20 1991

Dear Sirs:

Re: Transfer of Shares to RRSP

Further to our telephone conversation of November 11, 1991, concerning the value of shares which entitled the original owner to tax credits, it is, of course, open to a taxpayer in a self-assessment system to determine that value and to file his or her returns accordingly. Nevertheless, since such shares normally do not have any market sales or other readily available indicators of fair market value, it is the Department's administrative position with respect to the transfer or sale of such shares to the original owner's RRSP or RRIF within 30 days of purchase to accept that the fair market value will be equal to the original cost less the amount of tax credits.

Yours truly,

Section Chief Deferred Income Plans Financial Industries Division Rulings Directorate Legislative and Intergovernmental Affairs Branch

000075