4 June 2024 STEP Roundtable Q. 9, 2024-1020351C6 - Paragraph 150(1.2)(b) and GICs -- summary under Paragraph 150(1.2)(b)

CRA indicated that a GIC issued by a Canadian bank or trust company did not constitute one of the assets listed in s. 150(1.2)(b), such as money, or a government issued or guaranteed debt obligation described in s. 212(3) – fully exempt interest – (a). Accordingly, the holding of a GIC by a trust would preclude it from qualifying under the s. 150(1.2)(b) exemption.