2016-0667811E5 Transfer of retiring allowance to RRSP

Principal Issues: Whether the comments in IT-337R4 remain valid.

Position: Yes.

Reasons: Paragraph 60(j.1) is unchanged.

Author: Podor, Karina
Section: 60(j.1)

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                                                                                                                                             K. Podor

September 29, 2016

Dear Mr. XXXXXXXXXX

Re:   Transfer of Retiring Allowance to RRSP

We are responding to your letter of September 15, 2016 concerning the transfer of a retiring allowance to a registered retirement savings plan. You asked us to confirm that there have been no changes to the applicable provisions of the Income Tax Act (the “Act”), or to the interpretation of those provisions as set out in Interpretation Bulletin IT-337R4, Retiring Allowances.

Our Comments

This technical interpretation provides general comments about the provisions of the Act and related legislation (where referenced).  It does not confirm the income tax treatment of a particular situation involving a specific taxpayer but is intended to assist you in making that determination.  The income tax treatment of particular transactions proposed by a specific taxpayer will only be confirmed by this Directorate in the context of an advance income tax ruling request submitted in the manner set out in Information Circular IC 70-6R7, Advance Income Tax Rulings and Technical Interpretations.

We confirm that there have been no recent legislative amendments to these provisions, which are found in paragraph 60(j.1) of the Act, and the relevant comments in IT-337R4 remain valid.

We trust our comments will be of assistance.

Yours truly,

Dave Wurtele
for Director
Financial Industries and Trusts Division
Income Tax Rulings Directorate
Legislative Policy and Regulatory Affairs Branch

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