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Bill C-446

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1st Session, 36th Parliament,
46-47 Elizabeth II, 1997-98

The House of Commons of Canada

BILL C-446

An Act to amend the Income Tax Act (removal of foreign investment limit for registered retirement savings plans and registered retirement income funds)

R.S., cc. 1, 2 (5th Supp.); 1994, cc. 7, 8, 13, 21, 28, 29, 38, 41; 1995, cc. 1, 3, 11, 18, 21, 38, 46; 1996, cc. 11, 21, 23; 1997, cc. 10, 12, 25, 26

      Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

1. Section 206 of the Income Tax Act is amended by adding the following after subsection (2.1):

Exemption re RRSPs and RRIFs

(2.2) Notwithstanding section 205, subsection (2) does not apply to

    (a) a trust governed by a registered retirement savings plan; or

    (b) a trust governed by a registered retirement income fund.