Definitions for T4RSP and T4RIF information returns

Depositary RRSP

Generally issued by a person who is, or is eligible to become, a member of the Canadian Payments Association. A depositary RRSP or RRIF can also be a credit union that is a shareholder or member of a body corporate referred to as a central for purposes of the Canadian Payments Act, which can accept an individual's deposit in its branch or office in Canada.

Depositary RRIF

Generally issued by a person who is, or is eligible to become, a member of the Canadian Payments Association. A depositary RRSP or RRIF can also be a credit union that is a shareholder or member of a body corporate referred to as a central for purposes of the Canadian Payments Act, which can accept an individual's deposit in its branch or office in Canada.

Fair market value (FMV)

Is generally considered to mean the highest price expressed in terms of money that can be obtained in an open and unrestricted market between informed and prudent parties, who are dealing at arm’s length and under no compulsion to buy or sell.

Insured RRSP

Generally issued by a person licensed or otherwise authorized under the laws of Canada or a province or territory to carry on an annuities business in Canada.

Insured RRIF

Generally issued by a person licensed or otherwise authorized under the laws of Canada or a province or territory to carry on an annuities business in Canada.

Trusteed RRSP

Generally issued by a corporation licensed or otherwise authorized under the laws of Canada or a province or territory to carry on in Canada the business of offering to the public its services as a trustee. Since most trust companies are also members of the Canadian Payments Association, they may offer RRSPs that satisfy the meaning of a depositary RRSP or RRIF. The terms and conditions of the legal document establishing the plan will determine whether it is a depositary or a trusteed RRSP or RRIF. The trust is a separate person for income tax purposes.

Trusteed RRIF

Generally issued by a corporation licensed or otherwise authorized under the laws of Canada or a province or territory to carry on in Canada the business of offering to the public its services as a trustee. Since most trust companies are also members of the Canadian Payments Association, they may offer RRSPs that satisfy the meaning of a depositary RRSP or RRIF. The terms and conditions of the legal document establishing the plan will determine whether it is a depositary or a trusteed RRSP or RRIF. The trust is a separate person for income tax purposes.

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