Chapter History S3-F10-C3, Advantages – RRSPs, RESPs, RRIFs, RDSPs, and TFSAs


The purpose of a Chapter History page is to highlight any amendments to the information contained in an interpretation bulletin, including amendments to the information originally contained in an interpretation bulletin that has been cancelled and replaced with a folio chapter. It outlines amendments that have been made as a result of legislative changes and proposed legislative changes, precedential court decisions, as well as new or revised interpretations of the Canada Revenue Agency (CRA).

Except as otherwise noted, all statutory references herein are references to provisions of the Income Tax Act, R.S.C., 1985, c.1 (5th Supp.), as amended and all references to a Regulation are to the Income Tax Regulations, C.R.C., c. 945, as amended.

Update May 10, 2022

¶3.12 has been updated to provide guidance on the income tax treatment of referral bonuses paid in connection with registered plans.

¶3.22 to 3.22.3 have been added to illustrate the income tax implications associated with TFSA Maximizer schemes. Former ¶3.22 has been re-numbered as ¶3.22.4.

¶3.42.1 to 3.42.5 have been added to provide guidance on the income tax treatment of settlement payments made in connection with registered plans.

Update April 26, 2019

The following changes have been made in response to comments received during the comment period ending December 31, 2018.

¶3.12 is revised to clarify that the cash incentive described in Example 4 is not considered to be a plan contribution and to provide rationale. Example 6 is expanded to provide guidance on how to allocate cash incentives that involve multiple plans.

¶3.13 is expanded to provide rationale on why a cash prize is considered to be a plan contribution.

¶3.19 to 3.22 are revised, and ¶3.20.1, 3.20.2, and 3.21.1 are added, to clarify existing guidance and to provide additional guidance, on subparagraph (b)(i) of the definition of advantage in subsection 207.01(1).

Additional revisions have been made to the French version of the Chapter for consistency and readability purposes.

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