What is the CRA doing about the RRSP schemes

The CRA has undertaken a significant initiative to increase audits at several levels. We have increased our compliance monitoring activities by focusing on the RRSPs held by trustees. We have conducted audits of investments earned by RRSPs to ensure they were genuine investments and they were qualified investments for RRSP purposes. We have also taken appropriate reassessment action when an investment by an RRSP was decided to be part of an RRSP scheme.

In addition, we have engaged in our ongoing efforts to stamp out abusive RRSP schemes in all the following activities:

• enlisted the active participation of trustees to help target these schemes

• targeted RRSP promoters with various enforcement and compliance actions

• posted tax alerts on this website to warn the public of such arrangements

Related links

• Tax Alert