Non-Qualified Investments

Non-Qualified investments need to be removed from the RRSP, there are no SWAPs which is prohibited as an advantage.

Review: Tax payable on non-qualified investments on RRSPs and RRIFs https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/anti-avoidance-rules-rrsps-rrifs/tax-payable-on-non-qualified-investments.html

and Refund of taxes paid on non-qualified or prohibited investments https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/anti-avoidance-rules-rrsps-rrifs/refund-taxes-paid-on-non-qualified-prohibited-investments.html

There are steps to take if the client wants to have relief of the tax paid.