Canada Savings Bond (“CSB”) and Canada Performance Bond (“CPB”) applications use the SIN styled in two ways. The forms for buying, transferring ownership, and reporting redemptions of CSB and CPB use the SIN in two styles that corroborates Apu’s Theory. “Social Insurance Number” means you are legally liable. In contrast, when styled as a “social insurance number”, it identifies an office receiving public money for Canada’s Consolidated Revenue Fund payable to the Receiver General . Since the owner is registered with a social insurance number, this means both CSB and CPB are public money belonging to Canada and are not your private property.
CSB and CPB went on sale this year on October 3rd and end November 1st, 2016. There is talk of abandoning the program since interest rates are so low (.7 % – .9%). Canada started the program after WWII to help pay Canada’s national debt. Today Canada borrows most of the money from international bankers instead of from the Bank of Canada at zero interest.
The Canada Pension Plan (“CPP”), the Income Tax Act (“ITA”), and the Employment Insurance (“EI“) Act refers 63 times to the Social Insurance Number. CRA’s website also defines it.
Canadians apply for a Social Insurance Number from Services Canada. The Minister of National Revenue then deems you wish to use the SIN, but styled as a social insurance number identifying the office dealing with benefits such as CPP, Employment Insurance, and GST.
The CPP, the ITA, and the EI Act never refers to a “social insurance number”. CRA has a very vague explanation of it on their website. However, no Canadian law or regulation defines it. What are they hiding? Anything attched to it becomes taxable income.
This form registers the owner using the SIN as a social insurance number. The date of birth is required if the registered owner is a minor and has not provided a Social Insurance Number (cannot be held legally liable). The purchaser becomes liable when of age of majority.
Only Canadians who have applied for a Social Insurance Number (and therefore can be deemed to have a social insurance number) can buy Canada Savings Bonds. The 3-minute video, How to Enroll on the CSB Payroll Savings Program, says at 24 seconds, “You will need: 2) Your Social Insurance Number”. Later, at 46 seconds, it vaguely asks you to fill in you “SIN”. This allows them to ask for your Social Insurance Number, then you fill it in later as a social insurance number.
In addition, using the CPB-15 form for buying CPB also asks for the SIN styled as a social insurance number.
CSB and CPB transfers ownership using Transfer Form TRF-533. The form uses the SIN styled as a Social Insurance Number so you agree to be legally liable.
CRA’s T5 form reports redemptions using the social insurance number. Furthermore, the taxpayer’s T1, which also uses the social insurance number, includes the T5 totals. This means interest earned on CSB and CPB is taxable income.
The forms for buying, transferring ownership, and reporting redemptions of CSB and CPB use the SIN in two ways that corroborates Apu’s Theory.
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