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Gold/Mining/Energy : International Precious Metals (IPMCF)
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To: Eric Tai who wrote (3748)3/9/1997 11:45:00 AM
From: Greenfield   of 35569
 
IPMC and Canadians

Eric,
I was getting tired of the spreads myself this week. I was able
to buy IPMC on NASAQ for an RRSP account and recommend that other
Canadians do the same. Frankly, I am not very anxious to do more trades on the Canadian dealer network after some of the experiences
of the past week.

Regarding IPMC and RRSP eligibility, I went to the bother of
contacting Revenue Canada myself a couple of weeks ago after my
discount broker raised questions on its eligibility. Since the
company is Canadian registered, I believe that the red flag would
have been if it traded ONLY on the CDN dealer network. The fact that
it traded on NASDAQ changes everything. The major U.S. exchanges
are perfectly acceptable vehicles for purchasing shares for your
RRSP. Certainly there are several Canadian companies that trade
solely in the US. There is no reason that they should be excluded
from an RRSP or considered foreign content because of where they
trade.

In a nutshell I am comfortable with the eligibility of IPMC for my
RRSP. One caveat is that the Revenue Canada person in Ottawa would
not talk about SPECIFIC companies with me due to regulations. He did
however, read the rule book to me and agreed about the eligibility
of IPMC based on my description. He did not look up IPMC in
particular and comment on its eligibility.

One thing I am not sure about is the eligibility of some of the
other desert dirts which trade on the NASDAQ bulletin board in
contrast to IPMC which trades on the NASDAQ small caps.

Mark Ferguson
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