Revenue Canada issues reminder of the deadline for contributing to a registered retirement savings plan for the 1998 tax year

Ottawa, February 24, 1999...Revenue Canada today issued a reminder that taxpayers have until March 1, 1999 to make regular contributions to their registered retirement savings plan (RRSP) for the 1998 tax year.

The maximum amount you can contribute to your own or your spouse's RRSP for 1998 appears on the Notice of Assessment that you received from Revenue Canada after filing your 1997 tax return. This limit does not include any deductible transfers you may be able to make to an RRSP.

You can get information about your RRSP deduction limit quickly and easily by calling Revenue Canada's Tax Information Phone Service (T.I.P.S.) - RRSP automated service. You can also use this service to find out if you have any unclaimed contributions you can use on your 1998 return. If you call, for security reasons you will be asked to provide your social insurance number, your date of birth, and your total income from line 150 of your 1997 return. The national T.I.P.S. toll-free number is 1-800-267-6999.

Home Buyers' Plan

If you participated in the Home Buyers' Plan and are required to make a repayment for 1998, you have to make your contribution to your RRSP no later than March 1, 1999. Once you make your contribution, you have to designate all or part of your contribution as a repayment under the plan.

To designate your repayment for 1998, complete Schedule 7, RRSP Contributions, Transfers, and Designations of Repayments Under the Home Buyers' Plan, which is included in your tax package, and file it with your 1998 tax return.

Lifelong Learning Plan

Starting in 1999, you may be able to withdraw funds tax free from your RRSP if you or your spouse participated in a continuing education program. For more information about the plan, get the guide called Lifelong Learning Plan (LLP).

Pension Adjustment Reversal (PAR)

If you have a pension adjustment reversal (PAR), you have until April 30, 1999 to make an additional contribution. The maximum amount you can contribute during the extended period is limited to the additional RRSP deduction limit created by the PAR. The additional RRSP deduction amounts will be reported on a T10, Pension Adjustment Reversal (PAR). You will receive a T10 slip if you terminated membership in a registered pension plan or a deferred profit-sharing plan in 1997 or 1998. Plan administrators have until March 31, 1999 to inform you if you have a PAR.

Hours of service

Until April 30, 1999, you can call or visit tax services offices Monday to Friday (except holidays) from 8:15 a.m. to 5:00 p.m. Telephone lines are also open Monday to Thursday evenings until 9:00 p.m., and from 9:00 a.m. to 1:00 p.m. on Saturdays until the end of the filing season. The best time to call is before 10:30 a.m. or after 1 p.m. during the day, when lines are least busy.

The national toll-free number for Monday to Thursday evening service in English is 1-800-959-1962. The national toll-free number for Monday to Thursday evening service in French is 1-800-959-1968.

For Saturday service, the number for service in English is 1-800-959-1971. The number for Saturday service in French is 1-800-959-1973.

The address and telephone numbers for your tax services office are listed under "Revenue Canada" in the Government of Canada section of your telephone book. Information is also available on Revenue Canada's Internet site at: www.ccra-adrc.gc.ca.

- 30 -

For media information contact:

Michel Proulx
Media Relations
Revenue Canada
Tel.: (613) 946-3461