News release

Details on RRSP contribution deadline extension for Canadians affected by ice storm

OTTAWA, February 16, 1998... Revenue Canada today provided more details on the extension of the registered retirement savings plan (RRSP) contribution deadline for individuals living in eastern Ontario, Quebec, New Brunswick, and Nova Scotia that were affected by the ice storm. This measure was announced on February 5, 1998 by Finance Minister Paul Martin and National Revenue Minister Herb Dhaliwal.

As a result of the extension of the RRSP contribution deadline, individuals living in areas whose postal code begins with the letter B, E, G, H, J, or K will have until March 31, 1998, to contribute to an RRSP for 1997. It also applies to soldiers and hydro workers who have been away from home helping those affected by the storm. All other Canadians have until March 2, 1998, to contribute to an RRSP for 1997.

In addition, Revenue Canada will determine, on a case by case basis, if individuals from other areas who volunteered or helped relatives in affected areas are eligible for the extension. They should contact their tax services office to find out if they qualify.

This extension applies to personal and spousal RRSP contributions, to the special RRSP rollover rules, and to repayments of outstanding balances under the Home Buyers' Plan. Finance Canada has indicated that the legislation necessary to implement this measure will be introduced at the earliest opportunity.

Revenue Canada will contact umbrella groups representing financial institutions and other RRSP issuers across the country to ensure that appropriate administrative procedures are developed with respect to these measures. This information will also be available on the Department's Internet site. Discussions with provincial governments about the labour sponsored funds tax credit are ongoing. Revenue Canada expects to provide information directly to labour sponsored venture capital corporations in provinces affected by the ice storm by February 20, 1998.

The 1996 Notice of Assessment identifies the maximum amount individuals can contribute to their RRSP for 1997, or people may call T.I.P.S. - RRSP, which is Revenue Canada's automated telephone system.

Further information about the rules governing retirement savings is available in the guide called RRSPs and Other Registered Plans for Retirement, or by contacting their tax services office. Copies of this guide are available at all tax services offices. The addresses and telephone numbers of these offices and of T.I.P.S. - RRSP are listed under "Revenue Canada" in the Government of Canada section of telephone books. Revenue Canada's Internet site address is:

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For media information:

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