News release

Reminder of deadline for contributing to an RRSP for 2000 tax year

Ottawa, February 26, 2001... The Canada Customs and Revenue Agency (CCRA) today issued a reminder that individuals have until March 1, 2001, to make deductible contributions to their RRSP for the 2000 tax year.

The maximum amount individuals can deduct for contributions to their own or their spouse's RRSP for 2000 appears on their latest Notice of Assessment or Notice of Reassessment received from the CCRA. In addition to contributions to their RRSP deduction limit, individuals can transfer any or all of certain types of income to an RRSP. For more information on transfers, individuals should get the guide called RRSPs and Other Registered Plans for Retirement.

Individuals can get information about their RRSP deduction limit quickly and easily by accessing the CCRA's automated services. Tax Information Phone Service (T.I.P.S.) and T.I.P.S. Online provide personal tax information, such as RRSP deduction limits and any unclaimed contributions that can be used for the 2000 tax year. These services are available 24 hours a day, 7 days a week. For security reasons, individuals will be asked to provide their social insurance number, their month and year of birth, and their total income from line 150 of their 1999 return, before personal tax information is released. The toll-free T.I.P.S. number is 1-800-267-6999 and T.I.P.S. Online is available on the CCRA Web site at www.ccra.gc.ca/tips

Home Buyers' Plan
Participants in the Home Buyers' Plan (HBP) required to make a repayment for 2000 have to make their HBP repayment to their RRSP no later than March 1, 2001. If the required 2000 HBP repayment is not made, individuals will have to include the amount of the required repayment as income on line 129 of their 2000 tax return.

To designate an RRSP contribution as an HBP repayment for 2000, individuals must complete Schedule 7, RRSP Unused Contributions, Transfers, and HBP or LLP Activities, which is included in their tax package, and file it with their 2000 tax return.

Lifelong Learning Plan
Since 1999, individuals have been able to withdraw funds tax free from their RRSP if they or their spouse are attending a full-time qualified educational program. For more information about the plan, they should get the guide called Lifelong Learning Plan (LLP) from the CCRA.

Hours of service
Clients have access to extended hours for general and business enquiries. From February 19 to April 30, 2001, clients with general enquiries can call 1-800-959-8281 (English) or 1-800-959-7383 (French) between 8:15 a.m. and 10:00 p.m., on weekdays (except holidays), and between 9:00 a.m. and 1:00 p.m., on weekends. Clients with business enquiries can call 1-800-959-5525 (English) or 1-800-959-7775 (French), all year, between 8:15 a.m. and 8:00 p.m., on weekdays (except holidays). Outside these hours an automated system allows callers to access information using a touch-tone telephone keypad.

Need more information?
Clients can get more information and copies of our forms and publications by calling or visiting their tax services office. The telephone numbers and addresses of tax services offices are listed in the government section of the telephone book, as well as on the "Contact us" page of our Web site. Clients who have access to the Internet, can visit our site at www.ccra.gc.ca

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