EXTEND THE RRSP CONTRIBUTION DEADLINE (2006)

Every year, businesses across the country are required to provide T4 information to employees by the end of February to allow for tax planning contributions by the end of February. The business community struggles to provide accurate and timely information based on employee pressure to submit ahead of deadline so that employees may calculate and prepare for appropriate tax efficient RRSP contributions.

The investment community confirms that the market environment as well as long term investment strategies will not be effected by having contributions made by the end of March.

The key issue is to create a workable timeline to reduce undue pressure on business as well as provide investors, and the investment community, an additional 15 day window to ensure the investing public has an appropriate time to plan for their financial future.

THE CHAMBER RECOMMENDS

That the Federal Government extend the annual RRSP deadline from 60 days to 75 days from the end of the year to allow the business community and employees an opportunity to implement timely, appropriate long term RRSP strategies.