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Released: 17 June, 1999
Ottawa And Newfoundland And Labrador Harmonize Their Annual Information Returns For Registered Pension Plans
Ottawa,
June 17, 1999... The Honourable Herb Dhaliwal, Minister of National Revenue and
M.P. (Vancouver South-Burnaby) and Ernest McLean, Newfoundland and Labrador's
Minister of Government Services and Lands and Walter Noel, Newfoundland and
Labrador's Minister for Intergovernmental Affairs announced today that an
agreement has been signed to allow pension plan administrators to file a single
annual information return with the province, instead of separate federal and
provincial returns.
Under this agreement, Revenue
Canada and Newfoundland and Labrador's Pension Benefit Standards Division are
combining their annual information returns. Plan administrators can file the
federal component of the return with Newfoundland and Labrador at the same time
as the provincial return, using the plan year as a reference period instead of
the calendar year. The information will then be shared by both regulators.
"The signing of this
agreement demonstrates that our government is committed to increasing the
efficiency of services for the citizens of this province wherever
possible," said Mr. McLean. "We are pleased to help streamline the
process for filing pension plan returns."
Mr. Dhaliwal said: "This
type of initiative is an example of inter-governmental partnership fostering
improved services for the benefit of all Canadians. This agreement is also an
example of the same cooperative and productive spirit underlying the creation of
the proposed Canada Customs and Revenue Agency."
Mr. Noel pointed out that the
Government of Newfoundland and Labrador is always seeking ways to cooperate with
other governments to streamline processes for business and consumers.
"The joint annual
information return cuts time and paper-work requirements. It also reduces costs
for plan administrators as well as expenses for both federal and provincial
governments," added Mr. McLean.
Joint filing is now available
for all plans with a plan year-end after December 30, 1998.
For media information,
contact:
Michel Proulx
Revenue Canada
Communications Branch
(613) 946-3461
Rick Callahan
Director of Communications
Department of Government Services and Lands
Government of Newfoundland and Labrador
(709) 729-4860
Ron Fitzpatrick
Special Assistant (Communications)
Intergovernmental Affairs Secretariat
Executive Council
Government of Newfoundland and Labrador
(709) 729-7007
For technical information,
contact:
Bob Searle
Revenue Canada
Registered Plans Division
(613) 954-0406
Winston Morris
Superintendent of Pensions
Department of Government Services and Lands
Government of Newfoundland and Labrador
(709) 729-2571
"
39T/99
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