The following is now available on the CRA Web site:
Ottawa, Ontario, August 10, 2009 … The Honourable Jean-Pierre Blackburn, Minister of National Revenue and Minister of State (Agriculture and Agri-Food), announced today that the Canada Revenue Agency (CRA) will allow Canadians who took advantage of the new measure announced in the Government’s 2008 Economic and Fiscal Statement, to claim a deduction on their 2008 income tax return.
The new economic measure allowed registered retirement income fund (RRIF) annuitants to reduce the minimum amount required to be withdrawn for the 2008 tax year by 25%, or to recontribute an amount equal to that 25% reduction back to their RRIF. The annuitants had until April 14, 2009 to make a recontribution to their RRIF.
“Our government acted rapidly in an economic context in which the market’s decline impacted on the Canadians’ retirement savings. Unfortunately, one of the income tax forms used didn’t contain line 232 – the line associated with the RRIF deduction. We are firmly committed to ensuring that Canadians are claiming all deductions to which they are entitled,” said Minister Blackburn.
“I encourage Canadians, when in doubt, to contact us if they need some assistance with their tax matters”, states the Minister. “Our taxpayer services enquiries agents in call centres across the country are well equipped to assist taxpayers with their questions and to provide them with instructions on how to request an adjustment to their tax return.”
Individuals who did not claim the recontribution amount on line 232 of their 2008 income tax return, can request an adjustment to their tax return. As there are many different income tax return forms, individuals are encouraged to call the CRA call centres for all questions. For example the T1 Special and the T1S-A for seniors does not include line 232 and those who usually use these forms can contact CRA to request an adjustment to their return.
For more information about RRIFs, visit the CRA Web site at www.cra.gc.ca or call 1-800-959-8281 (in French 1-800-959-7383). The CRA Web site provides instructions on how to request an adjustment to a tax return at http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/chngrtrn-eng.html.
Source: CRA Newsroom