Question Period Note: 2022-2023 SUPPLEMENTARY ESTIMATES (C) – ENHANCED REPORTING REQUIREMENTS FOR RRSP AND RRIF

Why is the Canada Revenue Agency seeking funding in the Supplementary Estimates (C) for the administration of enhanced reporting requirements for registered retirement savings plans and registered retirement income funds?

• The Canada Revenue Agency (CRA) is a client-focused agency which exists to serve Canadians.
• The CRA is seeking $0.8M in funding to administer the requirement to collect additional information on existing tax slips for registered retirement savings plans (RRSPs) and registered retirement income funds (RRIFs).
• This information would assist the CRA in its risk-assessment activities regarding qualified investments held by RRSPs and RRIFs.

Through the 2022-2023 Supplementary Estimates (C), the Canada Revenue Agency (CRA) is seeking $0.8M for the administration of enhanced reporting requirements for registered retirement savings plans (RRSP) and registered retirement income funds (RRIF) as announced in Budget 2022.

The funding will be used to administer the requirements to collect additional information on existing T4RSP and T4RIF slips, [PROTECTED] for RRSPs and RRIFs, and to require annual mandatory electronic filing of these slips for all RRSP and RRIF accounts.

[PROTECTED]

The mandatory electronic filing of these slips will:
- reduce the quantity of physical documents handled, resulting in reduced physical storage costs;
- expedite the processing and availability of RRSP/RRIF information by eliminating costly and time-consuming manual processing activities; and,
- facilitate data availability for timely analysis in order to identify and mitigate non compliance risks.

None