Canada Revenue Agency
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Taxpayer and Business Assistance
Deferred profit sharing plans – Registration, amendments and terminations
Our aim is to meet these standards 80% of the time.
Communication of this Standard:
Background: Applications to register deferred profit sharing plans number approximately 500 per year and requests for amendments increased to approximately 700 in 2007-2008. These plans are set up by employers to share a portion of their profits with employees in a tax-sheltered vehicle, allowing employees to save for their retirement.
Performance: Timeliness targets for reviewing applications for deferred profit sharing plans, and for amendments and termination of existing plans, were surpassed in the first year of implementation of the standards. Performance fell in 2005-2006, but significantly increased in 2006-2007. We exceeded our targets in 2007-2008 even though volumes increased as well.
Complaint and Redress Mechanisms: The Registered Plans Directorate Newsletter 95-2R1 notes that we welcome feedback and provides contact information. Information on whom to contact is also available on the CRA Web site at: www.cra-arc.gc.ca/tx/rgstrd/nwslttrs/95-2r1-eng.html.
If taxpayers are still dissatisfied with a service provided by the CRA, they have the right to file a formal complaint with CRA – Service Complaints. If taxpayers remain dissatisfied with the CRA – Service Complaints program’s review of their complaint, they will be able to ask the Taxpayers’ Ombudsman to review it, who will provide a final impartial review.
Monitoring: Registered Plans Directorate has a measurement system in place called the Case Tracking System (CTS). Monitoring and reporting against targets is done quarterly and annually for the CRA’s Annual Report to Parliament.
Ongoing monitoring and tracking. Self-assessment of monitoring information has been identified as “Good.”
Satisfaction surveys: No surveys undertaken.
Future Considerations: A new technology system suite is being developed with implementation scheduled for November 2008. We will examine the service standard once we can determine that the new system is stable and efficiency in this service is gained.
