SECTION 6. PAPERWORK

REDUCTION ACT.

The collection of information contained in this notice has been reviewed and approved by the Office of Management and Budget in accordance with the Paperwork Reduction Act (44 U.S.C. 3507) under control number 1545–1865.

An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number.

The collection of information in this notice is in section 2. This information will be used to compute and collect the right amount of tax. The likely respondents are individuals.

The estimated total annual reporting burden under the new simplified reporting regime for taxpayers who hold interests in RRSPs and RRIFs is 1,500,000 hours. The estimated annual burden per respondent varies from 0.5 hour to 5 hours, depending on individual circumstances, with an estimated average of 2 hours. The estimated number of respondents is 750,000.

The estimated annual frequency of responses is once per respondent per plan.

The new simplified reporting regime substantially reduces the reporting burden

December 15, 2003 1205 2003-50 I.R.B.

DRAFTING INFORMATION

The principal author of this notice is Margaret A. Owens of the Office of Associate Chief Counsel (Tax Exempt and Government Entities). For further information regarding this notice, contact Margaret A. Owens at (202) 622–6040 (not a toll-free call).

Information Reporting for Distributions With Respect to Securities Issued by Foreign Corporations

Notice 2003–79