Canada Revenue Agency - CRA

Posted in Finance, Accounting and Economics Terms, Total Reads: 259
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Definition: Canada Revenue Agency - CRA

The Canada Revenue Agency is a government agency which administers tax laws for the Canada Government & for several different territories & provinces. Conjointly international trade legislation with many different social and economic gains and incentive programs delivered through the tax system. It is also known as "Agence du revenu du Canada". It conjointly oversees the registration of charities in Canada and tax credit programs which includes Scientific Research and Experimental Development Tax Credit Program.


Basically, it collects taxes and administers tax laws for the Canadian government, as well as for many of Canada's provinces and territories. Also, it oversees a variety of social and economic benefit and incentive programs via the tax system, along with international trade legislation. It has structure which includes commissioner, head office, tax service office, taxation center and the unions from top to bottom order.


In a nutshell, it’s similar to the Internal Revenue Service of United States. Initially, CRA was called as the Canada Customs and Revenue Agency (CCRA) until the reorganization of the federal government in 2003 December, when government moved the customs enforcement into Canada Border Services Agency. Then the decision of splitting the revenue activities and agencies customs into two separate organizations was taken. Similar to the IRS, the CRA is one well defined source on current tax laws of Canada & their implication as well as application. The CCRA had a short life time. It was created in a reorganization of federal government in 1999 November, where it was known under the name, the ‘Department of National Revenue’ for many years. It was called as the Department of Inland Revenue before 1927. It was also referred as the Revenue Canada under the Government Identity Program of the Treasury Board of Canada.

 

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