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What is Canada Revenue Agency mean?
The Canada Revenue Agency (CRA; French: Agence du revenu du Canada, ARC) is the revenue service of the Government of Canada. The CRA collects taxes, administers tax law and policy, and delivers benefit programs and tax credits for the federal government and most provincial and territorial governments. Legislation administered by the CRA includes the Income Tax Act, parts of the Excise Tax Act, and laws relating to the Canada Pension Plan, employment insurance (EI), softwood lumber, and tobacco. The Agency also oversees the registration of charities in Canada, and ensures their compliance with tax and common law.
From 1867 to 1999, tax services and programs were administered by the Department of National Revenue, otherwise known as Revenue Canada. In 1999, Revenue Canada was reorganized into the Canada Customs and Revenue Agency. In 2003, the Canada Border Services Agency was created out of the CCRA, leading to its current name.
The CRA is the largest organization in the Canadian federal public service by number of personnel, employing 43,908 people and has an operating budget of $5.1 billion as of the 2018-19 fiscal year. The Agency's headquarters are based in Ottawa, itself divided into 5 program branches, which directly support the CRA's core responsibilities, and 7 corporate branches, which deliver internal services within the organization. The CRA also has operations throughout the rest of Canada, including 4 Tax Centres (TCs), 3 National Verifications and Collections Centres (NVCCs), and 25 Tax Services Offices (TSOs), organized into four regions: Atlantic, Ontario, Quebec, and Western.
During the 2017 tax year, the CRA collected approximately $430 billion in revenue on behalf of federal and provincial governments, and administered nearly $34 billion in benefits to Canadians.
The CRA is responsible to Parliament through Diane Lebouthillier, the incumbent Minister of National Revenue. The day-to-day operations of the Agency are overseen by Bob Hamilton, the Commissioner of Revenue.
referencePosted on 18 Dec 2024, this text provides information on Miscellaneous in Business related to Business. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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