Canada Revenue Agency - CRA


DEFINITION of 'Canada Revenue Agency - CRA'

A federal agency that collects taxes and administers tax laws for the Canadian government, as well as for many of Canada's provinces and territories. The Canada Revenue Agency, or Agence du revenu du Canada, also oversees a variety of social and economic benefit and incentive programs via the tax system, along with international trade legislation.

BREAKING DOWN 'Canada Revenue Agency - CRA'

In a nutshell, the Canada Revenue Agency is the equivalent of the United States' Internal Revenue Service (IRS). The CRA was previously known as the Canada Customs and Revenue Agency (CCRA) until the decision was made to split the agencies customs and revenue activities into two separate organizations in 2003. Like the IRS, the CRA is the definitive source on current Canadian tax laws, how they are interpreted and how they are applied.

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  1. How does a Registered Retirement Income Fund (RRIF) work?

    A Registered Retirement Income Fund is a tax-deferred savings plan in Canada, and it is the most common retirement income ... Read Full Answer >>
  2. Are contributions to Registered Pension Plans (RPPs) tax deductible?

    A Registered Pension Plan is a pension plan that is set up by an employer or union for its employees and registered by the ... Read Full Answer >>
  3. Are personal loans tax deductible?

    Interest paid on personal loans is not tax deductible. If you take out a loan to buy a car for personal use or to cover other ... Read Full Answer >>
  4. Is Canada a developed country?

    Canada is a developed country. Countries that are considered to have developed economies exhibit strength in typical economic ... Read Full Answer >>
  5. Does a Flexible Spending Account (FSA) cover braces?

    Funds from a Flexible Spending Account (FSA) can be used to cover costs associated with installing, maintaining and removing ... Read Full Answer >>
  6. Does QVC charge sales tax?

    QVC, an American TV network, is registered with states to collect sales or use tax on taxable items. QVC is also required ... Read Full Answer >>

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