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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RELATED FAQS
  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 >>
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    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 >>
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    The Internal Revenue Service (IRS) has some hard and fast rules regarding how long taxpayers should keep their tax records. As ... Read Full Answer >>
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