Canada Revenue Agency - CRA

Dictionary Says

Definition of 'Canada Revenue Agency - CRA'

Formerly known as "Revenue Canada", this is Canada's federal agency responsible for income tax and trade regulations.
Investopedia Says

Investopedia explains 'Canada Revenue Agency - CRA'

This is the Canadian equivalent of the IRS in the United States. The CRA made the leap from a department to an agency in 1999.

Related Definitions

  • Capital Cost Allowance - CCA

    A rate of depreciation used for income tax purposes only. This term primarily relates to Canadian taxation.
    Read More »
  • Accumulated Income Payments - AIP

    Money withdrawn from a Canadian Registered Education Savings Plan (RESP) if the RESP's beneficiary declines to attend college. RESPs allow contributions to grow tax-free until the money ...
    Read More »
  • Internal Revenue Service - IRS

    A United States government agency that is responsible for the collection and enforcement of taxes. The IRS was established in 1862 by President Lincoln and operates under the authority ...
    Read More »
    • Registered Retirement Savings Plan - RRSP

      A legal trust registered with the Canada Revenue Agency and used to save for retirement. RRSP contributions are tax deductible and taxes are deferred until the money is withdrawn. An ...
      Read More »
    • Canada Pension Plan - CPP

      One of three levels of Canada's retirement income system, which is responsible for paying retirement or disability benefits. The Canada Pension Plan was established in 1966 to provide a ...
      Read More »
    • Canadian Income Trust

      A type of corporate structure as designated by the Canada Revenue Agency that operates as a profit-seeking corporation. This type of company pays out all earnings to unit holders before ...
      Read More »
    • Halloween Massacre

      Canada's decision to tax all income trusts domiciled in Canada. In October 2006, Canada's minister of finance, Jim Flaherty, announced that all income trusts would be taxed in a similar ...
      Read More »
    • Year's Maximum Pensionable Earnings - YMPE

      A figure set each year by the Canadian government determining the maximum amount on which to base contributions to the Canada or Quebec Pension Plan (C/QPP). The YMPE specifies the ...
      Read More »
    • Tax-Free Savings Account - TFSA

      An account that does not charge taxes on any contributions, interest earned, dividends or capital gains, and can be withdrawn tax free. Tax-free savings accounts were introduced in ...
      Read More »
    • Goods and Services Tax - GST

      A Canadian value-added tax levied on most goods and services sold for domestic consumption. The tax is levied in order to provide revenue for the federal government. The Goods and ...
      Read More »

Articles Of Interest

Partner Links