Canada Revenue Agency - CRA

AAA

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.

INVESTOPEDIA EXPLAINS '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.

RELATED TERMS
  1. Year's Maximum Pensionable Earnings ...

    A figure set each year by the Canadian government determining ...
  2. Accumulated Income Payments - AIP

    Money withdrawn from a Canadian Registered Education Savings ...
  3. Goods and Services Tax - GST

    A Canadian value-added tax levied on most goods and services ...
  4. Capital Cost Allowance - CCA

    A yearly deduction or depreciation that can be claimed for income ...
  5. Canada Pension Plan - CPP

    One of three levels of Canada's retirement income system, which ...
  6. Internal Revenue Service - IRS

    A United States government agency that is responsible for the ...
Related Articles
  1. Retirement

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

    Learn about Registered Retirement Income Funds, which are the most popular retirement income options available to Canadian citizens.
  2. Retirement

    Are contributions to Registered Pension Plans (RPPs) tax deductible?

    Contributing to a Registered Retirement Plan offers eligible employees a way to make tax-deductible contributions to a retirement plan.
  3. Savings

    Tax-Saving Tips For Canadian Taxpayers

    Find out how to get a bigger return.
  4. Taxes

    Canada: A New Frontier For Real Estate Investors

    This property market is easy to access and provides profitable opportunities.
  5. Retirement

    Tax Breaks For Canadian Families

    Canadians have a lot of advantages when it comes to family tax perks.
  6. Taxes

    Tax-Free Accounts Make Saving A Snap For Canadians

    In 2009, the Canadian government began allowing citizens to save more tax-free dollars than ever.
  7. Taxes

    Registered Retirement Savings Plans (RRSP)

    Learn how the Canadian government makes saving for your post-work years easy. We take you from your first contribution to your first withdrawal.
  8. Investigate these expat havens if you seek a developed country with low barriers for getting a permanent resident visa – sometimes even citizenship.
    Personal Finance

    5 Developed Countries That Welcome Expats

    Investigate these expat havens if you seek a developed country with low barriers for getting a permanent resident visa – sometimes even citizenship.
  9. Free enterprise is the economic term used to describe an economy with very little government ownership.
    Economics

    What's Free Enterprise?

    Free enterprise is the economic term used to describe an economy with very little government ownership or regulation. In a free enterprise system, competition and the preferences and choices ...
  10. Some countries put up very high barriers for foreigners to get citizenship
    Personal Finance

    5 Countries Where It's Hardest To Become A Citizen

    The United States is one of five countries that put up very high barriers for foreigners to get citizenship. Here's how it compares to the other four.

You May Also Like

Hot Definitions
  1. Commodity

    1. A basic good used in commerce that is interchangeable with other commodities of the same type. Commodities are most often ...
  2. Deferred Revenue

    Advance payments or unearned revenue, recorded on the recipient's balance sheet as a liability, until the services have been ...
  3. Multinational Corporation - MNC

    A corporation that has its facilities and other assets in at least one country other than its home country. Such companies ...
  4. SWOT Analysis

    A tool that identifies the strengths, weaknesses, opportunities and threats of an organization. Specifically, SWOT is a basic, ...
  5. Simple Interest

    A quick method of calculating the interest charge on a loan. Simple interest is determined by multiplying the interest rate ...
  6. Special Administrative Region - SAR

    Unique geographical areas with a high degree of autonomy set up by the People's Republic of China. The Special Administrative ...
Trading Center