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. 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 >>
  2. 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 >>
  3. Why is the Cayman Islands considered a tax haven?

    The Cayman Islands is one of the most well-known tax havens in the world. Unlike most countries, the Cayman Islands does ... Read Full Answer >>
  4. Who decides to print money in Canada?

    In Canada, new money comes from two places: the Bank of Canada (BOC) and chartered banks such as the Toronto Dominion Bank ... Read Full Answer >>
  5. Why is Panama considered a tax haven?

    The Republic of Panama is considered one of the most well-established pure tax havens in the Caribbean due to extensive legislation ... Read Full Answer >>
  6. How do I get out of my annuity and transfer to a new one?

    If you decide your current annuity is not for you, there is nothing stopping you from transferring your investment to a new ... Read Full Answer >>

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