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    Money withdrawn from a Canadian Registered Education Savings ...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. How does a Registered Retirement Income ...
    Retirement

    How does a Registered Retirement Income ...

  2. Are contributions to Registered Pension ...
    Retirement

    Are contributions to Registered Pension ...

  3. Tax-Saving Tips For Canadian Taxpayers
    Savings

    Tax-Saving Tips For Canadian Taxpayers

  4. Canada: A New Frontier For Real Estate ...
    Taxes

    Canada: A New Frontier For Real Estate ...

Hot Definitions
  1. Wage-Price Spiral

    A macroeconomic theory to explain the cause-and-effect relationship between rising wages and rising prices, or inflation. ...
  2. Accelerated Depreciation

    Any method of depreciation used for accounting or income tax purposes that allows greater deductions in the earlier years ...
  3. Call Risk

    The risk, faced by a holder of a callable bond, that a bond issuer will take advantage of the callable bond feature and redeem ...
  4. Parity Price

    When the price of an asset is directly linked to another price. Examples of parity price are: 1. Convertibles - the price ...
  5. Earnings Multiplier

    An adjustment made to a company's P/E ratio that takes into account current interest rates. The earnings multiplier is used ...
  6. Macroeconomics

    The field of economics that studies the behavior of the aggregate economy. Macroeconomics examines economy-wide phenomena ...
Trading Center