Canada Revenue Agency

The Canada Revenue Agency (CRA in its shortened form), commonly known as simply Revenue Canada is a government agency that manages income tax laws and credit programs that apply to the country of Canada and its other provinces and territories. It is also responsible for laws, legislation and regulations to do with trade and overseeing the process of registering as a legal charity. The agency was set up in 2005 after splitting from the Canada Customs and Revenue Agency. It is comparable to the IRS in the United States.

The Canada Revenue Agency collects personal income tax from all provinces and territories except from Quebec and corporate income tax from all territories except from Alberta, Ontario and Quebec. The process involves citizens filing a return that assesses their tax liability and the Agency will combine it with information from employers and other companies to make sure it is accurate.

The Canada Revenue Agency has implemented a tax incentive system called the “Scientific Research and Experimental Development Tax Incentive Program,” which encourages business of all sizes to conduct research and development in return for tax credits, cash refunds or similar. The program gives businesses cash refunds and/or tax credits for the expenditures related to research and development work conducted in Canada. It is used as an incentive to help encourage technological advancement for the better of the country.

The agency is also responsible for things like the Canadian Pension Plan, working close with the public on many issues relating to money.

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