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The Canada Revenue Agency (CRA; French: Agence du revenu du Canada; ARC) is the revenue service of the Canadian federal government, and most provincial and territorial governments. The CRA collects taxes, administers tax law and policy, and delivers benefit programs and tax credits. [4] Legislation administered by the CRA includes the Income ...
7: British Columbia, Yukon, and new business numbers. 8: Used exclusively for the BN (Business Number) assigned to business owners and corporations. Due to the limited number of BNs available, new BNs can start with a 7. 9: Temporary resident [5] 0: CRA-assigned individual tax numbers, temporary tax numbers or adoption tax numbers
Charitable organization (Canada) A charitable organization in Canada is regulated under the Canadian Income Tax Act through the Charities Directorate of the Canada Revenue Agency (CRA). There are more than 85,600 registered charities in Canada. [1] The charitable sector employs over 2 million people and accounts for about 7% of the GDP of Canada.
To gain charity status, organizations must first register with the federal Canadian Revenue Agency under the Income Tax Act. [5] To be eligible for charitable tax status, charities need to provide a public benefit, such as poverty relief or education, [6] and they are limited in their business and political activities, including making profit or engaging in partisan behavior. [7]
The general corporate tax rate on business income—the net tax rate after the general tax reduction, is 15%. [1] For Canadian-Controlled Private Corporations (CCPCs)s eligible Small Business Deduction (SBD), the net tax rate 9% as of January 1, 2019. [1] The provinces or territories have a dual rate—a lower rate and a higher rate which is ...
A credit rating agency (CRA, also called a ratings service) is a company that assigns credit ratings, which rate a debtor's ability to pay back debt by making timely principal and interest payments and the likelihood of default. An agency may rate the creditworthiness of issuers of debt obligations, of debt instruments, [1] and in some cases ...
In generalised terms, a tax return refers to the yearly income declaration created by the taxpayer for every individual in the country. This enables tax authorities to declare if an individual is eligible to be given back the tax that they had paid over the year. Canadian federal tax returns are filed with the Canada Revenue Agency (CRA).
The GST, which is administered by Canada Revenue Agency (CRA), replaced a previous hidden 13.5% manufacturers' sales tax (MST). Introduced at an original rate of 7%, the GST rate has been lowered twice and currently sits at rate of 5%, since January 1, 2008. The GST raised 11.7% of total federal government revenue in 2017–2018. [2]
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