Canada Revenue Agency or simply called CRA is an agency established to administer laws concerning taxes for the Canadian Government including its territories and provinces. It is responsible for implementing different economic and social benefits as well as incentive programs associated with its tax system.
Since CRA works on taxes, Canadians must be well-informed of the terms and concepts that are related to the agency’s jobs, laws, and plans. The government of Canada ensures that its people will be able to fully understand how each term and concept works for them.
This will guide you if you have limited knowledge and understanding about the tax system. Below are some of the services offered and information about the CRA.
– Business Number: Learn when you need a program account or a business number and how to register. Other details for the specific steps to take when registering will be learned as you go through the actual process.
– Income tax: It has something to do with the taxes earned from professional income, business income, trust income tax, corporation, and personal tax. If you know that you are going to deal with CRA, it is crucial to have a broad knowledge about taxes and other concepts associated with it.
– Payroll: As an employer, you should efficiently manage your payroll. Now, it is highly recommended to open a payroll account. Doing so allows you to easily calculate contributions and deductions.
– Pension plans and savings: You may also learn about savings plans as well as pension plans that are already registered for both plan administrators and individuals.
– Family and child benefits: Learn more about the Canada child benefit and other relevant family benefits for your needs.
– Giving and charities: Discover how you can register any charity you want. You may also look for a charity from various Charity Listings and determine your charitable tax credits.
– Levies, duties, and excise taxes: Stay updated with the latest rates for various customs tariffs, duties, and even existing excise tax rates.
Aside from the above-mentioned terms and concepts associated with the revenue agency of Canada, there are more facts to delve into. Right now, you can opt to go online and visit the official pages to learn more about exactly what the CRA does. Discovering the different services offered by the agency is beneficial, enabling you to see where your taxes go.
It’s also important to practice caution when dealing with the CRA. The Canadian Government has warned its citizens about fake calls and emails from people pretending to be CRA employees. These individuals look to scam the Canadian taxpayers. They usually tell taxpayers that they have a tax refund or that they owe money to the agency. Threats are even made to compel them to take action right away.
Scammers are always on the lookout for new ways to rip people of their hard-earned money. It is advised to be careful at all times and make sure to only transact with an official CRA employee.