CRA / CCRA / Revenue Canada / Department of National Revenue…

I’m sure you have wondered why in the past 10 years there has been so many names for the Canadian Tax authority.  Besides have to print new business cards and letterhead (and coffee mugs) for everyone, there have been a few reasons for this change.   

The Canada Revenue Agency was previously known as the Canada Customs and Revenue Agency (CCRA) until a federal government reorganization in December 2003 when it was decided to split the organization’s customs and revenue responsibilities into separate organizations.

Since then, Canada Border Services Agency is part of the Public Safety Canada portfolio to handle customs responsibilities.

The CCRA was short-lived, having been created in a November 1999 reorganization of the federal government where it had been known for many years under its statutory name the Department of National Revenue. It was also referred to as Revenue Canada under the Federal Identity Program of the Treasury Board of Canada.

To this day, most Canadians have continued to refer to the agency as “Revenue Canada” through its CCRA and CRA official designation periods.

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The Canada Revenue Agency is actively looking for Offshore Accounts too…

I have received confirmation from a senior official at the Canada Revenue Agency that the CRA is in fact actively investigating individuals suspected of being involved in the recent offshore account problem overseas.  Thus far, no one has been named publicly and my source at the CRA has confirmed that each person contact thus far has willingly come forward to pay amounts owing in full and that the number of people thus far targeted by the CRA totals less than 100.

The list remains private because the CRA does not want to tip-off those involved that they are coming for them, nor do they want to admit that they are severely short of qualified staff needed to make arrangements with these taxpayers and their numerous numbers of representatives.

The CRA suspects that the list is available elsewhere and that it might be coming to light sooner than many wish which could hurt the CRA and will certainly shame those involved.

The CRA will certainly be looking for additional offshore funds with speculation abound that there will be incentives down the road for taxpayers and financial organizations to disclose to the CRA situations where an individual or organization is placing it’s assets out of the reach of the CRA for tax evasion purposes.

Stay tuned!