CCRA Annual Report to Parliament 2002-2003 Financial Statements

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http://www.cra-arc.gc.ca/gncy/nnnl/2002-2003/fnncl-e/fn_stmt_dt_dmn12-eng.html

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7. Deposit accounts

The Agency receives refundable deposits to ensure compliance with various regulations. Deposits held at March 31, are as follows:

2003
2002

(in thousands of dollars)

Guarantee deposits

Balance, beginning of year
19,475
16,414

Add: receipts
15,518
6,529

Less: disbursements
(2,474)
(3,468)

Balance, end of year

32,519
19,475

Temporary deposits received from importers

Balance, beginning of year
305
556

Net transactions during the year
393
(251)

Balance, end of year

698
305

Total deposit accounts

33,217
19,780

Less: Securities held in trust
(5,084)
(3,064)

Net deposit accounts

28,133
16,716

The guarantee deposits account was established to record cash and securities required to guarantee payment of customs duties and excise taxes on imported goods, and of sales and excise taxes payable by licensees pursuant to the Customs Act and the Excise Tax Act.

The temporary deposits received from importers account was established to record temporary security deposits received from importers to ensure compliance with various customs and excise regulations regarding temporary entry of goods.

Securities held in trust by the Agency are made up of cash and Government of Canada bonds.



Date modified:
2003-10-29