CCRA Annual Report to Parliament 2002-2003 Financial Statements

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11. Interest and Penalties

The Agency can, under certain circumstances, such as Agency processing delays, financial hardship by taxpayers or other extraordinary circumstances, forgive interest and penalties that have been charged or that would normally be charged. Interest and penalties may be cancelled under the various tax acts if they have already been charged to the taxpayer. They may be waived under the Financial Administration Act if they have not yet been charged to the taxpayer. Amounts of interest and penalties forgiven under applicable authority by the Agency are provided below:

2003
2002

(in thousands of dollars)

Gross interest and penalties earned
3,092,320
3,289,344

Less interest and penalties cancelled under authority of the:

Income Tax Act
(70,770)
(84,577)

Excise Tax Act
(17,619)
(16,111)

Customs Act
(1,221)
(1,772)

(89,610)
(102,460)

Less interest and penalties waived under authority of the Financial Administration Act

(230,901)
(185,459)

Net interest and penalties earned

2,771,809
3,001,425



Date modified:
2003-10-29