Audited Financial Statements - Administered Activities

Notes to the Financial Statements - Administered Activities

14. Related party transactions

The Agency deposits all monies collected to the Consolidated Revenue Fund. The Department of Finance makes payments out of the Consolidated Revenue Fund to provinces, territories, and other organizations for revenue amounts such as Provincial, Territorial, and First Nations taxes, for which the Agency administers the revenue collection process. Canada Pension Plan contributions, net of overpayments refunded by the Agency and Old Age Security benefit recoveries are credited to Social Development Canada (SDC) which administers these programs through the Canada Pension Plan Account and the Old Age Security Account. Employment Insurance premiums are credited to Human Resources and Skills Development Canada (HRSDC) which administers this program through the Employment Insurance Account.

The Agency also collects certain accounts receivable for the Canada Border Services Agency (CBSA) under Part V.I of the Customs Act. These receipts are deposited directly in the Consolidated Revenue Fund on behalf of CBSA.

Employment Insurance premiums administered on behalf of the Federal Government include the employer's share of Employment Insurance paid by the Federal Government. GST declared to the Agency includes the GST paid by the federal government to its suppliers on domestic purchases. GST collected by other federal government departments is deposited to the Consolidated Revenue Fund, declared to the Agency, and are included in the GST revenues.

Date modified:

2005-10-26