Audited Financial Statements – Administered Activities

Notes to the Financial Statements – Administered Activities

8. Contingent liabilities

Contingent liabilities include previously assessed taxes where amounts are under objection or are being appealed to the Tax Court, the Federal Court of Canada or the Supreme Court of Canada. As at March 31, 2006, an amount of $9,694 million was under objection at the Agency level ($9,537 million for 2005) and an amount of $1,742 million was being appealed to the courts ($1,360 million for 2005). The Agency has recorded, in the amounts payable to taxpayers, the estimated amount of objections or appeals that are considered likely to be lost and that can be reasonably estimated.

Audited

Date modified:

2006-11-23