Canada Revenue Agency Financial Statements - Administered Activities

Canada Revenue Agency
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 of Canada, the Federal Court of Canada or the Supreme Court of Canada. As at March 31, 2007, an amount of $10,027 million was under objection at the Agency level ($9,694 million for 2006) and an amount of $2,164 million was being appealed to the courts ($1,742 million for 2006). 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.

Date modified:

2007-11-01