CRA Annual Report to Parliament 2007-2008 - Canada Revenue Agency Financial Statements – Administered Activities

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Canada Revenue Agency Financial Statements – Administered Activities

Canada Revenue Agency
Notes to the Financial Statements – Administered Activities

11. Interest, penalties, and other revenues

Various tax legislation gives the Agency the authority, under certain conditions, to collect interest and penalties related to taxes due and regulations not met by taxpayers. The Agency has the authority to waive the interest and penalties that would normally be charged under certain circumstances such as Agency processing delays, financial hardship by taxpayers, or other extraordinary circumstances.

Other revenues consist of miscellaneous fees and charges such as court fines and administration charges for dishonoured payments instruments.

The following table presents details on interest, penalties and other revenues administered by the Agency for the federal government as reported in the Statement of Administered Revenues:
2008
2007
(in thousands of dollars)
Gross interest and penalties
5,504,207
4,498,333
Interest and penalties waived under authority of the:
Income Tax Act
(320,565)
(321,112)
Excise Tax Act
–
(35,941)
(320,565)
(357,053)
Net interest and penalties
5,183,642
4,141,280
Other revenues
14,936
9,359
Interest, penalties, and other revenues
5,198,578
4,150,639



Date modified:
2009-01-29