8. Contingent Liabilities

Contingent liabilities include previously assessed taxes where amounts are under objection or are being appealed to either the Tax Court, the Federal Court of Canada or the Supreme Court of Canada.

As at March 31, 2004, an amount of $7,615 million was under objection at the Agency level ($7,641 million for 2003) and an amount of $986 million was being appealed to the courts ($1,419 million for 2003). The Agency has recorded a provision of $53 million for 2004 (no amount for 2003) to reflect the estimated amount of objections or appeals that are considered likely to be lost and that can be reasonably estimated.

Date modified:

2004-10-28