9. 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, 2003, an amount of $7,641 million was under objection at the Agency level ($7,859 million for 2002) and an amount of $1,419 million was being appealed to the courts ($1,422 million for 2002). Where appropriate, the Agency has recorded a provision to reflect the estimated amount of objections or appeals that are considered likely to be lost and that can be reasonably estimated (no amount for 2003 and $366 million for 2002).

Date modified:

2003-10-29