CRA Annual Report to Parliament 2011-2012 (PDF - Agence du ...

Financial position
The change in the Agency net financial position compared to the previous year is as follows:
Figure 2: Statement of Financial Position
The increase in the Agency net financial position is attributable to both an increase in the liabilities due to employee
severance benefits as explained below and to a decrease in financial and non-financial assets due in part to the transfer of
assets to Shared Services Canada.
Liabilities
Liabilities increased by $77.7 million in 2011-2012. A significant part of this increase is attributable to changes in the
economic assumptions used to estimate the actuarial present value as at March 31 of the expected future employee
severance benefit payments.
Employee severance benefits is the CRA’s most significant liability, as illustrated in the table below.
figure 10 Liabilities by category
2011-2012
In the course of 2011-2012, conditions of employment for certain employee groups within the CRA were modified so that
their employee severance benefits would cease to accrue. The employees concerned were given the option to be paid their
accrued severance benefits as at the effective date of the new terms of employment. These modifications that were also
introduced for other employee groups in the following fiscal year are expected to reduce the CRA’s employee severance
benefits liability in the coming and future years.
ANNUAL REPORT
2011-2012
CANADA REVENUE AGENCY
2012 2011
(in thousands of dollars)
Difference
Liabilities 1,145,734 1,068,003 77,731
Financial assets 184,310 231,206 (46,896)
Agency net debt 961,424 836,797 124,627
Non-financial assets 416,889 561,411 (144,522)
Agency net financial position 544,535 275,386 269,149
employee severance benefits
64%
accrued salaries
7%
accounts payable and
accrued liabilities
13%
vacation pay and
compensatory leave
16%