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

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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%
Non-financial assets Non-financial assets are comprised of 97% tangible capital assets. The CRA managed a capital budget of $89.0 million for the year 2011-2012, of which $9.4 million was deemed appropriated to Shared Services Canada and $28.0 million remains available for use in future years in accordance with the CRA’s multi-year resource management strategy. The vast majority of tangible capital assets owned by the CRA relates to IT. A substantial portion of CRA’s costs related to IT equipment was transferred to Shared Services Canada during the year as part of the Government’s effort to streamline the delivery of email, data centre, network and telephony services across the Public Service. Software remains the most significant type of tangible capital asset required by the CRA to deliver its mandate. As a large organisation responsible for delivering an extensive range of tax and benefits programs on behalf of the federal and of provincial governments, the CRA has specialized software needs that are primarily fulfilled internally through the development of in-house tailored applications by the CRA employees. During the year, the CRA invested $39.8 million in capital expenditures to develop customized software that will allow it to continue to administer and enforce tax legislation efficiently. Risk Risk management plays a key role in supporting sound financial management as it allows the CRA to protect its assets and reinforces a strong sense of prioritization in investment decisions. At the CRA, the Enterprise Risk Management (ERM) Branch supports the effective management of resources in multiple ways. Firstly, as a member of the committee overseeing investment projects above $1 million, the Chief Risk Officer and Assistant Commissioner of the ERM Branch brings a risk perspective to the committee's review activities. Secondly, all projects brought to the committee require a formal attestation from the ERM Branch that the CRA structured risk management process was followed and that sound risk information forms part of the submission. The attestation process takes place at various project development stages. Lastly, enterprise risk information is used to inform the development of the CRA Strategic Investment Plan (SIP); a long-term plan for significant future investments. More specifically, project alignment with the priorities outlined in the Corporate Risk Profile is one of the considerations used to inform the priority ranking of initiatives. For further details on ERM at the CRA, please see the Enabling core business operations section of the annual report. Outlook The CRA continues to modernize its operations and reduce red tape to enhance services to Canadians while reducing its overall costs. It is increasingly providing services electronically to make it easier for Canadians and businesses to interact with the CRA at the lowest possible cost. By simplifying the way it collects taxes and distributes benefit payments, the CRA will ensure Canadians and small and medium-sized enterprises receive the benefits and credits to which they are entitled as efficiently and quickly as possible. CANADA REVENUE AGENCY 105 ANNUAL REPORT 2011-2012
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[our mission] ANNUAL REPORT 2011-20
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12 we issued 111 million benefit an
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[conclusion] During 2011-2012, we a
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value of the payments processed was
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ANNUAL REPORT 2011-2012 we identifi
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Specialized program areas also use
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pre-payment review of GST/HST refun
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to 2.3% of Gross Domestic Product i
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[services] service complaints Our S
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Indicator 2010-2011 2011-2012 Chang
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improving our human resources capac
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developed a strategy for managing t
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[board’s priorities and accomplis
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Page 129 and 130: sales tax credits. This was partial
Page 131 and 132: summary information as of March 31,
Page 133 and 134: 1.5 Significant changes in fiscal y
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