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

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Financial Statements Discussion and Analysis – Administered Activities Introduction The Financial Statements - Administered Activities reflect the total assets and liabilities, tax and non-tax revenues, expenses and recoveries, and cash flows administered by the Canada Revenue Agency on behalf of the Government of Canada, provinces, territories, First Nations, and other government organizations. Tax revenues are recognized on an accrual basis and are net of the applicable deductions and credits allowed under various Acts. The Financial Statement Discussion and Analysis provides unaudited complementary and supplementary information on Administered Activities in respect of matters reported in the audited Financial Statements. Responsibility for the preparation of the Financial Statement Discussion and Analysis rests with CRA management. Tax Revenues The Canada Revenue Agency collects the majority of federal tax revenues. Other agencies and departments, such as the Canada Border Services Agency, account for the balance of total Federal Revenues reported in the Public Accounts of Canada. For further information on revenue collected by the Government of Canada as a whole, please refer to the Annual Financial Report of the Government of Canada, available at www.fin.gc.ca/purl/afr-eng.asp. Revenues administered on behalf of the Government of Canada Federal Administered Revenues ($000) 2012 2011 +/- % Income Tax Revenues Individual and trust 119,473,450 113,570,868 5,902,582 5.2% Corporate 31,701,857 29,969,047 1,732,810 5.8% Non-resident tax withholdings 5,300,928 5,137,774 163,154 3.2% Other Taxes, Duties, and Charges Net revenues were $198.3 billion in 2012, some $7.3 billion higher than in 2011. All administered revenues were higher except Goods and Services Tax, Energy Taxes, and Interest, penalties, and other revenues. ANNUAL REPORT 2011-2012 CANADA REVENUE AGENCY 156,476,235 148,677,689 7,798,546 5.2% Goods and Services Tax 10,372,547 11,583,050 (1,210,503) (10.5%) Energy Taxes 5,268,716 5,298,323 (29,607) (0.6%) Other Excise taxes and duties 3,342,813 3,301,658 41,155 1.2% Miscellaneous charges 865,274 833,169 32,105 3.9% 19,849,350 21,016,200 (1,166,850) (5.6%) Employment Insurance Premiums 19,030,411 17,862,454 1,167,957 6.5% Interest, penalties, and other revenues 3,663,901 4,028,248 (364,347) (9.0%) Interest expense (696,654) (560,746) (135,908) 24.2% 21,997,658 21,329,956 667,702 3.1% Net Revenues Administered on behalf of the Government of Canada 198,323,243 191,023,845 7,299,398 3.8%
Individual and Trust Income Tax Individual and trust income tax revenues increased by $5.9 billion, or 5.2%. The increase reflects continued economic growth from higher employment and wages, and is in line with the increase in individual taxable income. Corporate Income Tax Corporate income tax revenues increased by $1.7 billion or 5.8%. The growth stems from a strong recovery of corporate profits in small to medium enterprises that was partially offset by cuts in the tax rate. Non-Resident Tax Withholdings Non-resident tax withholdings revenues increased by $163.1 million or 3.2%. Revenue recovered to historical levels as large reassessments suppressed revenue in FY2011. Canada Revenue Agency Financial Statements Discussion and Analysis (unaudited) Goods and Services Tax GST revenues decreased by $1.2 billion or 10.5%. The decline stems from a surge in input tax credits due to an increase in capital investments and inventory levels. This was partially offset by higher revenues associated with growth in retail sales and sales of real property. Energy Taxes Energy Taxes decreased by $29.6 million or 0.6%. The decline stems from a slight reduction in the consumption of gasoline and diesel fuel, partially offset by an increase in the consumption of aviation fuel. Other Excise Taxes and Duties Other Excise taxes and duties increased by $41.1 million or 1.2%. This increase stems from higher duty revenues from beer and liquor production as well as higher revenues on automotive air conditioners. Miscellaneous Charges Miscellaneous charges increased by $32.1 million or 3.9%. This was due to higher Air Travellers Security Charge revenues. Employment Insurance Premiums Employment Insurance Premiums increased by $1,167.9 million or 6.5%. The increase reflects continued economic growth and is in line with the increase in source deduction receipts. There were also higher premiums and increased insurable earnings. Interest, Penalties, and Other Revenues Interest, penalties, and other revenues decreased by $364.3 million or 9.0%. This reflects the imposition of court fines related to the tobacco settlement agreements along with a large corporate income tax reassessment in 2011. Prescribed interest rates were stable. Interest Expense Interest expense increased by $135.9 million or 24.2%. This was due to higher interest paid on certain corporate refunds. CANADA REVENUE AGENCY 125 ANNUAL REPORT 2011-2012
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“Canadian businesses are a vital
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Finally, the Board continued to exa
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“The CRA has always been committe
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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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Given the importance of the benefit
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[conclusion] During 2011-2012, we a
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value of the payments processed was
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[providing information] web site Th
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There has been a substantial increa
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[voluntary disclosures] The Volunta
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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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Our performance measures for addres
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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 of Management Oversight Frame
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[board’s priorities and accomplis
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[management of personnel] Against a
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[committee membership and director
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ANNUAL REPORT 2011-2012 CANADA REVE
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ANNUAL REPORT 2011-2012 [service st
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ANNUAL REPORT 2011-2012 Service Sta
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Claims - video and film tax credits
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challenges and exceptions advance i
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ANNUAL REPORT 2011-2012 [other item
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Benefit programs and benefit-relate
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D Dispute - General term to designa
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Page 81 and 82: Opinion In my opinion, the financia
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Page 89 and 90: (k) Contingent liabilities Continge
Page 91 and 92: (b) Reconciliation of net cost of o
Page 93 and 94: 6. Accounts receivable and advances
Page 95 and 96: 8. Segmented information - Expenses
Page 97 and 98: 10. Related party transactions The
Page 99 and 100: 12. Board of Management Pursuant to
Page 101 and 102: Financial Statements Discussion and
Page 103 and 104: Discussion and analysis Analysis of
Page 105 and 106: Non-financial assets Non-financial
Page 107 and 108: Canada Revenue Agency Audited Finan
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Page 111 and 112: Canada Revenue Agency Statement of
Page 113 and 114: Canada Revenue Agency Statement of
Page 115 and 116: A new accounting standard issued by
Page 117 and 118: Expenses and Recoveries. Except for
Page 119 and 120: 5. Amounts payable to taxpayers The
Page 121 and 122: the CRA administers. It does not in
Page 123: 15. Pension contributions, interest
Page 127 and 128: Income Tax Revenues - Individual an
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
Page 135 and 136: A delegated authorities matrix whic
Page 137 and 138: Control frameworks The CRA uses the
Page 139 and 140: The CRA will move into an ongoing a
Page 141 and 142: Canada Revenue Agency - Unaudited S
Page 143 and 144: $73.9 million for increased disburs
Page 145 and 146: Performance Summary (in thousands o
Page 147: Authorities approved after Main Est
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