![]() ![]() The CRA manages many different taxes such as personal income tax, business income tax, trust income tax, partnership income, and excise taxes. The CRA collects taxes from Canadians and oversees social programs that those tax dollars fund. The new ceiling was calculated according to a CPP legislated formula that takes into account the growth in average weekly wages and salaries in. The maximum pensionable earnings under the Canada Pension Plan (CPP) for 2022 will be 64,900up from 61,600 in 2021. Like the IRS, the CRA is the definitive source on current Canadian tax laws, how they are interpreted, and how they are applied. Tax Tip - Canada Revenue Agency announces maximum pensionable earnings for 2022. The CRA was previously known as the Canada Customs and Revenue Agency (CCRA) until the decision was made to split the agency's customs and revenue activities into two separate organizations in 2003. Understanding Canada Revenue Agency (CRA)Ĭanada Revenue Agency (CRA) is the equivalent of the United States' Internal Revenue Service (IRS). The goal of the CRA is to contribute to the ongoing economic and social well-being of Canadians.Similar to the IRS in the U.S., the CRA is Canada's main federal taxing authority.The Canada Revenue Agency (CRA) administers taxes, government benefits, and related programs, and ensures fiscal compliance on behalf of governments across Canada. ![]()
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