Canada Revenue Agency (CRA) which is formerly Revenue Canada is a federal agency that administers tax laws for Canada. Latest news, Revenue Canada is looking for $20 million in unpaid taxes from a Quebec tobacco distributor, but is not demanding any interest or penalties on the shortfall, according to a report.
Reported, the government is also negotiating with the company to make a deal on the huge tax assessment in an attempt to keep the company operating, according to documents filed in a Laval court by a bankruptcy trustee and company lawyers.
Last year, Distribution GVA Inc. and its satellite company Distribution GVA (Canada) Inc., which are owned by Laval businessman Vincent Albanese filed for protection under federal bankruptcy laws because of the $20-million tax assessment. GVA has operated as distributors of tobacco products since 1997. They sell primarily cigars and cigarillos directly to retailers across Canada.
Revenue Canada itself administers tax laws for Government of Canada and for most provinces and territories, international trade legislation, and various social and economic benefit and incentive programs delivered through the tax system. Revenue Canada also oversees the registration of charities in Canada, and tax credit programmes such as the Scientific Research and Experimental Development Tax Credit Program.
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