Time’s Up: CRA’s 100 Day Mandate for Improvement

After years of frustration on the part of tax professionals and taxpayers alike, the Finance Minister ordered the Canada Revenue Agency to clean up its act in 100 days. Specifically, the improvement plan was to run from September 2 through December 11. Finance Minister and Minister of National Revenue, Francoise-Phillippe Champagne instructed CRA to fix “unacceptable wait times and service delays.” Time’s up this week and CRA has released an update on progress. What gets measured, gets done. Let’s see what CRA’s metrics show. 

Employees may be presented with an opportunity to purchase shares in the employer’s corporation at some future date, but at a price set at the time the option was granted. This is known as the exercise price.

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With the hope that it will assist taxpayers in determining the legality of their transactions before incurring significant costs, the Canada Revenue Agency (CRA) and the Income Tax Rulings Directorate (ITRD) have announced a one-year pre-ruling consultation pilot project.