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Taxes receivable include amounts assessed by Canada Revenue Agency and the Canada Border Services Agency but not yet collected, as well as estimates of unassessed taxes at year end. Amounts receivable also include related amounts for interest and penalties.
Taxes receivable include taxes, premiums and contributions collectable on behalf of others such as provincial and territorial governments and the Canada Pension Plan. These amounts have also been included in liabilities.
The Government establishes an allowance for doubtful accounts to reduce the carrying value of the taxes receivable to amounts that approximate their net realizable value.
Table 7.3 presents taxes receivable by tax stream. Amounts receivable that are written off or forgiven are included in Section 2 of Volume III (Debts, obligations and claims written off or forgiven).
The table presents, in dollars, the taxes receivable by tax stream. It consists of three columns: a detailed listing of components; current year; previous year. The current and previous years' columns are divided into three columns, respectively—Gross taxes receivable, Allowance for doubtful accounts, and Net taxes receivable. A final row presents the total for this table.
|Gross taxes receivable||Allowance for doubtful accounts||Net taxes receivable||Gross taxes receivable||Allowance for doubtful accounts||Net taxes receivable|
|Income taxes receivable|
|Goods and services taxes receivable||17,959,424,759||2,962,220,840||14,997,203,919||18,248,319,758||2,784,966,988||15,463,352,770|
|Customs duties receivable||267,740,003||102,658,775||165,081,228||265,599,027||24,002,848||241,596,179|
|Excise taxes and duties receivable||1,817,961,293||472,479,032||1,345,482,261||1,895,340,042||196,753,602||1,698,586,440|
Table 7.4 presents the aging for taxes receivable for the period over which claims at March 31 have been outstanding. Receivables based on estimates of unassessed taxes at year end are included in current receivables.
The table presents, in dollars, a two-year comparative of the aging for taxes receivable. It consists of two columns: a timeframe; Year ended March 31, divided into two columns—current year; previous year. A final row presents the total for this table.
|Year ended March 31|
|Less than one year||77,310,061,861||71,629,514,792|
|Over 5 years||21,027,591,043||18,854,482,022|
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