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2007 Banking Colloquium
Panel Discussion - Leslie-Ann Scott, Canada Revenue Agency (CRA)
CRA Payment Processing
Inbound:
- CRA process over 35 million payments annually for business and individuals,
totalling $330 billion in revenue
- Bank remitted 12.7 M, 36%
- Bank EDI 5.8 M, 16%
- Mail / Walk-ins 17.0 M, 48%
- January is the peak payment processing month – 44%
Outbound:
- CRA issues over 75 million benefit cheques and 95 million refund cheques
Current issues
- Encouraging use of electronic services (filing, payments, enquiries and
eventually outputs)
- Credit card vs. iDebit
- Limitations on remittance vouchers imposed by the banks
- Banking fees on business clients
- Transition to cheque truncation
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