What is a CRA data?
CRA data are generally released by August of the year following the calendar year of the data. National Aggregates, 1996-2020. These reports are a nationwide summation of the CRA data. They indicate the number and dollar amounts of lending, cross-tabulated by loan, applicant, and geographic characteristics.2021-12-02
What does it mean to get a credit on your tax return?
A tax credit is a dollar-for-dollar reduction of the income tax you owe. For example, if you owe $1,000 in federal taxes but are eligible for a $1,000 tax credit, your net liability drops to zero.2022-03-08
How do you explain CRA?
The Community Reinvestment Act (CRA), enacted in 1977, requires the Federal Reserve and other federal banking regulators to encourage financial institutions to help meet the credit needs of the communities in which they do business, including low- and moderate-income (LMI) neighborhoods.
What is CRA reporting?
The purpose of CRA data collection and reporting is to enable examiners and the public to evaluate whether a bank is helping to meet the credit needs of its communities through its small business, small farm loans, consumer and home mortgage lending as applicable.
What three tests are used to evaluate CRA performance?
Under the regulations that implement CRA, federal regulators grade large banks (those with at least $250 million in assets) on three measures of compliance: lending, investment, and service (see “The Grading System,” p.
Can I ask questions to the CRA?
You can also call the Tax Information Phone Service (TIPS) at 1-800-267-6999 to ask about your refund. TIPS is available from mid-February to December 2018.2021-04-15
How is CRA performance evaluated?
How does OCC determine a CRA rating? The community: Its demographic and economic data, and lending, investment, and service opportunities.
What is a credit from CRA?
Tax credits are amounts that reduce the tax you pay on your taxable income. The more tax credits that apply to you, the more you can reduce your income tax. The federal, provincial and territorial governments each provide tax credits, which you can use to lower your taxes.2022-01-26
What is included in a CRA performance evaluation?
What is included in a CRA performance evaluation? The CRA performance evaluation (PE) generally includes a description of the institution and its assessment area(s); its CRA rating; and the facts, data, and analyses supporting the rating.
How do I contact my CRA?
Call 1-800-959-8281 to get tax information for individuals. Call this number for information and assistance with electronic services for individuals such as My Account, NETFILE and Represent a Client. Our automated service is available at all times and provides information on the topics listed below.2022-02-03
What is CRA performance evaluation?
Each Performance Evaluation includes: The bank’s CRA rating(s) Description of the bank and its community. Conclusions about the bank’s performance. Discussion of the facts and data supporting the conclusions.2018-12-07
Is CRA good to work for?
This year, the Canada Revenue Agency (CRA) has been recognized as one of the Top 100 Employers in Canada. At the CRA, our diverse workforce and inclusive workplace fosters innovation and drives us to be a world-class tax and benefit administration. High employee morale and engagement are the core of our agency.2020-11-11
What is the purpose of the CRA file?
An institution’s CRA record is taken into account in considering applications for deposit facilities, including mergers and acquisitions. Maintaining a Satisfactory or better CRA rating will also result in less frequent CRA examinations at your institution.
What contributes to CRA rating?
A financial institution’s performance in helping to meet the credit needs of its community is evaluated in the context of information about the institution (capacity, constraints and business strategies), its community (demographic and economic data, lending, investment, and service opportunities), and its competitors 2013-08-22
What is CRA examination?
Examiners conduct a separate review under the Community Reinvestment Act (CRA) to determine how well a bank is meeting the credit needs of its entire community — in particular, the credit needs of low- and moderate-income individuals — without compromising the safety and soundness of the bank’s operations.
How do I contact CRA in Ontario?
Call 1-800-959-8281 to get tax information for individuals. Call this number for information and assistance with electronic services for individuals such as My Account, NETFILE and Represent a Client.2022-02-03
How do I get credits from CRA?
The only way to get your benefits and credits, including the one-time additional GST/HST credit payment, is by filing your 2018 tax return.2021-12-21
What do I need to work for the CRA?
To apply for job opportunities with the Canada Revenue Agency (CRA), you must have a candidate profile. Your profile has your basic personal information and results of CRA standardized tests, and it lets you manage your job applications. You must be legally allowed to work in Canada.2017-02-28