EXCISE ACT 2001 RECORDKEEPING REQUIREMENTS
MORE THAN MEETS THE EYE — CRA’S STRINGENT REQUIREMENTS
Download a PDF copy of this Blog here.
The Excise Act, 2001 (“EA 2001”) governs the taxation and regulatory framework applicable to specified goods, including tobacco, wine, spirits, and, more recently, vaping products. Recordkeeping requirements under the EA 2001 are among the most stringent in Canadian tax legislation. In our experience, CRA is increasingly relying on imperfect or incomplete records as a basis for assessing additional duty, interest, and, in some cases, significant penalties.
In this Indirect Tax Report, we review the statutory requirements for books and records under the EA 2001 and highlight key compliance risks and practical traps for industry participants.