Glossary of fiscal terms used in Canada

There are 140 entries in this glossary.
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Term Definition
Confidentiality

The privacy of income tax and GST/HST returns and other related tax information. The only people with access to this information are those who are authorized by law or those to whom the taxpayer has given permission in writing.

Corporation

A form of business authorized by federal, provincial, or territorial law to act as a separate legal entity. Its purpose and regulations are set out in its article of incorporation. One or more persons may own a corporation.

Cost of goods sold

he actual cost of the items sold in the normal course of business during a specific period.

Cost of litigation

Cost that your case is worth.

Dealing with (CRA) Canadian Revenue Agen

Federal perception office.

Dealing with Revenu Quebec

Provincial perception office.

Debt

An amount that is owed. If you borrow money or purchase something on credit, you have created a debt.

Deemed

A legal term used when something is considered to be something else for certain purposes.

Depreciable property

Property that wears out as it is used over the years. For example, cars, farm equipment, and business machines are depreciable. See capital cost allowance.

Depreciation

A decrease in the value of an asset through age, use, and deterioration. In accounting terminology, depreciation is a deduction or expense claimed for this decrease in value.

Disposition

Generally, the disposal of property by sale, gift, transfer, or change in use

Election

A formal choice among specific options on how tax laws are applied to a taxpayer's financial affairs. Usually, you make an election on your tax return.

Employment income

See salary.

Employment Insurance (EI)

A federal program that provides financial assistance to people who are temporarily out of work. It is an insurance program, with employers and employees making payments into the Employment Insurance Fund.

Employment Insurance premiums

Deductions that an employer must make from employees' paycheques and forward to the Receiver General for Canada. Employers must also contribute Employment Insurance payments.

Estate

All of someone's property and money

Estate accountant

Person dealing with an estate

Estate fiscalist

Person dealing on estate tax matter

Examiner

Person responsible for tax department

Excise

Taxes on the manufacture, sale, or use of goods and items.

Expense refused

Expenses not accepted by instead of from ARC or Revenue Québec

Expert in tax law

Specialist in tax situation.

Filed tax petition

Procedure in tax filing

Fiscal Pardon

Program sometimes called ‘’Tax amnesty program’’ or ‘’Tax pardon’’ to encourage individuals and corporations to report any unreported income or GST or to file returns not previously filed. It is a voluntary disclosure for which Revenue Canada waives penalties and sometimes can negotiate an interest reduction.

Fiscal period

This is the twelve-month period over which a business or profession reports its income-earning activities. The fiscal period may or may not coincide with the calendar year. The business usually establishes its fiscal period when it files its first income tax return.

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