Glossary of fiscal terms used in Canada

There are 140 entries in this glossary.
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Term Definition
Fiscalist

Related to fiscal (Tax) situation

Goodwill

The excess of the purchase price of a business over the fair market value of the net assets of the business.

Gross profit

Sales minus cost of goods sold

Guide through Audit and litigation proce

Help that we can get trough a tax problem

Half-year rule

A provision in the Income Tax Act that allows you to claim only half of the capital cost allowance available on an asset in the year you purchased the asset.

House seized

Property seized by governments

iled tax petition

Procedure in tax filing

Income

The sum of revenues earned in a specific period of time. It includes revenues from salaries, wages, benefits, tips, and commissions, profits from operating a business or profession, and investments earned.

Income tax Laval

Laval tax office

Income tax payroll deductions

Employers must deduct income tax from their employees' salaries or wages. They must base these deductions on the income tax deductions tables, which reflect each province's rates.

Income tax Quebec T.V.Q.

Income tax from Quebec province

Information circulars

Publications that the government issues to give detailed explanations on a variety of tax subjects.

Information slips

Forms used by employers, trusts, and businesses to tell taxpayers and the CRA how much income was earned and how much tax was deducted.

Inheritance

Money, property, other assets received from someone after their death.

Input tax credit

A credit GST/HST registrants may claim for GST/HST paid or payable on purchases relating to a commercial activity.

Instalment

A partial payment of a tax debt. The debt is divided into parts that are paid at different times within a certain period.

Interpretation bulletins

ublications that give the government’s interpretation of parts of the Income Tax Act.

Investment

Expenditure to acquire property that yields or is expected to yield revenue or services.

Lease

A contract under which a property is rented from one person or business to another for a fixed period of time at a specified rate.

Liability

Debt owed by a person or business.

Litigating your case

Process of taking claims to tax board or court

Loss

The amount by which expenses exceed revenues.

ncome statement

A financial statement that summarizes the results of business activities (income and expenses) for a given period of time. Sometimes called a profit and loss statement.

Negotiating settlement for your taxes

Negotiating for a settlement with the government.

Net income

Income subject to taxation after allowable deductions have been subtracted from gross or total income.

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