Glossary of fiscal terms used in Canada
There are 140 entries in this glossary.| Term | Definition |
|---|---|
| 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. |
| 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. |
| nventory |
Generally, the total value of the goods on hand that a business intends to sell, uses for manufacture, or use to render a service. In certain cases, inventory might also include services. |