R | Glossary of fiscal terms used in Canada

Glossary of fiscal terms used in Canada

There are 140 entries in this glossary.
All A B C D E F G H I L N O P Q R S T U W
Term Definition
Rates of tax

Rates of tax - Percentages of income that must be paid as tax. The Department of Finance sets the basic income tax rates, which vary progressively with the amount of income received.

For GST/HST purposes, the GST rate is 5%, while the HST rate is 13 %.
Records

Documents such as account books, sales and purchase invoices, contracts, bank statements and cancelled cheques. You must keep records in an orderly manner at your business or residence in Canada for at least six years from the end of the last taxation year to which the records relate. You must make these books and other documents available to the governments’ officers for audit purposes.

Refund

The overpayment of income tax returned to a taxpayer after the governments assess the return.

Registrant

A person who is registered or required to be registered under GST/HST legislation.

Remittance

A payment of CPP or QPP, EI, income tax, or GST/HST that is paid to the governments through a financial institution, or that a business or individual sends directly to the governments. It also includes the employer's share of CPP contributions and EI premiums.

Request from government

Information asked by the government.

Request technical advice

Help you can get to solve your tax problem.

Research grants

Amounts of money given to individuals to explore areas in various fields of study. The grants cover the cost of research plus the researcher's income. These amounts are taxable but some of the researcher's expenses may be deductible for tax purposes. For more specific information, refer to Interpretation Bulletin IT-75, Scholarships, Fellowships, Bursaries, Prizes, and Research Grants.

Reserves

Funds set aside to cover future expenses, losses, or claims.

Responding to information request

Information requested by a government agency.

Revenu Québec

Provincial jurisdiction in Canada

Revenue Canada TPS,TVQ Montreal

Information received for TPS,TVQ in Montreal

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