| Glossary of fiscal terms used in Canada

Glossary of fiscal terms used in Canada

There are 140 entries in this glossary.
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Term Definition

A formal record of transactions involving a particular item or person.


Professional whose job is to keep and check financial account, calculate taxes.

Accountant Quebec

Professional whose job is to keep and check financial accounts, calculate taxes in the province of Quebec.

Accounts payables

Debts you have as a result of purchasing assets or receiving services on an open account or on credit. You have accounts payables when you have not yet paid for the assets or services you have received.

Accrual method of accounting

With this method, income is reported in the fiscal period it is earned, regardless of when it is received. The expenses are also deducted in the fiscal period they are incurred, whether they are paid or not. This method is generally used by businesses or professionals.


A process by which you ask a Court to review the decision the Appeals Division made on behalf of the Minister of National Revenue.


A formal determination of taxes to be paid or refunded. An assessment includes an assessment. See notice of assessment.


Any property owned by a person or business. Assets include money, land, buildings, investments, inventory, cars, trucks, boats, or other valuables that belong to a person or business. Assets may also include intangibles such as goodwill.

ax amnesty

Waiver of penalties by Canada Revenue Agency further to a voluntary disclosure.

Bad debt

Money owed to you that you can't collect.


The amount remaining in an account after recording all deposits and withdrawals.

Balance sheet

Statement of the financial position of a business. It states the assets, liabilities, and owners' equity at a particular point in time.


A plan outlining an organization's financial and operational goals.

Business expenses

Certain costs that are reasonable for a particular type of business, and that are incurred for the purpose of earning income. Business expenses can be deducted for tax purposes. Personal, living, or other expenses not related to the business cannot be deducted for tax purposes.

Business Number (BN)

A number you get when you register to do any business with the government. It is a single number that replaces the numbers that Canadian businesses previously needed to deal with the federal government.

Calendar year

The twelve-month period beginning January 1 and ending December 31. Depending on your business circumstances, you may or may not use the calendar year as your fiscal period.

Canada Pension Plan (CPP)

An insurance program to help Canadians provide income for their retirement. It also gives them income if they become disabled. Contributions are directly related to annual earnings.

Canada tax advise

Sum of advise of Canadian government

Capital cost allowance (CCA)

A yearly deduction or depreciation on the cost of certain assets. You can claim CCA for tax purposes on the assets of a business such as buildings or equipment, as well as on additions improvements, if these assets are expected to last for some years.

Capital gains

The amount by which proceeds of disposition less outlays and expenses exceed the adjusted cost base of capital property.

Capital loss

he amount by which the adjusted cost base and outlays and expenses of capital property exceeds proceeds of disposition.

Capital property

Generally, any property of value, including depreciable property. Common types of capital property include principal residences, cottages, stocks, bonds, land, buildings, and equipment used in a business or rental operation.

Cash method of accounting

With this method, you report income in the year it is actually received. Similarly, expenses are deducted in the year they are actually paid. Farmers, fishers, and certain salespeople who work on commission may use the cash method.

Charted Accountant

Professional responsible to keep and check financial accounts, calculate taxes etc.

Complete victory in tax case

Having total success in tax case.

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