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
Account

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

Accountant

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.

Appeal

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

Assessment

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

Assets

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.

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