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
Bad debt

Money owed to you that you can't collect.

Balance

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.

Budget

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.

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