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
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.

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