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
Payroll deductions

Income tax deductions, Canada Pension Plan or Quebec Pension Plan contributions, and employment insurance premiums which are deducted from an employee's wages or salary and sent regularly to the government. Employers also make their own contributions to the Canada Pension Plan or Quebec Pension Plan and Employment Insurance.

Penalties

Amounts taxpayers or registrants must pay if they fail to file returns or remit or pay amounts owing on time, or if they try to evade paying or remitting tax by not filing returns. Penalties must also be paid by people who knowingly, or under circumstances amounting to gross negligence, participate in or make false statements or omissions in their returns, and by those who do not provide the information required on a prescribed form.

Personal tax credit return (Form TD1)

The first income tax form a person has to complete when starting a new job. It tells an employer how much income tax to deduct from the employee's pay.

PHD in Taxes

Knowledge in tax matters.

Prepaid expense

An expense you pay for in advance; an expense you incur for goods and services you will receive at a later fiscal period ; amounts you pay as interest, income tax, municipal taxes, rent, dues, or insurance for later fiscal periods. These amounts are included as assets on the balance sheet at the end of a fiscal period.

Proceeds of disposition

Usually, the selling price of property when it is disposed of. Proceeds of disposition also include compensation received for property that has been destroyed, expropriated, stolen, or damaged. It is also the fair market value of property when it is transferred to another person, or when there is a change in its use.

Professional dues

Membership fees paid to maintain a professional status recognized by law, such as lawyers' annual law society fees.

Profit and loss statement

Same as an income statement.

Proprietorship

A non-incorporated business entirely owned by one person. Same as a sole proprietorship.

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