Glossary of fiscal terms used in Canada
There are 140 entries in this glossary.Term | Definition |
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Rates of tax |
Rates of tax - Percentages of income that must be paid as tax. The Department of Finance sets the basic income tax rates, which vary progressively with the amount of income received.
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Records |
Documents such as account books, sales and purchase invoices, contracts, bank statements and cancelled cheques. You must keep records in an orderly manner at your business or residence in Canada for at least six years from the end of the last taxation year to which the records relate. You must make these books and other documents available to the governments’ officers for audit purposes. |
Refund |
The overpayment of income tax returned to a taxpayer after the governments assess the return. |
Registrant |
A person who is registered or required to be registered under GST/HST legislation. |
Remittance |
A payment of CPP or QPP, EI, income tax, or GST/HST that is paid to the governments through a financial institution, or that a business or individual sends directly to the governments. It also includes the employer's share of CPP contributions and EI premiums. |
Request from government |
Information asked by the government. |
Request technical advice |
Help you can get to solve your tax problem. |
Research grants |
Amounts of money given to individuals to explore areas in various fields of study. The grants cover the cost of research plus the researcher's income. These amounts are taxable but some of the researcher's expenses may be deductible for tax purposes. For more specific information, refer to Interpretation Bulletin IT-75, Scholarships, Fellowships, Bursaries, Prizes, and Research Grants. |
Reserves |
Funds set aside to cover future expenses, losses, or claims. |
Responding to information request |
Information requested by a government agency. |
Revenu Québec |
Provincial jurisdiction in Canada |
Revenue Canada TPS,TVQ Montreal |
Information received for TPS,TVQ in Montreal |