C | Glossary of fiscal terms used in Canada

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
Calendar year

The twelve-month period beginning January 1 and ending December 31. Depending on your business circumstances, you may or may not use the calendar year as your fiscal period.

Canada Pension Plan (CPP)

An insurance program to help Canadians provide income for their retirement. It also gives them income if they become disabled. Contributions are directly related to annual earnings.

Canada tax advise

Sum of advise of Canadian government

Capital cost allowance (CCA)

A yearly deduction or depreciation on the cost of certain assets. You can claim CCA for tax purposes on the assets of a business such as buildings or equipment, as well as on additions improvements, if these assets are expected to last for some years.

Capital gains

The amount by which proceeds of disposition less outlays and expenses exceed the adjusted cost base of capital property.

Capital loss

he amount by which the adjusted cost base and outlays and expenses of capital property exceeds proceeds of disposition.

Capital property

Generally, any property of value, including depreciable property. Common types of capital property include principal residences, cottages, stocks, bonds, land, buildings, and equipment used in a business or rental operation.

Cash method of accounting

With this method, you report income in the year it is actually received. Similarly, expenses are deducted in the year they are actually paid. Farmers, fishers, and certain salespeople who work on commission may use the cash method.

Charted Accountant

Professional responsible to keep and check financial accounts, calculate taxes etc.

Complete victory in tax case

Having total success in tax case.


The privacy of income tax and GST/HST returns and other related tax information. The only people with access to this information are those who are authorized by law or those to whom the taxpayer has given permission in writing.


A form of business authorized by federal, provincial, or territorial law to act as a separate legal entity. Its purpose and regulations are set out in its article of incorporation. One or more persons may own a corporation.

Cost of goods sold

he actual cost of the items sold in the normal course of business during a specific period.

Cost of litigation

Cost that your case is worth.

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