GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Canada Revenue Agency-related words.

alternative minimum tax (AMT)Definition (Taxation, Financial-banking, Legal-contracts)
This tax primarily affects high-income taxpayers who shelter some of their income from tax through certain tax preference items or deductions. It is often referred to in tax publications as AMT and, if your income meets the limit, you have to recalculate your tax due based on the separate alternative minimum tax rates and tables.
  ➥  Form T691.
Canada Child Tax Benefit (CCTB)Canada
The Canada Child Tax Benefit is a tax-free monthly payment made to eligible families to help them with the cost of raising children under age 18.
  ➥  Pamphlet T4114.
Canada Revenue Agency (CRA)Company, Canada
capital cost allowance (CCA)Canada
Capital Cost Allowance is a method of expensing depreciable assets as defined by the Canadian Income Tax Act (ITA).
Corporate Tax Administration for Ontario (CTAO)Ontario, Canada
Disability Tax Credit (DTC)Canada
Federal Income Tax Act (FITA)Canada
First Nations Goods and Services Tax (FNGST)Canada
foreign tax credit (FTC)Canada
This tax credit is for foreign income or profits taxes you paid on income you received from outside Canada and reported on your Canadian tax return.
  ➥  Form T2209 - Federal Foreign Tax Credits.
general anti-avoidance rule (GAAR)Canada
  ➥  Section 245 of the Canadian Income Tax Act. (IC88-2)
General Index of Financial Information (GIFI)Canada
  ➥  A standard list of codes used in preparing financial statements.
goods and services tax (GS, GST)Canada
A sales tax that applies in all Canadian provinces charged at 5% (as of 2012).
  ➥  Bank account transaction code.
Home Buyers' Plan (HBP)Canada
A way for a homebuyer to use part of his or her RRSP as a down payment on a mortgage.
  ➥  Government assistance for first-time homebuyers.
Home Renovation Tax Credit (HRTC)Canada
Income Tax Act (ITA)Canada
An income tax shall be paid, as required by this Act, on the taxable income for each taxation year of every person resident in Canada at any time in the year.
Income Tax Technical News (ITTN)Canada
Individual Tax Number (ITN)Canada
  ➥  For Non-Residents.
Input Tax Credit (ITC)Canada
  ➥  Canadian GST refund for businesses.
investment tax credit (ITC)Canada
New Brunswick Child Tax Benefit (NBCTB)New Brunswick, Canada
A non-taxable amount paid monthly to qualifying families with children under the age of 18 in New Brunswick.
  ➥  See also Canada Child tax benefit (CCTB).
Notice of Assessment (NOA)Canada
A form the federal government issues when personal taxes are complete. A notice of assessment shows a breakdown of the given years income along with the balance owing or refund.
  ➥  Canada Revenue Agency's T451 tax form.
Ontario Energy and Property Tax Credit (OEPTC)Ottawa, Ontario, Canada
  ➥  This property tax credit is administrated by Canada Revenue Agency on behalf of the Province of Ontario.
Refundable Child Tax Credit (RCTC)Canada
  ➥  Obsolete term. See Canada Child Tax Benefit (CCTB).
refundable dividend tax on hand (RDTOH)Canada
A scheme that applies to investment income earned in a corporation.
  ➥  See “Dividend Refunds to Private Corporations” (IT-243) guide for a full explanation.
Registered Pension Plan (RPP)Canada
registered retirement income fund (RRIF)Canada
Registered Retirement Savings Plan (RRSP)Canada
A savings plan introduced by the federal government to encourage Canadians to save money for retirement. The investment and the interest earned on it is sheltered: it will not be taxed as long as it is left in the plan.
  ➥  Tax deferred investment contribution used to reduce income tax.
Tax Information Phone Service (TIPS)Canada
  ➥  The number to call is 1-800-267-6999.
Tax Rebate Discounting Act (TRDA)Canada
Tax Revenue Division (TRD)Company, Canada
  ➥  The Tax Revenue Division of the Ministry of Finance.
Tuition Tax Credit (TTC)Canada
The tuition tax credit allows Canadian students to reduce their income taxes by taking into account tuition fees for certain types of education.
  ➥  Tax credit.
Vancouver Tax Services Office (VTSO)Vancouver, British Columbia, Canada

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