GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Levy


Synonyms:fee, tax
Filed Under: financial-banking, legal-contracts, taxation
Tags: banking, contract, legal, taxes
 

Definition of levy

levy
1. A fine, tax, or legal judgement imposed on an individual or legal entity.

Related Terms and Acronyms:

  • collection   The efforts used to bring an overdue mortgage, or other debt current, and the filing of necessary notices to proceed with foreclosure when necessary.
  • direct tax   A tax that is paid straight to the government.
  • indirect tax   A tax that is collected by a third party before being transferred to the government.
  • judgement   A determination by a court of law or a judicial decision.
  • settlement   An agreement between the parties of a legal case.
  • tax (TX)   A levy paid by an individual or entity that is collected by a government.
      ➥  Bank account transaction code.
  • Tax Instalment Payment Plan (TIPP)   A popular property tax payment plan that allows you to pay your taxes monthly without any penalties or additional charges.

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