GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Surplus


Synonyms:excess, extra, profit
Filed Under: financial-banking, taxation
Tags: banking, taxes
 

Definition of surplus

surplus
1. A measure of by how much assets exceed liabilities, exports exceed imports, profits exceed losses, or net income exceeds expenses. For example, in government spending, a budget surplus happens when tax revenues exceed government spending. The opposite of a surplus is a deficit.

Related Terms and Acronyms:

  • deficit   When expenses surpass income or liabilities surpass assets.
  • exports   Products and services produced in Canada and sold in other countries.
  • fiscal deficit   When the government spends more money than it receives in revenue over the course of one year.
  • fiscal surplus   When the government receives more in revenue than it spends over the course of the year.
  • imports   Goods and services produced in other countries and sold in Canada.
  • income statement   Also known as the profit and loss statement or P&L, enables you to calculate your company's pre-tax profits by subtracting total expenses from total revenues.
  • loss   When expenses are larger than revenues.
  • net income (NI)   The difference between effective gross income and expenses. The term is qualified as net income before depreciation and debt.
  • profit   When revenues exceed expenses.
  • reinsurance recoverables to policyholder surplus   A method used to determine how much an insurer relies on reinsurance.

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