GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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26% - Moderately

Tax


Synonyms:duty, levy, tariff
Acronyms &
abbreviations:
TX
Notes:Bank account transaction code.
Filed Under: bank statements, financial-banking, taxation
Tags: banking
 
Broadly associated with: [BMO Financial Group]
Narrowly associated with: [BMO Bank of Montreal]

Definition of tax (TX)

tax (TX)
1. A tariff imposed on an individual or legal entity by the government or its functional equivalent. The one paying the tax is referred to as a "taxpayer." Taxes are collected involuntarily and are used to support a government and government programs such as national defence, education, and social services.

Related Terms and Acronyms:

  • capital gains tax (CGT)   A tax on profits from the sale of real estate or investments.
  • direct tax   A tax that is paid straight to the government.
  • fiscal policy   The use of government spending and taxation policies to influence the economy.
  • income tax   The main source of revenue for the federal government and many Provinces. The tax is based on your earned and unearned income. The amount or percentage taxed is based on the amount of income, using the governments graduated tax scale.
  • levy   A cost imposed on an individual or entity.
  • payroll taxes   A tax based on wages and salaries that is deducted from employees pay cheques.
  • principal, interest and taxes (PIT)   Principal, interest and taxes. The components of a monthly mortgage payment.
  • principal, interest, taxes, and insurance (PITI)   Acronym for the elements of a mortgage payment: principal, interest, taxes and insurance.
  • property tax   A levy by a city on real estate and personal property whose amount varies depending on the property's value.
  • Tax-Free Savings Account (TFSA)   A savings account for Canadians where income earned is not taxed.

More Related Terms and Acronyms


Broad and Narrow Associations

[BMO Bank of Montreal]
  • Bank of Montreal (BMO) — Company Est.1817, Canada-wide, Very Important
      ➥  Canada's very first bank. A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages, and reverse mortgages.
  • cheque (CK)Definition   A written order for payment of a certain amount of money.
      ➥  Bank account transaction code.
  • certified cheque (CC)Definition   A cheque that a bank guarantees will clear.
  • foreign exchange (F/X, FE, FOREX, FX)Definition   Various instruments used to settle payments for transactions between individuals or organizations using different currencies (e.g., notes, cheques, etc.).
  • online debit refund (OV) — Acronym, Low Relevance
[BMO Financial Group]
  • Bank of Montreal (BMO) — Company Est.1817, Canada-wide, Very Important
      ➥  Canada's very first bank. A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages, and reverse mortgages.
  • cheque (CK)Definition   A written order for payment of a certain amount of money.
      ➥  Bank account transaction code.
  • foreign exchange (F/X, FE, FOREX, FX)Definition   Various instruments used to settle payments for transactions between individuals or organizations using different currencies (e.g., notes, cheques, etc.).
  • certified cheque (CC)Definition   A cheque that a bank guarantees will clear.
  • Bank of Montreal Mortgage Corporation (BMMC) — Company, Canada-wide
      ➥  A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.

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