Tax

Definition

• 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.

Notes
Bank account transaction code.

Synonyms
levy, duty, tariff

Acronyms
TX

Related Terms and Acronyms

• Capital Gains Tax (CGT) — Acronym, Canada,
  • A tax on profits from the sale of real estate or investments.
• Direct Tax — Definition,
  • A tax that is paid straight to the government.
• Earned Income Tax (EIT) — Acronym,
• Fiscal Policy — Definition,
  • The use of government spending and taxation policies to influence the economy.
• Goods and Services Tax (GS, GST) — Acronym, Canada,
  • A sales tax that applies in all Canadian provinces charged at 5% (as of 2012).
  ➥ Bank account transaction code.
• Harmonized Sales Tax (HST) — Acronym, Canada,
  • A sales tax used in some provinces to merge the GST and PST.
  ➥ Canadian consumption tax.
• Income Tax — Definition,
  • 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.
• Indirect Tax — Definition,
  • A tax that is collected by a third party before being transferred to the government.
• Land Transfer Tax (LTT) — Acronym,
  • A provincial tax payable on any property that changes hands. First time buyers may be eligible for a rebate.
• Levy — Definition,
  • A cost imposed on an individual or entity.
• Payroll Taxes — Definition,
  • A tax based on wages and salaries that is deducted from employees pay cheques.
• Principal, Interest and Taxes (PIT) — Acronym, Important,
  • Principal, interest and taxes. The components of a monthly mortgage payment.
• Principal, Interest, Taxes, and Insurance (PITI) — Acronym,
  • Acronym for the elements of a mortgage payment: principal, interest, taxes and insurance.
• Property Tax — Definition,
  • A levy by a city on real estate and personal property whose amount varies depending on the property's value.
• Provincial Sales Tax (PST) — Acronym, Canada,
  • A sales tax collected by some Canadian provinces.
• Sales Tax — Definition,
  • Federal and / or provincial taxes that are applied to purchases.
• Tax Instalment Payment Plan (TIPP) — Acronym, Canada,
  • A popular property tax payment plan that allows you to pay your taxes monthly without any penalties or additional charges.
• Tax-Free Savings Account (TFSA) — Acronym, Canada, Important,
  • A savings account for Canadians where income earned is not taxed.