Terms with Tag Taxes
- Tax Deferral — Definition,
- The postponement of taxes to a later year, usually by recognizing income or a gain at a later time. Remember, this only delays your tax liability; it doesn't eliminate it.
- Tax Deferred Annuity (TDA) — Acronym, Important,
- A type of annuity where taxes are deferred until the annuitant decides to withdraw money from the annuity.
➥ More commonly known as a Tax Sheltered Annuity (TSA). - Tax Exempt (TE) — Acronym, Very Important,
- Income that is not subject to tax. Income exempt from federal tax may, however, be subject to provincial taxation.
- Tax Exempt Fuel Sales (TEFS) — Acronym, Canada,
- Tax Exempt Special Savings Account (TESSA) — Acronym, ➥ A UK tax term.
- Tax Identification Number (TIN) — Acronym,
- Tax Information Phone Service (TIPS) — Acronym, Canada, ➥ The number to call is 1-800-267-6999.
- 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 Instalment Payment Plan Service (TIPPS) — Acronym, Canada, Important, ➥ Offered by most municipalities across Canada as a property tax payment option.
- Tax Liability — Definition,
- The total amount of tax you owe.
- Tax Lien — Definition,
- A claim, or obstacle, to the sale of property because of unpaid taxes. The property's title can't be transferred until liens are paid.
- Tax Rebate Discounting Act (TRDA) — Acronym, Canada,
- Tax Refund — Definition,
- To receive money back from the government.
- Tax Revenue Division (TRD) — Company, Canada, ➥ The Tax Revenue Division of the Ministry of Finance.
- Tax Sale — Definition,
- A government sale of property to recover unpaid taxes.
- Tax Sheltered Annuity (TSA) — Acronym, Important,
- An arrangement where employees are given the option to make tax-deferred contributions to an annuity set up by their employer.
➥ See also Tax Deferred Annuity (TDA). - Tax-Exempt Commercial Paper (TECP) — Acronym,
- Tax-Exempt Fuel Users (TEFU) — Acronym, Canada,
- Tax-Free Savings Account (TFSA) — Acronym, Canada, Important,
- A savings account for Canadians where income earned is not taxed.
- Tax-Free Savings Plan (TFSP) — Acronym, Canada, ➥ Better known as a Tax-Free Savings Account (TFSA).
- Tax-sheltered — Definition,
- A savings or investment plan that offers significant tax savings.
- Taxable Income — Definition,
- Income that is subject to taxation after accounting for adjustments, exemptions, and deductions.
- Taxed-Exempt-Exempt (TEE) — Acronym,
- Tuition Tax Credit (TTC) — Acronym, 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. - Two-Tier Healthcare — Definition,
- A situation where public healthcare is available to all people, but private healthcare can be purchased by those who want it.
- Underpayment Penalty — Definition,
- A penalty for not paying enough total estimated tax and withholding. You can avoid underpayment penalties by paying a percentage amount of last year's tax due or of the current year's expected tax due. You may pay the taxes in combined estimated and withholding tax payments.
- Unearned Income — Definition,
- Income such as interest, dividends, capital gains or rents, as opposed to earned income, such as wages, tips and salaries.
- Universal Healthcare — Definition,
- A system for providing healthcare free to patients at point of use.
- Universal Life Insurance — Definition,
- A form of life insurance that offers flexible investment options and tax efficiency for estate management.
- Unrealized Capital Gains (UCG) — Acronym,
10.
Tax Deferral -
Tax Lien
Tax Lien
