Terms with Tag Taxes
- Classified Property Tax — Definition,
- A local government's levy on real estate that varies depending on the use of the property. Usually, commercial property is taxed more heavily than residential property where a classified property tax exists.
- Common Customs Tariff (CCT) — Acronym,
- Common Law Marriage (CLM) — Acronym,
- To be recognized as being married without foregoing a matrimonial ceremony.
- Comprehensive Integrated Tax Coordination Agreement (CITCA) — Acronym, Canada,
- Consolidated Net Operating Loss (CNOL) — Acronym,
- Constructive Receipt — Definition,
- The idea in which a taxpayer does not actually have to take possession of money for it to be taxable. An example of this is when savings account interest is reinvested rather than sent to the account holder as a separate payment. In this case, the account holder constructively received the interest because the earnings were credited to his account and could have been taken out at the owner's discretion. As such, the earnings are taxable.
- Consumer Price Index (CPI) — Acronym, Important,
- An index that measures movements in the average price of products and services typically consumed by Canadian families.
- Controlled Foreign Company (CFC) — Acronym,
- Conveyance Tax — Definition,
- A tax on the transfer of real property.
- Corporate Profit Tax (CPT) — Acronym,
- Corporate Tax Administration for Ontario (CTAO) — Acronym, Ontario, Canada,
- Corporations Capital Tax (CCT) — Acronym, Canada,
- Corporations Tax Act (CTA) — Acronym, Canada,
- Cost Basis — Definition,
- The original price paid for an investment which is also known as the basis or tax basis. The cost basis includes any commissions or fees paid when the investment was purchased.
- Current Year Capital Gains (CYCG) — Acronym,
- Deductions — Definition,
- Expenses the government allows you to subtract from your taxable income. If you have taxable income of $31,000 and deductions of $4,000, then you would figure how much tax you owe on the difference -- $27,000.
- Deferred Annuity — Definition,
- An annuity that makes payments to the annuitant at some date in future instead of immediately.
- Deferred Tax Liability (DTL) — Acronym,
- Deficit — Definition,
- When expenses surpass income or liabilities surpass assets.
- Dependent — Definition,
- A person who relies on someone else for financial support. If you have dependents, you can claim them as exemptions, which will reduce the amount of your income that is taxed.
- Direct Tax — Definition,
- A tax that is paid straight to the government.
- Disability Tax Credit (DTC) — Acronym, Canada,
- Disposable Personal Income (DPI) — Acronym,
- Dividend — Definition,
- Distribution of earnings to shareholders. In credit unions, it's the money paid to members for deposits, similar to the interest banks pay to their customers for deposits.
- Dividend Reinvestment Plan (DRP) — Acronym,
- Double Taxation Agreement (DTA) — Acronym,
- Earned Income — Definition,
- Money earned through wages, salaries, tips, net earnings (if self-employed), and any other income received for work or personal services. Investment income, such as dividends and interest, is not counted as earned income.
- Earned Income Tax (EIT) — Acronym,
- Earned-Income Tax Credit (EITC) — Acronym,
- A US taxation term.
- Earnings Before Interest and Taxes (EBIT) — Acronym,
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Classified Property Tax -
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