Terms with Tag Taxes
- Gross Overtime — Definition,
- Overtime pay before taxes that is averaged over two years can be considered monthly income, but it must be over the two years or it does not count.
- Group Registered Retirement Savings Plan (GRRSP) — Acronym,
- Harmonized Sales Tax (HST) — Acronym, Canada,
- A sales tax used in some provinces to merge the GST and PST.
➥ Canadian consumption tax. - Health and Welfare Trust (HWT) — Acronym,
- A method for employers to offer their employees tax-free health benefits.
- Home Renovation Tax Credit (HRTC) — Acronym, Canada, Important,
- Imports — Definition,
- Goods and services produced in other countries and sold in Canada.
- Income — Definition,
- The money earned in a specific time period.
- Income Approach — Definition,
- A step in the valuation process of an income property. The value is reached by estimating the annual income minus an allowance for vacancies and bad debts and then subtracting annual operating expenses, real estate taxes, and insurance premiums to obtain the net operating income. This is then converted by capitalization into a capital value.
- Income Statement — Definition,
- 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.
- 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.
- Income Tax Act (ITA) — Acronym, Canada,
- An income tax shall be paid, as required by this Act, on the taxable income for each taxation year of every person resident in Canada at any time in the year.
- Income Tax Application Rules (ITAR) — Acronym, Canada, ➥ Canadian government Act.
- Income Tax Conventions Interpretation Act (ITCIA) — Acronym, Canada,
- Income Tax Technical News (ITTN) — Acronym, Canada,
- Income-splitting — Definition,
- A financial strategy used for tax purposes to reduce the overall tax burden on a family. Income is shifted from one family member to another who is in a lower tax bracket, so the income is taxed at the lower rate to save the family money.
- Indirect Tax — Definition,
- A tax that is collected by a third party before being transferred to the government.
- Individual Tax Number (ITN) — Acronym, Canada, ➥ For Non-Residents.
- Infrastructure — Definition,
- Basic installations that a community needs, such as schools, roads, water and electrical lines, power plants and communications systems.
- Innovation and Productivity Tax Credit (IPTC) — Acronym, Canada,
- Input Tax Credit (ITC) — Acronym, Canada, ➥ Canadian GST refund for businesses.
- Insurance Proceeds — Definition,
- The benefits received by an individual after a claim has been verified.
- Intangible Asset — Definition,
- Non-physical resources or rights to other assets. Patents, goodwill, permits and computer programs are examples of intangible assets.
- Intangible Property — Definition,
- Property that does not have value itself, but represents something else. Stocks, bonds and franchises are examples of intangible property. Business furniture and equipment are examples of tangible personal property.
- Internal Revenue Service (IRS) — Acronym, ➥ A US tax term.
- International Money Laundering Information Network (IMoLIN) — Abbreviation,
- Internet Tax and Assessment Management (ITAM) — Acronym, Canada,
- Investment — Definition,
- Something you put your money into in order to make money.
- Investment Income — Definition,
- Income that is earned from investments such as interest, dividends, and capital gains.
- Investment Tax Credit (ITC) — Acronym, Canada,
- Investment Tax Credit for Exploration (ITCE) — Acronym, Canada, ➥ Designed to assist junior mining companies.
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Gross Overtime -
Income Tax Act
Income Tax Act
