Filing Extension
Definition
- A filing extension gives an individual more time to file his or her tax return, but it does not give the person more time to pay taxes.
Synonyms
Income tax filing extension, tax filing extension, extension on filing taxes
Related Terms and Acronyms
- Audit — Definition,
- An examination of a taxpayer's income tax return or other transactions bearing tax consequences. Audits range from a simple letter from the agency to a detailed review of individual or business tax filings and records.
- Direct Tax — Definition,
- A tax that is paid straight to the government.
- Electronic Filing (NETFILE, EF) — Acronym, Very Important,
- Taxpayers can now file their tax information with personal computers and tax preparation software. The information goes directly to Revenue Canada and they can directly deposit refunds into the taxpayer's bank account.
- 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.
- Tax Credit (TC) — Acronym, Important,
- Tax credits are used to reduce the amount of the tax owed. Tax credits are more valuable than deductions because they directly reduce the amount of tax owed, rather than reducing the amount of income that is taxed.
- Tax Deduction — Definition,
- An expense that governments allow you to subtract from your income before computing your income tax.
- Tax Refund — Definition,
- To receive money back from the government.
