Tax Problems Help Glossary

7/29/2019 Tax Problems Help Glossary

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Fiscal GlossaryA

Tax terms

Quebec and Canada

www.taxdefenders.ca
http://www.taxdefenders.ca/http://www.taxdefenders.ca/


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Account

A formal record of transactions

involving a particular item orperson.

Accountant

Professional whose job is to keep and check

financial account, calculate taxes.
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Accountant Quebec

Professional whose job is to

keep and check financial

accounts, calculate taxes inthe province of Quebec.

Accounts payables

Debts you have as a result

of purchasing assets or

receiving services on anopen account or on credit.

You have accounts payables

when you have not yet paid

for the assets or services

you have received.


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Accrual method of accounting

With this method, income is

reported in the fiscal period

it is earned, regardless ofwhen it is received. The

expenses are also deducted

in the fiscal period they are

incurred, whether they are

paid or not. This method is

generally used by

businesses or professionals.

Appeal

A process by which you ask

a Court to review the

decision the AppealsDivision made on behalf of

the Minister of National

Revenue.


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Assessment

A formal determination of

taxes to be paid or

refunded. An assessmentincludes an assessment. See

notice of assessment.

Assets

Any property owned by a

person or business. Assets

include money, land,buildings, investments,

inventory, cars, trucks,

boats, or other valuables

that belong to a person or

business. Assets may also

include intangibles such as

goodwill.


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Tax amnesty

Waiver of penalties by

Canada Revenue Agency

further to a voluntarydisclosure.

Bad debt

Money owed to you that

you can't collect.
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Balance

The amount remaining in an

account after recording all

deposits and withdrawals.

Balance sheet

Statement of the financial

position of a business. It

states the assets, liabilities,and owners' equity at a

particular point in time.
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Budget

A plan outlining an

organization's financial and

operational goals.

Business expenses

Certain costs that arereasonable for a particulartype of business, and that

are incurred for the purposeof earning income. Business

expenses can be deductedfor tax purposes. Personal,

living, or other expensesnot related to the businesscannot be deducted for tax

purposes.
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Business Number (BN)

A number you get when you

register to do any business

with the government. It is asingle number that replaces

the numbers that Canadian

businesses previously

needed to deal with the

federal government.

Calendar year

The twelve-month period

beginning January 1 and

ending December 31.Depending on your business

circumstances, you may or

may not use the calendar

year as your fiscal period.
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Canada Pension Plan (CPP)

An insurance program to

help Canadians provide

income for their retirement.It also gives them income if

they become disabled.

Contributions are directly

related to annual earnings.

Canada tax advise

Sum of advise of Canadian

government
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Capital cost allowance (CCA)

A yearly deduction or

depreciation on the cost of

certain assets. You can claimCCA for tax purposes on the

assets of a business such as

buildings or equipment, as

well as on additions

improvements, if these

assets are expected to last

for some years.

Capital gains

The amount by which

proceeds of disposition less

outlays and expensesexceed the adjusted cost

base of capital property.


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Capital loss

he amount by which the

adjusted cost base and

outlays and expenses ofcapital property exceeds

proceeds of disposition.

Capital property

Generally, any property of

value, including depreciable

property. Common types ofcapital property include

principal residences,

cottages, stocks, bonds,

land, buildings, and

equipment used in a

business or rental

operation.


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Cash method of accounting

With this method, you

report income in the year it

is actually received.Similarly, expenses are

deducted in the year they

are actually paid. Farmers,

fishers, and certain

salespeople who work on

commission may use the

cash method.

Charted Accountant

Professional responsible to

keep and check financial

accounts, calculate taxesetc.

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