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,
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