Terms with Tag Taxes

  • Recognized Gain or Loss Definition,
    • The amount of gain or loss reported for income tax purposes. You may be able to defer recognizing gain or loss on certain property exchanges, such as like-kind exchanges.
  • Refund Definition,
    • To give back, return, or repay.
  • Refundable Child Tax Credit (RCTC)Acronym, Canada,
      Obsolete term. See Canada Child Tax Benefit (CCTB).
    • Refundable Dividend Tax on Hand (RDTOH)Acronym, Canada,
      • A scheme that applies to investment income earned in a corporation.
      See “Dividend Refunds to Private Corporations” (IT-243) guide for a full explanation.
    • Registered Education Savings Plan (RESP) Acronym, Canada, Very Important,
      • An investment vehicle used for a child's post-secondary education.
      RESPs are offered by most financial institutions in Canada.
    • Registered Retirement Income Fund (RRIF) Acronym, Canada, Important,
      • Registered Retirement Savings Plan (RRSP) Acronym, Canada, Very Important,
        • A savings plan introduced by the federal government to encourage Canadians to save money for retirement. The investment and the interest earned on it is sheltered: it will not be taxed as long as it is left in the plan.
        Tax deferred investment contribution used to reduce income tax.
      • Regulated Investment Company (RIC)Acronym,
        • Retained Earnings Definition,
          • All of the profits or losses accumulated from prior years and from the present year's income statement, minus dividends paid to you.
        • Return Definition,
          • Any increase in value or in income you earn on purchase or investment.
        • Revenue Definition,
          • Money earned by a company from its business activities.
        • Right of Landing (ROL)Acronym, Canada,
            Canadian tax for immigrants.
          • Right of Landing Fee (ROLF)Acronym,
              See Right of Landing (ROL).
            • Royalty Income Definition,
              • Payment for the use and exploitation of certain kinds of property, such as artistic or literary works, patents and mineral rights.
            • Sales Tax Definition,
              • Federal and / or provincial taxes that are applied to purchases.
            • Saskatchewan Film Employment Tax Credit (SFETC)Acronym, Saskatchewan, Canada,
              • Saskatchewan Sales Tax Credit (SSTC)Acronym, Saskatchewan, Canada,
                • Seasonal Unemployment Definition,
                  • The loss of jobs due to changes in the climate and other conditions. Forestry, fishing and construction are affected by climate, while retailing is affected by seasons and holidays. For instance, at Christmas, retail employment is higher than in January.
                • Second-To-Die Insurance Definition,
                  • Life insurance that only pays a death benefit when both spouses have died, commonly used in estate planning.
                • Selective Employment Tax (SET)Acronym,
                  • Short Tax Year Definition,
                    • A tax period less than 12 months long, resulting from a business start-up or the transition to a tax year ending on a different date.
                  • Short-Term Capital Gain (STCG) Acronym,
                    • Your gain from the sale of a capital asset that you held for one year or less.
                  • Society of Trust and Estate Practitioners (STEP) Company Est. 1998, Canada,
                    • Provides domestic and international advice on trust and estates, including planning, administration and related taxes.
                    Known as STEP Canada.
                  • Surplus Definition,
                    • When an entity's income exceeds its expenses.
                  • Tangible Personal Property (TPP) Acronym,
                    • Assets other than real estate that physically exist. Business equipment and vehicles are tangible personal property whereas stock certificates and franchises only represent value and are therefore intangible property.
                  • Tax Anticipation Bill (TAB)Acronym,
                    • Tax Anticipation Note (TAN)Acronym,
                      • Tax Court of Canada (TCC)Company, Ottawa, Ontario, Canada,
                        • 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.
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