Tax

Importance: 0.29

Broad Association: BMO Financial Group

Narrow Association: BMO Bank of Montreal

Is a company: no

Is a proper noun: no

Notes: Bank account transaction code.

Synonyms

  • levy
  • tariff
  • duty

Acronyms

  • TX

Definition of Tax

  1. A tariff imposed on an individual or legal entity by the government or its functional equivalent. The one paying the tax is referred to as a "taxpayer." Taxes are collected involuntarily and are used to support a government and government programs such as national defence, education, and social services.

Related Terms and Acronyms

  • Income Tax Bank,
    • 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.
  • Indirect Tax Bank,
    • A tax that is collected by a third party before being transferred to the government.
  • Principal, Interest and Taxes (PIT) Bank, Important,
    • Principal, interest and taxes. The components of a monthly mortgage payment.
  • Principal, Interest, Taxes, and Insurance (PITI) Bank,
    • Acronym for the elements of a mortgage payment: principal, interest, taxes and insurance.
  • Tax-Free Savings Account (TFSA) Bank, Canada, Important,
    • A savings account for Canadians where income earned is not taxed.
  • Goods and Services Tax (GST, GS) Bank, Canada,
    • A sales tax that applies in all Canadian provinces charged at 5% (as of 2012).
    Bank account transaction code.
  • Earned Income Tax (EIT)Acronym,
    • Land Transfer Tax (LTT) Acronym,
      • A provincial tax payable on any property that changes hands. First time buyers may be eligible for a rebate.
    • Sales Tax Bank,
      • Federal and / or provincial taxes that are applied to purchases.
    • Capital Gains Tax (CGT) Bank, Canada,
      • A tax on profits from the sale of real estate or investments.
    • Payroll Taxes Bank,
      • A tax based on wages and salaries that is deducted from employees pay cheques.
    • Tax Instalment Payment Plan (TIPP) Bank, Canada,
      • A popular property tax payment plan that allows you to pay your taxes monthly without any penalties or additional charges.
    • Property Tax Definition,
      • A levy by a city on real estate and personal property whose amount varies depending on the property's value.
    • Harmonized Sales Tax (HST) Bank, Canada,
      • A sales tax used in some provinces to merge the GST and PST.
      Canadian consumption tax.
    • Direct Tax Bank,
      • A tax that is paid straight to the government.
    • Provincial Sales Tax (PST) Bank, Canada,
      • A sales tax collected by some Canadian provinces.
    • Fiscal Policy Bank,
      • The use of government spending and taxation policies to influence the economy.
    • Levy Bank,
      • A cost imposed on an individual or entity.
    Compare. Calculate. Apply today.
    Compare Mortgage RatesMortgage CalculatorsApply for a Mortgage