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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Circuit Breaker


Synonyms:property tax deferment
Filed Under: real-estate, taxation
Tags: realty, taxes
 

Definition of circuit breaker

circuit breaker
1. In taxes, a credit to reduce property taxes for elderly and/or permanently disabled; state-financed property tax credit that decreases as an individual's income increases; usually elderly and/or permanently disabled qualify. Not available in Canada.
2. An electrical device that is used to turn power off and on in sectors of a building, and to limit the flow of electricity through a circuit for safety.

Related Terms and Acronyms:

  • marital deduction   For estate tax and gift tax purposes, a deduction that allows you to transfer assets to your spouse tax-free.
  • tax credit (TC)   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   An expense that governments allow you to subtract from your income before computing your income tax.
  • tax liability   The total amount of tax you owe.

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