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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Filing Extension


Synonyms:Income tax filing extension, extension on filing taxes, tax filing extension
Filed Under: financial-banking, legal-contracts, taxation
Tags: banking, contract, legal, taxes
 

Definition of filing extension

filing extension
1. A filing extension gives an individual more time to file his or her tax return, but it does not give the person more time to pay taxes.

Related Terms and Acronyms:

  • audit   An examination of a taxpayer's income tax return or other transactions bearing tax consequences. Audits range from a simple letter from the agency to a detailed review of individual or business tax filings and records.
  • direct tax   A tax that is paid straight to the government.
  • electronic filing (EF, NETFILE)   Taxpayers can now file their tax information with personal computers and tax preparation software. The information goes directly to Revenue Canada and they can directly deposit refunds into the taxpayer's bank account.
  • income tax   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.
  • 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 refund   To receive money back from the government.

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