Canadian Maple Leaf Licensing Info: FSCO (Ontario) #11363,
and serving all other provinces.
 

GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
^
50% - Moderately

Tax Liability


Synonyms:Revenue Canada, accountability, tax burden, tax owed
Filed Under: financial-banking, taxation
Tags: banking, taxes
 

Definition of tax liability

tax liability
1. The total amount of tax owed by an individual.

Related Terms and Acronyms:

  • assessments   Special and local taxes imposed upon property which benefits from an improvement that has been made in the vicinity.
  • circuit breaker   A tax credit that reduces property taxes for the elderly and permanently disabled. The credit is dependent on the amount of income earned which means the more you make, the lower the credit.
  • liabilities   A borrower's debts and legal obligations.
  • non-refundable credit   Tax credits reduce your tax liability dollar-for-dollar. Non-refundable credits can get your tax bill down to zero.
  • Notice of Assessment (NOA)   A form the federal government issues when personal taxes are complete. A notice of assessment shows a breakdown of the given years income along with the balance owing or refund.
      ➥  Canada Revenue Agency's T451 tax form.
  • short tax year   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.
  • 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.

Search the Glossary

Amazing Mortgage Calculator
Interested in how different interest rates can affect what kind of mortgage you can qualify for? Mix and match rates and terms with our totally awesome mortgage calculator to determine what type of mortgage loan is best for you.
Try our Amazing Mortgage Calculator
 
Mortgage Rates
When it comes to mortgages, low rates are king. Come check out our greatest mortgage rates and see how much you can save.
Mortgage Rates
 
Want to blow $40k on $10k debt?
If you're paying 18.9 percent interest on your credit card debt, here's a tip: you're sinking your finances faster than the Titanic. If you make minimum payments of 2% ($200 the first month) on a $10k credit card debt, it will cost you close to $40k and take 57 years to repay your debt. If you use a home equity loan, you can completely eradicate your credit card debt by consolidating your debts into a single low interest mortgage payment.