Canadian Tax & Accounting Glossary | Tax Filings Canada

Browse 161 Tax & Accounting Terms

Clear, CRA-accurate definitions to help you understand your taxes and finances.

a b c d e f g h i jkl m n o p q r s t u v wxyz

Terms starting with a

Accounts Payable Accounts Receivable Accrual Accounting Accrued Liabilities Accumulated Depreciation Adjusted Cost Base (ACB)Adjusting Entry Allowance for Doubtful Accounts Amortization Angel Investor Articles of Incorporation Asset Attribution Rules

Terms starting with b

Bad Debt Balance Sheet Basic Personal Amount Beneficial Owner Bookkeeping Break-Even Point Burn Rate Business Number (BN)

Terms starting with c

Canada Pension Plan (CPP)Canadian-Controlled Private Corporation (CCPC)Capital Cost Allowance (CCA)Capital Dividend Account (CDA)Capital Expenditure (CapEx)Capital Gain Capital Loss Cash Flow Chart of Accounts Clearance Certificate Collateral Contra Account Corporate Bylaws Corporate Tax Cost of Goods Sold (COGS)CRA Audit Credit Note Current Ratio

Terms starting with d

Debt-to-Equity Ratio Deemed Disposition Deferred Revenue Deferred Tax Departure Tax Depreciation Director Dividend Dividend Tax Credit Double-Entry Bookkeeping

Terms starting with e

EBITDA Eligible Dividend Employer Health Tax (EHT)Employment Insurance (EI)Equity Estate Freeze Exempt Supply Expense

Terms starting with f

Fair Market Value (FMV)Financial Statements Fiscal Year Fixed Asset Fixed Cost Foreign Tax Credit

Terms starting with g

General Ledger Goodwill Gross Margin Gross Pay Gross-Up GST/HST

Terms starting with h

Holding Company

Terms starting with i

Income Statement Incorporation Input Tax Credit (ITC)Instalment Inventory Invoice

Terms starting with j

Terms starting with l

Liability Lifetime Capital Gains Exemption (LCGE)Line of Credit Liquidity

Terms starting with m

Marginal Tax Rate Medical Expense Tax Credit Minute Book

Terms starting with n

Net Book Value Net Income Net Pay Non-Capital Loss Non-Eligible Dividend Notice of Assessment (NOA)Notice of Objection Notice to Reader (NTR)

Terms starting with o

Operating Expense (OpEx)Overhead Owner's Draw

Terms starting with p

Paid-Up Capital Passive Income Payroll Personal Services Business (PSB)Petty Cash Place of Supply Prepaid Expense Prescribed-Rate Loan Principal Residence Exemption Provincial Sales Tax (PST)

Terms starting with q

Quick Method Quick Ratio

Terms starting with r

Reassessment Recapture Reconciliation Record of Employment (ROE)Refundable Dividend Tax on Hand (RDTOH)Registered Education Savings Plan (RESP)Related Party Remittance Retained Earnings Return on Investment (ROI)Revenue RRSP Runway

Terms starting with s

Salary Share Capital Shareholder Agreement Shareholder Loan Small Business Corporation Small Business Deduction (SBD)Sole Proprietorship Solvency Source Deductions Statement of Cash Flows Statutory Holiday Pay Straight-Line Depreciation Superficial Loss

Terms starting with t

T1 Return T2 Return T2125 Statement T3 Slip T3 Trust Return T4 Slip T4A Slip T5 Slip T5013 Partnership Return Tax on Split Income (TOSI)Taxable Benefit Taxable Income Taxable Supply Term Loan Terminal Loss TFSA Trial Balance

Terms starting with u

Undepreciated Capital Cost (UCC)

Terms starting with v

Vacation Pay Variable Cost Venture Capital Voluntary Disclosures Program (VDP)

Terms starting with w

Withholding Tax Work in Progress (WIP)Workers' Compensation (WSIB)Working Capital Write-Off

Terms starting with z

Zero-Rated Supply

Reviewed and fact-checked by Udit Gupta

Ex Big 4 — Ernst & Young, Deloitte · Director, cross-border tax expert · CPA Canada (In-Depth Tax Program) · Chartered accountant, ICAI & MIA

Udit Gupta, a Director of Tax Filings Canada and a cross-border tax expert, has over 15 years of experience helping corporations and business owners with corporate structuring, corporate tax filing, bookkeeping, payroll, GST/HST, cross-border tax and CRA representation. He is Big 4 trained, at Ernst & Young and Deloitte, and qualified as a chartered accountant in India and again in Malaysia. Since 2014 he has worked with entrepreneurs, startups and non-resident business owners across Canada. View full member bio.

The Institute of Chartered Accountants of India — member 521458 · Malaysian Institute of Accountants — member CA 44667 · Ex Big 4: Ernst & Young, Deloitte · CPA Canada (In-Depth Tax Program), completed 19 Dec 2023 · In-Depth GST/HST Part I, 12 Jul 2022 · Part II, 5 Jul 2023

Editorial policy. Every page is researched against primary sources — the Income Tax Act, CRA publications and CPA Canada guidance — and every rate or threshold is stated with the tax year it applies to.

Sources. CRA — Businesses · Income Tax Act (Justice Laws Website)

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Chartered Professional Accountants Canada

AICPA — American Institute of Certified Public Accountants

Institute of Chartered Accountants of India

Malaysian Institute of Accountants