6 Canadian tax & accounting terms starting with G
Plain-language definitions, each with the CRA rule it comes from and the filings it affects.
General Ledger
The general ledger is the master record containing every financial transaction of a business, organised by account, from which the financial statements are produced.
Goodwill
Goodwill is the intangible value of a business above its identifiable net assets, reputation, customer relationships, brand, that arises when one business buys another for more than book value.
Gross Margin
Gross margin is revenue minus the direct cost of goods or services sold, expressed as a dollar amount or a percentage, showing how much is left to cover overhead and profit.
Gross Pay
Gross pay is an employee's total earnings before any deductions, the starting figure from which income tax, CPP and EI are withheld to arrive at net pay.
Gross-Up
A gross-up is an upward adjustment to a dividend amount on your tax return, designed to reflect the pre-tax corporate income and paired with the dividend tax credit.
GST/HST
GST/HST is Canada's federal value-added tax on most goods and services, collected by businesses on their sales and remitted to the CRA net of input tax credits.
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