4 Canadian tax & accounting terms starting with V
Plain-language definitions, each with the CRA rule it comes from and the filings it affects.
Vacation Pay
Vacation pay is the percentage of earnings an employer must pay employees for vacation time, set by provincial employment standards, commonly 4% or more of gross wages.
Variable Cost
A variable cost is an expense that rises and falls in direct proportion to how much a business produces or sells, such as raw materials and shipping.
Venture Capital
Venture capital is financing that investment firms provide to high-growth startups in exchange for equity, betting on large future returns from a few big winners.
Voluntary Disclosures Program (VDP)
The VDP lets taxpayers correct past tax errors or omissions before the CRA contacts them, potentially reducing penalties and part of the interest owed.
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