5 Canadian tax & accounting terms starting with W
Plain-language definitions, each with the CRA rule it comes from and the filings it affects.
Withholding Tax
Withholding tax is tax deducted at source from certain payments, notably payments to non-residents, and remitted to the CRA by the payer rather than the recipient.
Work in Progress (WIP)
Work in progress is the value of partially completed work or unbilled services a business has performed but not yet invoiced, recorded as an asset.
Workers' Compensation (WSIB)
Workers' compensation is a provincial insurance program, such as Ontario's WSIB, funded by employer premiums that covers workers injured or made ill on the job.
Working Capital
Working capital is current assets minus current liabilities, measuring the short-term liquidity a business has to meet its obligations over the next year.
Write-Off
A write-off is the removal of an asset's value or the deduction of an expense against income, reducing taxable profit, commonly used for bad debts, obsolete inventory or business costs.
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