Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
25 Cards in this Set
- Front
- Back
|
Articles of incorporation |
A legal document filed with a provincial or territorial government, or the federal government, which sets out a corporations’s purpose and regulations. "The paperwork" |
|
|
Assests |
any property owned by a person or business. Assets include money, land, buildings, investments, inventory, cars, trucks, boats, or other valuables that belong to a person or business.They also may include intangibles such as GOODWILL. |
|
|
Bad debt |
money owed to you that you cannot collect. |
|
|
Balance |
The amount remaining in an account after recording all deposits and withdrawals. |
|
|
Budget |
a plan outlining an organization’s financial and operational goals. |
|
|
Business expenses |
certain costs that are reasonable for a particular type of business and that are incurred for the purpose of earning INCOME. Business expenses can be deducted for tax purposes. Personal, living, or other expenses not related to the business cannot be deducted for tax purposes. |
|
|
Business license |
A permit required to run a business |
|
|
Business number (BN) |
is a numbering system that simplifies and streamlines the way businesses deal with the federal government. Each business should have only one BN number. |
|
|
Calendar year |
means a year that begins on January 1 and ends on December 31. |
|
|
Canadian Pension Plan (CPP) |
an insurance program to help Canadians provide INCOME for their retirement. It also gives them income if they become disabled. Contributions are directly related to annual earnings. |
|
|
Confidentiality |
the CRA will protect income tax, GST/HST, excise duty, tax, and other related tax and DUTY information. The only people with access to this information are those who are authorized by law or those to whom the taxpayer, registrant or LICENSEE has authorized online through My Business Account or My Account; or provided written authorization, by completingForm RC59, Business Consent Form or Form T1013, Authorizing or Cancelling aRepresentative. |
|
|
Corporation |
a form of business authorized by federal, provincial, or territorial law to act as a separate legal entity. Its purpose and regulations are set out in its ARTICLES OF INCORPORATION. One or more persons may own a corporation. |
|
|
Debt |
an amount that is owed. If you borrow money or purchase something on credit, you have created a debt. |
|
|
Fair Market Value |
generally means the highest dollar value that you can get for your property in an open and unrestricted market between an informed and willing buyer and an informed and willing seller. |
|
|
Fiscal period |
is the twelve-month period over which a business or profession reports its income-earning activities. The fiscal period may or may not coincide with the CALENDAR YEAR. The business usually establishes its fiscal period when it files its first income tax return. |
|
|
Goodwill |
the excess of the purchase price of a business over the FAIR MARKET VALUE of the net ASSETS of the business. |
|
|
Gross Income |
total income earned before allowable tax deductions |
|
|
Input tax credit (ITC) |
means a credit GST/HST registrants can claim to recover theGST/HST paid or payable for property or services they acquired, imported into Canada, or brought into a participating province for use, consumption, or supply in the course of their commercial activities. |
|
|
Instalments |
are periodic payments of income tax that individuals are required to pay to theCRA to cover tax they would otherwise have to pay on April 30. For GST/HST purposes, instalments are periodic payments that may also be payable by persons who file annual returns.. |
|
|
Net income |
income subject to income tax after allowable deductions have been subtracted from gross or total income. |
|
|
Shareholder |
is a person (individual or corporation) who owns shares of a corporation. |
|
|
Sole proprietorship |
an unincorporated business entirely owned by an individual. |
|
|
Tax payble |
the amount of income tax that you must pay on TAXABLE INCOME for theTAX YEAR. It is also the amount of tax payable on a TAXABLE SUPPLY (for GST/HST purposes). |
|
|
Taxable income |
the amount of INCOME left after all allowable deductions have been subtracted from NET INCOME. This amount is used to calculate the TAX PAYABLE. |
|
|
Tax year |
the CALENDAR YEAR or FISCAL PERIOD for which income tax is to be paid. |
