Glossary for Paying Taxes in BC
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- CCTB
- Canada Child Tax Benefit, or CCTB, is a payment for families who need help with the cost of raising children under age 18.
- CRA
- Canadian Revenue Agency the federal government office in charge of all income tax.
- Credit
- An amount of money.
- Deduction
- Something taken away.
- Defer
- To put off to a future time.
- HST
- Harmonized Sales Tax (federal and provincial sales taxes combined.)
- HST Credit
- A payment to help you pay the HST on the things you buy.
- Investments
- An amount of money invested in something for the purpose of making a profit.
- Net Earnings
- The amount of income after deductions.
- Notice of a document issued by Assessment
- CRA that summarizes your tax filing including taxes paid or taxes owing.
- Refund
- To get money back.
- RRSP
- Registered Retirement Saving Plan (defers taxes).
- Tax Year
- January 1 to December 31.
| This information applies to British Columbia, Canada. Last reviewed for legal accuracy by People's Law School, 2014. |
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