Glossary for Paying Taxes in BC
Paying Taxes in BC from People's Law School has been replaced by Essentials of Money & Debt. This new title covers income tax as well as other aspects of managing your finances and dealing with debt-related problems.
- 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 is 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 is 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 assessment
- A document issued by CRA that summarizes your tax filing including taxes paid or taxes owing.
- refund
- To get money back.
- RRSP
- A 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, 2011. |
Paying Taxes in BC from People's Law School has been replaced by Essentials of Money & Debt. This new title covers income tax as well as other aspects of managing your finances and dealing with debt-related problems.
 Paying Taxes in BC © People's Law School is, except for the images, licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International Licence.
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