Glossary for Paying Taxes in BC

From Clicklaw Wikibooks
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.
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, 2014.


Creative Commons Attribution-NonCommercial-ShareAlike 2.5 Canada Licence Paying Taxes in BC © People's Law School is, except for the images, licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 2.5 Canada Licence.
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