- Taxable Income
- Income from all sources that is subject to federal and/or provincial tax in Canada
- Tax Year
- The calendar year for which taxes are assessed and payable
- Gross Income
- Total income before deductions or exemptions
- T4 Slip
- A document provided by an employer to an employee that reports the total income and deductions for the tax year
- T5 Slip
- A document provided by a financial institution to an individual that reports investment income for the tax year
- Personal Tax Credits
- A non-refundable credit that reduces the amount of taxes owed by an individual
- RRSP
- Registered Retirement Savings Plan – a savings plan that offers tax benefits for retirement savings
- TFSA
- Tax-Free Savings Account – a savings account that offers tax-free growth and withdrawals for Canadian residents
- RRIF
- Registered Retirement Income Fund – a retirement savings plan that is required to make minimum withdrawals each year
- RESP
- Registered Education Savings Plan – a savings plan to help pay for a beneficiary’s post-secondary education
- EI Premiums
- Employment Insurance premiums – a payroll tax paid by employees and employers to fund the Employment Insurance program in Canada
- CPP Contributions
- Canada Pension Plan contributions – a payroll tax paid by employees and employers to fund the Canada Pension Plan
- Tax Deduction
- An expense that can be subtracted from taxable income to reduce the amount of taxes owed
- Tax Credit
- An amount that can be directly subtracted from the amount of taxes owed
- Charitable Donations Tax Credit
- A tax credit for donations made to eligible charitable organizations
- Medical Expense Tax Credit
- A tax credit for eligible medical expenses incurred by the taxpayer or their dependants
- Tuition Tax Credit
- A tax credit for tuition fees paid to eligible educational institutions
- Business Income
- Income generated from a business or self-employment
- HST
- Harmonized Sales Tax – a value-added tax in Canada that combines the federal GST with provincial sales taxes
- GST
- Goods and Services Tax – a federal value-added tax in Canada
- PST
- Provincial Sales Tax – a value-added tax in certain provinces of Canada