English for Taxes in Canada

Do you have to file a Canada Tax Return?

Yes - if you want to claim a refund - obtain the GST credit - carry forward or transfer the unused part of your tuition, education, and textbook amounts or report income for which you could contribute to an RRSP.

The additional 25 laws and criteria are here:

What deductions, credits, and expenses can reduce my taxable income?

Link to list and explanations of Canada Tax deductions, credits, and expenses

Most important for students are: Education deductions and credits. Find out what amounts you can claim for post-secondary and adult basic education, for yourself and transfer to others.

Many ESL students pay taxes at source when performing the course practicum components - ESL students should file to obtain their eligible refunds.

English Accounting Terms used when preparing Income Taxes in Canada

Adjusted cost base - the amount originally paid for the property, plus the costs (such as legal fees or surveys) associated with the purchase, plus the cost of improvements to the property

Arm's length - describes a relationship where persons act independently of each other or who are not related. The term "not at arm's length" means persons acting in concert without separate interests or who are related.

Assets - include, among others, amounts receivable, bank accounts, capital assets, cash, inventories, long-term investments, and short-term investments.

The business number (BN) is a 9-digit business identifier to which businesses can register program accounts with the Canada Revenue Agency (CRA).

Capital gain - is realized when a capital property (for example, a share or land) is sold or considered to have been sold for more than the total of its adjusted cost base and the outlays and expenses which includes fixing-up expenses, finders' fees, commissions, brokers' fees, surveyors' fees, legal fees, transfer taxes, and advertising costs.

Capital loss is realized when a capital property is sold or considered to have been sold for less than the total of its adjusted cost base.

Capital property - includes any property that, if sold, would result in a capital gain or a capital loss for investment purposes or to earn income. Some common types of capital property include: land, buildings, equipment, stocks, bonds, and mutual funds.

Compensation - for persons (employees) working full-time or part-time includes salaries, wages, commissions, allowances, bonuses, fees, and honoraria, plus the value of taxable and non-taxable benefits.

Employees - are individuals who are hired under an employment contract to perform specific duties. The earnings from employment contracts in Canada are considered employment income and are subject to Canada Pension Plan, Employment Insurance, and income tax deductions.

Fair market value - is usually the highest dollar value you can get for your property in an open and unrestricted market and between a willing buyer and a willing seller who are knowledgeable, informed, and acting independently of each other.

Financial statements - consist of a statement of assets and liabilities and a statement of revenue and expenditures for the fiscal period. They show the different sources of revenue and how money was spent.

Fiscal period - A fiscal period is the 12 months covered by the financial statements the calendar year is from January 1 to December 31.

An honorarium is a voluntary payment made to a person for services for which fees are not legally or traditionally required. An honorarium is typically used to help cover costs for volunteers or guest speakers.

A share is a share or fraction of a share of the capital stock of a corporation. A share of the capital stock of a corporation includes a share of the capital of a cooperative corporation and a share of the capital of a credit union.

If you have any further questions you can Email us at: info@eslincanada.com

Link to additional 2020, 2021, 2022 Canada Tax Refund Information

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