S | Glossary of fiscal terms used in Canada

Glossary of fiscal terms used in Canada

There are 140 entries in this glossary.
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Term Definition

The amount an employer pays an employee for work done. Each employer records this type of employment income on T4 slips. Same as employment income and wages.

Seize for taxes

Assets seized for taxes.


To take hold of something suddenly and violently


he operation of your own business.

Social insurance number (SIN)

number given to each contributor to the Canada Pension Plan, Quebec Pension Plan, and Employment Insurance Plan. It helps record the contributions and premiums paid into and the benefits paid out of the plans. Since these social insurance programs are connected to the tax system, the SIN is also used as an identifier for federal income tax purposes. Everyone who files an income tax and benefit return must provide a SIN.

Sole proprietorship

An unincorporated business entirely owned by one person. Same as a PROPRIETORSHIP.


or purposes of the Income Tax Act, starting in 2001, the term spouse will mean only a married partner. The term common-law partner will include partners of the same sex or opposite sex, who meet certain conditions. For more information, see the General Income Tax and Benefit guide.

Statement of income and expenses

Form that summarizes revenue, income, and expenses for a specific period.

Statement of remuneration paid (T4 slip)

Information slip that shows the income that an employer pays to an employee. Taxable allowances and benefits, such as payments made on the employee's behalf to a provincial health care plan, are included as income. A T4 slip also shows how much the employer deducted for income tax, CPP or QPP contributions, employment insurancepremiums, and contributions to the employer's pension plan.


For GST/HST purposes, this generally means the provision of property or a service in any manner, including sale, transfer, barter, exchange, licence, rental, lease, gift, or disposition.

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