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Paying Taxes in BC from People's Law School has been replaced by Essentials of Money & Debt.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Paying Taxes in BC from People's Law School has been replaced by Essentials of Money & Debt.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.