Definitions for letter N (Business)

Net income

Income subject to tax after allowable deductions have been subtracted from gross or total income.

Non-arm's length relationship

According to the Income Tax Act, a relationship between individuals connected by blood, marriage, adoption, or otherwise. A non-arm's length relationship may also exist between individuals and partnerships or corporations.

Non-arm's length transaction

This is a transaction between related persons. Related persons are not considered to deal with each other at arm's length at the time of the transaction.

Non-participating province

Means a province, territory, or any other area in Canada that is not a participating province.

North American Industry Classification System (NAICS)

North American Industry Classification System (NAICS) codes arehierarchical numerical codes used by the member countries of the North American Free Trade Agreement to provide common definitions and descriptions of our industries and business activities. The Government of Canada as well as the governments of the provinces and territories use the data provided by NAICS codes for economic analysis and fiscal policy responses.

Notice of Assessment

A form that we send to all taxpayers after we process their returns. It tells taxpayers or GST/HST registrants if we made any corrections to the returns or rebate applications and, if so, what they are. It also informs taxpayers or registrants if they owe more tax or what the amount of their refund will be.