Definitions for letter S (Business)

Salary

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.

Self-employed individual

An individual who has a business relationship with a payer.

Self-employment

The operation of your own business.

Small supplier

A person whose worldwide taxable supplies were equal to or less than $30,000 ($50,000 for public service bodies) in a calendar quarter and over the last four consecutive calendar quarters.

Social Insurance Number (SIN)

A number given to each contributor to the Canada Pension Plan (CPP), Quebec Pension Plan (QPP), and Employment Insurance (EI). 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.

Spouse

Since 2001, for purposes of the Income Tax Act, the term spouse only means a legally married partner. The term common-law partner includes 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, EI premiums, and contributions to the employer's pension plan.

Supply

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.