Definitions for letter T (Business)

Tax centres

Offices in different regions of Canada where we process tax returns. For locations and telephone numbers, see Contact us.

Tax Court of Canada

A court that hears appeals about income tax and GST/HST assessments. In addition, the Court has jurisdiction to hear appeals under the Excise Tax Act, the Excise Tax Act, 2001, the Canada Pension Plan, Employment Insurance Act and several other acts. The Tax Court maintains four offices (Vancouver, Ottawa, Toronto, and Montréal) and regularly conducts hearings in major centres across Canada.

Tax payable

The amount of income tax that you must pay on taxable income for the taxation year. It is also the amount of tax payable on a taxable supply (for GST/HST purposes).

Tax services offices

Offices across Canada that provide a point of contact for the public. They offer taxpayers forms and publications kiosks. Taxpayers can also make appointments with enquiries agents for consultation services.

Tax treaties

Government agreements signed between countries. They help citizens who earn foreign income avoid double taxation.

Taxable benefits

Amounts of money, or the value of goods or services, that an employer pays or provides in addition to salary. For example, the part of a health insurance plan that the employer pays is a taxable benefit.

Taxable income

The amount of income left after all allowable deductions have been subtracted from net income. This amount is used to calculate the tax payable.

Taxable supplies

Goods and services that are supplied in the course of a commercial activity and are subject to GST/HST at the rate of 5%, 13% (see participating provinces), or 0% (zero-rated).

Taxation year

The calendar year or fiscal period for which income tax is to be paid.

Terminal loss

You have a terminal loss when you have no more property in the class at the end of the year but there is still a balance of undepreciated capital cost (UCC) remaining in the class. You can usually subtract this terminal loss from your business, professional, or rental income in the year you disposed of the property.

For more information, see Interpretation Bulletin IT-478R2, Capital Cost Allowance -- Recapture and Terminal Loss.