Can you name the Tax Terms?

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DefinitionTerm
The tax form to calculate Ontario tax credits and Ontario tax payable
A Preferred Share with the company owning the right to call it or buy it back at a certain time for a certain price. Also called redeemable
Multiplying dividends received by a factor to calculate taxable dividends. Currently 145% in Canada
Income from all sources world wide
Used to keep track of individuals
A form from the employer displaying other forms of income received such as pensions, retirement payments or annuities
Prefs where all unpaid dividends accumulate as arrears and must be paid up-to-date before any common share dividends are paid.
Total income less deductions such as RSP contributions, union dues etc.
Privileges usually not allow to pref owners. Pref owners may get to vote if dividends are not paid for a number of payments in a row (2+years)
The key form in the process of filing Canadian taxes
Any income earned is not taxable but contributions do not provide tax deductions
Completed by all employees so the employer deducts taxes correctly based on the employees personal situation
A statement of investment income such as interest received, dividends or other forms of income
Also called 'straight preferred'. PS which pay a fixed dollar dividend based on a % of the par value or a specified dollar amount per payment
You receive a tax deduction for the amount of your contribution and any future income is tax free as the investment grows within the Plan.
A sum of money demanded by a government for its facilities or services, levied upon incomes, property, sales or other
DefinitionTerm
The difference between the disposition proceeds of an asset and its adjusted cost base
The key form from the employer displaying income and deductions during the year
An amount to directly offset tax payable
Income used to calculate tax payable (line 260)
Prefs which cannot be redeemed (bought back) at the issuer's desire
The firm which creates and sells the security on the Primary Market
A Pref that is convertible to common shares at a specified rate. This is to make the Pref more attractive to investors and make it easier for the issuer to sell it in the primary m
An expense that a taxpayer is allowed to deduct from total income
Shareholder has the right to force the issuer to buy back the pref at a specific price and a specific time
The tax rate paid on your last (highest) dollar of income
The value listed on the PS when issued. Is used to calculate the dividend. Does not change, even as market value does
Prefs where the dividends are paid in a foreign currency
A company that rates the quality (and likelihood of failure) of Bonds and Preferred Shares (PS) or (Prefs)
___ in which you may deposit $5000 per year and no interest inside the account is taxable
A Pref with dividends which change based on something specific, usually Prime Rate
Part of T1 General process used to calculate federal tax payable
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Tax, Pref and Bond Glossary Quiz

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