Definitions – Page 9 – All About Tax

Business Number (BN)

Posted on May 24, 2013January 14, 2019 by Simon Zhong

A Business Number is a nine-digit business identifier. It is assigned to you by the Canada Revenue Agency (CRA) when you registered at least one of the four CRA business accounts.

Social insurance number (SIN)

Posted on May 23, 2013January 14, 2019 by Simon Zhong

Social insurance number (SIN) is a number given to each contributor to the Canada Pension Plan, Quebec Pension Plan, and Employment Insurance.

Instalments

Posted on May 23, 2013May 15, 2021 by Simon Zhong

Instalments are periodic payments of income tax that individuals are required to pay to the Canada Revenue Agency (CRA) to cover tax they would otherwise have to pay on April 30.

Notice of assessment

Posted on May 23, 2013January 14, 2019 by Simon Zhong

Notice of assessment is a form that the Canada Revenue Agency (CRA) sends to taxpayers and GST/HST registrants after the CRA processes their returns.

Undepreciated Capital Cost (UCC)

Posted on May 11, 2013May 15, 2021 by Simon Zhong

Undepreciated capital cost (UCC) of a class refers to the balance of the class at any time.

Adjusted family net income for purpose of Canada child tax benefit

Posted on April 6, 2013May 15, 2021 by Simon Zhong

Adjusted family net income for Canada child benefit is your family net income minus any universal child care benefit (UCCB) and registered disability savings plan (RDSP) income received plus any UCCB and RDSP amounts repaid.

Eligible child for purposes of child care expense deduction

Posted on March 19, 2013May 15, 2021 by Simon Zhong

An eligible child for purpose of child care expense deduction includes:

Earned income for purpose of child care expense deduction

Posted on March 19, 2013May 15, 2021 by Simon Zhong

For purposes of calculating child care expense deduction, your earned income consists of:

Adjusted family net income for the purpose of the working income tax benefit

Posted on February 25, 2013May 16, 2021 by Simon Zhong

Adjusted family net income is one of the two amounts used to calculate the working income tax benefit (WITB). To calculate adjusted family net income, you first add back the following amounts into your net income amount from line 236 of your return:

Working income for the purpose of the working income tax benefit

Posted on February 25, 2013May 16, 2021 by Simon Zhong

Working income is one of the two amounts used to calculate the working income tax benefit (WITB). Working income is the sum of:

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