Tax Vocabulary

1. A tax on products imported from foreign countries.
3. The breakdown of your earnings and deductions each pay period.
4. The total amount of money a person or business earns before any deductions.
7. To include information on your tax return.
8. Someone who relies on you financially.
9. A Canadian agency that collects taxes and administers benefits.
10. Expenses that reduce the income you pay tax on.
12. Investments designed to reduce, defer, or eliminate tax liabilities.
14. A non-refundable tax credit everyone can claim.
15. A person who hasn't filed a tax return.
16. The intentional act of not paying or underpaying taxes owed to tax authorities.
18. A spot in the tax return where you report a specific type of income or tax credit.
19. When you sell an asset for less than you paid.
20. Tax imposed by governments on the sale of goods and services.

2. A company or individual that pays and issues you an information slip.
5. Fees charged for not paying your taxes on time.
6. Money the CRA gives back if you've paid more tax than you owed.
11. The general rise in prices over time.
13. An additional form you attach to your return to calculate specific credits.
17. Amount taxpayers can claim for themselves, their spouses, and eligible dependents.