View and pay account balance - Glossary
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- Accrued arrears interest
- This term represents arrears interest.
- Additional assessment
- This represents a second initial assessment for corporate programs and is treated as a reassessment. The Minister of National Revenue can process an additional assessment on taxes/duties/charges owing.
- Administrative adjustment
- An adjustment that the Canada Revenue Agency processes to your account.
- Amount
- The dollar amount of the transaction. All credits are identified with the letters "CR" beside the amount.
- Amounts not yet applied
- These are amounts being held pending an account review. The Balance amount does not include amounts not yet applied.
- Amounts not yet due
- These are amounts not yet required to be paid. An example is when a return assessed results in a debt posted to your account before the date it is due to be paid. The Balance amount does not include amounts not yet due.
- Arrears interest
- The Canada Revenue Agency charges arrears interest at the prescribed rate, compounded daily, for taxes/duties/charges owing.
- Arrears interest remission
- A remission order of extraordinary measures that lets the Government of Canada provide full or partial relief from arrears interest.
- ATSC remission
- Air Travellers Security Charge remission order granted under the Financial Administration Act.
- Balance
- This represents the total of all the credits and debits posted to an assessed period, less any amounts under dispute and amounts not yet due.
- Balance Amounts
- Includes activity for an assessed period(s) displayed.
- Court fines
- A fee associated with court proceedings, in addition to taxes/duties/charges owing.
- CR
- An abbreviation for the word credit. If "CR" appears beside an amount, it means the amount is a credit on your account.
- Deferred Amount
- An amount payable at a later date as a result of a change in legislation due to extraordinary circumstances.
- Disputed amounts
- These are amounts for which you have filed a notice(s) of objection. Disputed amounts will continue to accrue interest at the applicable prescribed rate. The Balance amount does not include amounts under dispute.
- Duties & taxes remission
- A remission order of extraordinary measures that lets the Government of Canada provide full or partial relief from duties and taxes.
- Effective Date
- The date assigned to any financial transaction for the purpose of calculating interest and/or penalty.
- Failure to file penalty
- A penalty charged when a return is filed late, and there is unpaid taxes/duties/charges.
- Federal tax remission
- A remission order of extraordinary measures that lets the Government of Canada provide full or partial relief from federal tax.
- FFP Remission
- A remission order of extraordinary measures that lets the Government of Canada provide full or partial relief from a failure to file penalty.
- Held credits
- These are credit amounts being held pending an account review. The Balance amount does not include held credits.
- Instalment interest
- A charge imposed if your interim/instalment payments are late or insufficient.
- Instalment int. Remission
- A remission order of extraordinary measures that lets the Government of Canada provide full or partial relief from interim/instalment interest.
- Instalment Payments
- Corporate – An instalment payment is a partial payment of the total amount of tax payable for the year.
- GST/HST – An instalment payment is a partial payment you have to submit towards the net tax owing on your annual goods and services tax/harmonized sales tax (GST/HST) return.
- Instalment penalty
- When interim/instalment interest is greater than a predetermined amount, you may be charged an instalment penalty under the Income Tax Act. Rules may differ for different program accounts (e.g., other levies, corporate, and GST/HST accounts).
- Instalment pen. Remission
- A remission order of extraordinary measures that lets the Government of Canada provide full or partial relief from instalment/interim interest.
- Interim Amounts
- Includes activity on an unassessed period(s) for the information displayed.
- Interim Balance
- This represents the total of all the credits posted to an unassessed period. This balance may include instalment payments, payments made on filing your return, and any other amounts that have been transferred to the period specified.
- Late remitting penalty
- A late remitting penalty is charged on other levies and GST/HST program accounts when a payment has not been made on time or the amount of the payment is insufficient.
- Law costs
- Law costs are for levying writs. The costs are fees payable to the Canada Revenue Agency as a result of legal action taken to collect a balance owing. Law costs are not necessarily associated with a particular filing period and, as such, are posted to the non-filing period. Interest is not charged on law costs.
- Licence fees
- A licence fee is the legislated amount charged for the use of holding a licence, which provides authority to conduct business or perform certain acts.
- LRP remission
- A remission order of extraordinary measures that lets the Government of Canada provide full or partial relief from a late remitting penalty.
- Non-reporting Period
- This term represents amounts on your account that are not associated to a reporting period. Some examples of amounts that are included in this period include bank charge back fees, license fees, service charges, and legal costs.
- Payment
- An amount you paid that the Canada Revenue Agency applied to your account.
- Payment applied
- Application of a payment(s) towards an outstanding balance.
- Payment correction
- A transaction for a Revenu Québec returned payment and/or to correct/adjust a payment amount.
- Payment date adjustment
- Correction of the effective interest date of a payment.
- Payment - Garnishee
- A third party payment as a result of legal action taken by the Canada Revenue Agency.
- Penalties remission
- A remission order of extraordinary measures that lets the Government of Canada provide full or partial relief from a penalty.
- Period End
- This term is used to represent the reporting period end, taxation year end and fiscal year end. This term will be accurately defined in the Act governing your tax program.
- Prepayment
- A payment made for an anticipated reassessment.
- Previous balance
- The opening balance from the start date selected.
- Prior Periods
- The total of all balances (interim balances/balances) that are in periods before the last period displayed.
- Provincial tax remission
- A remission order of extraordinary measures that lets the Government of Canada provide full or partial relief from a provincial tax.
- (Re)assessment
- A formal determination of taxes/duties/charges to be paid or refunded. An assessment includes a reassessment and an additional assessment.
- (Re)assessment reversal
- Reversal of an existing (re)assessment or additional assessment of taxes/duties/charges.
- Rebate applied
- Rebate(s) that are applied against your outstanding balance for a particular reporting period.
- Refund
- The overpayment of taxes/duties/charges on the assessment of a return or the result of processing a rebate application.
- Refund Cancelled
- The cancellation of an amount that was going to be refunded.
- Refund interest
- Refund interest is paid on an overpayment, and we calculate refund interest up to and including the day the overpayment is refunded or applied.
- Refund reversal
- The reversal or correction of a refund amount.
- Repeated FFP
- A penalty that is charged if a demand to file a return was issued and a failure to file penalty was assessed in any of the three previous tax years.
- Repeated FFP Remission
- A remission order of extraordinary measures that lets the Government of Canada provide full or partial relief from a repeated failure to file penalty.
- Returned payment
- A payment made to your account that was returned as a dishonoured payment from your financial institution.
- Returned payment fee
- An administrative fee charged to your account for a dishonoured payment.
- Returned payment reversal
- A correction or reversal made to your account for a dishonoured payment.
- Returned pymt fee reversal
- A correction or reversal made to your account for a previously charged administrative fee related to a dishonoured payment.
- Service fees
- A fee charged for service charges.
- SLFI FFP
- Represents a failure to file penalty that is charged to a selected listed financial institution.
- Sub-total
- The balance before adjustments for amounts not yet due, amounts not yet applied, and disputed amounts.
- T661 penalty remission
- A remission order of extraordinary measures that lets the Government of Canada provide full or partial relief from a T661 penalty.
- Third party refund
- A refund issued to an address other than your address or a transfer of a credit to a government department or agency.
- Transaction adjustment
- The adjustment of an accounting transaction.
- Transfer from
- Transfer of an amount within your account or to your account from another account. A transfer may relate to (but is not limited to):
- your corporation account, GST/HST account or an other levies account
- the non-reporting period or to one reporting end from another
- Transfer In
- Transfer of an amount within your account or from another account. A transfer may relate to (but is not limited to):
- your personal income tax account
- a government department or agency
- your payroll account
- Transfer Out
- Transfer of an amount from your account to another account. A transfer may relate to (but is not limited to):
- your personal income tax account
- a government department or agency
- your payroll account
- Transfer to
- Transfer of an amount within your account or from your account to another account. A transfer may relate to (but is not limited to):
- your corporation account, GST/HST account or an other levies account
- the non-reporting period or to one reporting end from another
- Transfer to Revenu Québec
- Transfer of amounts to Revenu Québec.
- Trsf. from Revenu Québec
- Transfer of amounts from Revenu Québec.
- Trsf. to Non Res Security
- Transfer of amounts to non-resident security.
- Wash transaction interest
- A policy to charge, waive, or cancel all or part of the interest and/or penalties payable under the Excise Tax Act.
- Withholding tax
- An amount of refund interest withheld, using your non-resident withholding tax rate.
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