Definitions for letter N (Business)
- Net income
Income subject to tax after allowable deductions have been subtracted from the total income.
- Non-arm's length relationship
According to the Income Tax Act, a relationship between individuals connected by blood, marriage, adoption, or otherwise. A non-arm's length relationship may also exist between individuals and partnerships or corporations.
- Non-arm's length transaction
Generally refers to a relationship or transaction between persons who are related to each other.
However, a non-arm’s length relationship might also exist between unrelated individuals, partnerships or corporations, depending on the circumstances.
- Non-participating province
Means a province, territory, or any other area in Canada that has not harmonized it sales tax with the GST. For more information, see participating province.
- North American Industry Classification System (NAICS)
North American Industry Classification System (NAICS) codes are hierarchical numerical codes used by the member countries of the North American Free Trade Agreement to provide common definitions and descriptions of industries and their business activities. The Government of Canada as well as the governments of the provinces and territories use these data for economic analysis and fiscal policy responses.
- Notice of Assessment
A form sent to taxpayers after we process their returns or rebate applications. It tells taxpayers or GST/HST registrants if we made any corrections to their returns or rebate applications and, if so, what they are. It also informs taxpayers or registrants if they owe more tax or what is the amount of their refund.
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