Definitions for letter R (Business)

Rates of tax

Income tax rates are percentages of income that must be paid as tax. The Department of Finance sets the basic income tax rates.

Real property

Real property includes:

  • a mobile home or floating home and any leasehold or proprietary interest therein
  • in Quebec, immovable property and every lease thereof
  • in any other place in Canada, all land, buildings of a permanent nature, and any interest in real property

Documents such as account books, sales and purchase invoices, contracts, bank statements, and cancelled cheques. You must keep records for at least six years from the end of the last tax year to which the records relate. You must make these books and other documents available to our officers upon request.


An amount paid by the CRA to a taxpayer.


A person who is registered or required to be registered under GST/HST legislation.


Amounts of Canada Pension Plan (CPP) or Quebec Pension Plan (QPP), Employment Insurance (EI), income tax, or GST/HST that is paid to us. It also includes the employer's share of CPP contributions and EI premiums.

Research grants

Amounts of money given to explore areas in various fields of study. The grants cover the cost of the research, including the researcher's income. These amounts are taxable but some of the research expenses may be deductible from the research grant. For more information, go to Income Tax Folio S1-F2-C3, Scholarships, Research Grants and Other Education Assistance.


Funds set aside to cover future expenses, losses, or claims.

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