Definitions for letter I (Business)
The sum of revenues earned in a specific period of time. It includes revenues from salaries, wages, benefits, tips, commissions, profits from operating a business or profession, and investments earned.
- Income statement
- Income tax payroll deductions
- Information circulars
Publications that we issue to give detailed explanations on a variety of tax subjects.
- Information slips
- Input tax credit (ITC)
This is a credit that GST/HST registrants can claim to recover the GST/HST they paid or owe for goods or services they acquired, imported into Canada, or brought into a participating province for use, consumption, or supply in the course of commercial activities.
Instalments are periodic payments of income tax that individuals are required to pay to the CRA to cover tax they would otherwise have to pay on April 30. Most people pay their tax by having tax withheld from their income throughout the year. However, if you receive income that has no tax withheld, or does not have enough tax withheld, you may have to pay tax by instalments. For more information, go to Paying your income tax by instalments.
- Interpretation bulletins
Publications that give an interpretation of parts of the Income Tax Act.
Generally, the total value of the goods on hand that a business intends to sell, use for manufacture, or use to render a service. In certain cases, inventory can also include services.
An expenditure to acquire property that yields or is expected to yield revenue or services.
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