Definitions for letter E (Business)
A formal choice among specific options on how tax laws are applied to a taxpayer's financial affairs.
Eligible capital property
Generally, this is property that does not physically exist but that gives you a lasting economic benefit. Some examples are goodwill, or franchises, concessions, or licences for an unlimited period. As of January 1, 2017, the eligible capital property (ECP) system was replaced with the new capital cost allowance (CCA) class 14.1 with transitional rules.
An individual who works for an employer.
A verbal or written agreement in which an employee agrees to work, on a full-time or part-time basis for an employer, in return for salary or wages. The employer has the right to decide where, when, and how the work will be done. In this type of relationship, a contract for services exists.
Employment insurance (EI)
A federal program that provides financial assistance to people who are temporarily out of work. It is an insurance program, with employers and employees making payments into the Employment Insurance Fund.
Employment insurance premiums
Taxes on the manufacture, sale, or use of goods and items.
Costs you incur to earn business income. Go to Operating expenses.
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