Glossary
The terms, in plain words.
Canadian bookkeeping, payroll and corporate-records terms used across the products.
- Balance sheet
- What a business owns and owes on one date.
- CPP
- Canada Pension Plan. Deducted from pay and matched by the employer.
- Double-entry
- Every entry has equal debits and credits.
- EI
- Employment Insurance. Deducted from pay, with an employer share.
- GST/HST
- The federal sales tax, harmonized with the provincial tax in some provinces.
- Input tax credit
- GST/HST a business paid on purchases and can claim back.
- Minute book
- A corporation's official records: registers, resolutions and filings.
- PST
- A provincial sales tax charged separately from GST.
- QST
- Québec's sales tax.
- Remitter type
- How often an employer must send payroll deductions to the CRA.
- T4
- The year-end slip showing an employee's pay and deductions.
- T4127
- The CRA's published payroll deduction formulas.
- Trial balance
- A list of every account balance, used to check the books balance.
- WIP
- Work in progress: time recorded but not yet billed.