Terms with Category Taxation
- Tax Lien — Definition,
- A claim, or obstacle, to the sale of property because of unpaid taxes. The property's title can't be transferred until liens are paid.
- Tax Refund — Definition,
- To receive money back from the government.
- Tax Sale — Definition,
- A government sale of property to recover unpaid taxes.
- Tax Sheltered Annuity (TSA) — Acronym, Important,
- An arrangement where employees are given the option to make tax-deferred contributions to an annuity set up by their employer.
➥ See also Tax Deferred Annuity (TDA). - Tax-Free Savings Account (TFSA) — Acronym, Canada, Important,
- A savings account for Canadians where income earned is not taxed.
- Tax-sheltered — Definition,
- A savings or investment plan that offers significant tax savings.
- Taxable Income — Definition,
- Income that is subject to taxation after accounting for adjustments, exemptions, and deductions.
- Total Expense Ratio (TER) — Acronym,
- The percentage of monthly debt payments compared to total before-tax income.
- Two-Tier Healthcare — Definition,
- A situation where public healthcare is available to all people, but private healthcare can be purchased by those who want it.
- Underpayment Penalty — Definition,
- A penalty for not paying enough total estimated tax and withholding. You can avoid underpayment penalties by paying a percentage amount of last year's tax due or of the current year's expected tax due. You may pay the taxes in combined estimated and withholding tax payments.
- Unearned Income — Definition,
- Income such as interest, dividends, capital gains or rents, as opposed to earned income, such as wages, tips and salaries.
- Universal Healthcare — Definition,
- A system for providing healthcare free to patients at point of use.
- Universal Life Insurance — Definition,
- A form of life insurance that offers flexible investment options and tax efficiency for estate management.
- Variable Universal Life Insurance (VULI) — Acronym, Important,
- A form of life insurance with adjustable premiums, flexible investment options, and tax efficiency.
- Whole Life Insurance — Definition,
- Permanent life insurance with level premiums for the policyholder's entire lifetime.
- Year-end Statement — Definition,
- A report sent to the borrower each year. The report shows how much was paid in taxes and interest during the year, as well as the remaining mortgage loan balance at the end of the year.
