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Home > Learning Center > Glossaries > Economic & Finance Terms Glossary
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Economic, Finance & Revenue Terms & Glossary Explained!
Ultimate Financial and Investment knowledge base that could lead you to understand indepth economic market of Canada. Its a socio-economic financial platform specially arranged for the professionals and as well as students and knowledge seeker. Here you'll find atleast all the financial ins and outs.
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Confused By The Economic, Finance & Revenue Canada Terms and Definitions? Get The Answers Here!
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Debit - Debit Card - Debit Memo - Debt Servicing and Reduction Account - Debt-to-GDP Ratio - Deductible - Deferred Profit-Sharing Plan - Deficit - Defined Benefit Pension Plan - Defined Contribution Pension Plan - Deflation - Demutualization - Department of Finance - Deposit - Deposit Account - Deposit Insurance - Deposit-Taking Institution - Derivative - Direct Deposit - Disability Tax Credit - Discount Brokerage - Discount Note - Dissaving - Dividend - Draft - Drawback - Dumping - Duty Remission
Funds which have been deducted from your account. The opposite of a debit is a credit.
Debit Card
A plastic card that, when used in conjunction with a personal identification number (PIN), allows you to electronically access your bank accounts from automated banking machines or at retailers offering the Interac Direct Payment service.
Debit Memo
A record of the funds which have been debited from an account.
Debt Servicing and Reduction Account
This account enables Canadians to make direct contributions to reduce the federal debt. Deposits to the Account are used to pay the interest and principal on the federal debt. In addition to contributions from individuals or businesses, the Account is credited with net revenues from the goods and services tax (GST) and net proceeds from the sale of Crown corporations. All donations are eligible for a charitable receipt at the same level as other registered charities.
Donations can be sent to:
The Receiver General for Canada
Public Works and Government Services Canada
12B1, Place du Portage, Phase III
HHull, Quebec
K1A 0S5
Debt-to-GDP Ratio
Measurement of the federal debt as a percentage of Canada's gross domestic product. It is a measure of the debt in relation to the economy and of our capacity to carry and repay debt.
A set amount that you must pay before an insurance company provides any benefit payments to you under an insurance policy.
Deferred Profit-Sharing Plan (DPSP)
Plan registered under the Income Tax Act into which an employer may make tax-deductible contributions, determined by reference to profits, on behalf of their employees. Payments from the plan received by employees are taxable.
The amount by which government budgetary spending exceeds revenues in any given year.
Defined Benefit Pension Plan
Plan that provides a pension that is generally calculated on the basis of final average or best average earnings and years of service. The amount of defined benefit pension that can be provided under a plan registered under the Income Tax Act is limited, in general terms, to the lesser of 2 per cent of the employee's best average earnings and $1,722 per year of service. The $1,722 limit will be indexed to increases in the average wage starting in 2005.
The average rate of decrease in prices.
See also inflation.
The process of converting from a mutual company to a stock company. A mutual company is owned by its voting policyholders while a stock company is owned by its shareholders. For more information, visit the Office of the Superintendent of Financial Institutions and Canada Customs and Revenue Agency Demutualization - Questions and Answers page.
Department of Finance
The federal department primarily responsible for providing the government with analysis and advice on the broad economic and financial affairs of Canada. Its responsibilities include preparing the federal budget, preparing tax and tariff legislation, managing federal borrowing on financial markets and representing Canada within international financial institutions. To fulfill the department's role, Finance officials monitor and research the performance of the Canadian economy in all important aspects: output and growth, employment and income, price stability and monetary policy, and long-term structural change. The department is also vitally concerned with trade, monetary affairs and other aspects of the global economy that bear on Canada's domestic performance.
Money put into an account at a financial institution, such as a bank. The deposit may be in the form of cash, cheque or electronic transaction.
Deposit Account
An account in which money is deposited. Examples include chequing and savings accounts.
Deposit Insurance
Certain types of deposits with a financial institution are insured up to a maximum amount, in the event that the financial institution fails (i.e., goes bankrupt).
Deposit-Taking Institution
A bank, trust company, credit union, caisse populaire or other financial institution that accepts deposits from the public and provides regular banking services such as chequing and savings accounts.
A financial instrument that derives its value from the performance of another asset, index or investment. There are various types of derivatives, such as swaps, options, futures and forward contracts.
Direct Deposit
A system where funds are electronically credited to an account by a financial institution or a payroll service.
Disability Tax Credit
A credit that reduces federal income tax by up to $960 for taxpayers with a severe and prolonged physical or mental disability. It is one of the key existing tax mechanisms for recognizing the costs of disability.
Discount Brokerage
A firm that buys and sells investments for the public without giving any advice (in contrast with a full-service brokerage, which executes trades and provides advice). A discount brokerage typically charges lower commissions or trading fees than a full-service brokerage.
Discount Note
Short-term debt security where the yield is provided through a discounted selling price relative to the face value of the note.
The amount by which consumer spending exceeds disposable income over a given period. It means that an individual, or all individuals, are either using accumulated wealth to make purchases or are taking out loans.
A portion of a company's profit paid to shareholders.
A guaranteed form of payment which is issued in amounts over $1,000 (see also Bank Draft).
Refund, in whole or in part, of import duties and/or taxes paid on imported goods that are subsequently exported in essentially the same condition or used in the manufacture of exported goods.
Dumping occurs when foreign exporters sell their goods in international markets at prices lower than the price in their home market (referred to as "normal value"), or at prices below the cost of production. Countries are allowed to impose anti-dumping duties equivalent to the margin of dumping if it is determined, through a process of investigation, that the dumped imports are causing, or threatening to cause, material injury to domestic producers of the same product.
Duty Remission
Conditional or unconditional waiver, in whole or in part, of import duties or taxes on imported goods. It is generally introduced only in exceptional circumstances where a genuine need for tariff relief has been clearly demonstrated. Duty remissions are sometimes used to rectify short-term anomalies or inequities in the tariff structure.
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