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Home > Learning Center > Glossaries > Economic & Finance Terms Glossary
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Economic, Finance & Revenue Canada 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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National Accounts - National Child Benefit - National Child Benefit Supplement - National Treatment - Natural Rate of Unemployment - Net Federal Debt - Net Income - Net Investment - Networks of Centres of Excellence - New Economy - New Hires Program - Nominal Interest Rate - Non-Budgetary Spending - Non-Budgetary Transaction
National Accounts
Statistic Canada's most comprehensive report card on the performance of the economy. They present a wide-ranging overview of economic performance, including output, income, growth and inflation. The National Accounts also show measures of government expenditures, revenues and budget balances. The National Accounts measure deficits and surpluses differently from the Public Accounts, mainly because the National Accounts are not limited to budgetary revenues and expenditures. The National Accounts include revenues and expenditures relating to government employee pension accounts. For more information, visit Statistics Canada's Latest Indicators Web page.
National Child Benefit (NCB)
A federal, provincial and territorial initiative designed to combat child poverty by helping to protect benefits for low-income parents who enter and stay in the workforce. For more information, visit the National Child Benefit page at the Social Union Web site.
National Child Benefit (NCB) Supplement
The NCB Supplement to the Canada Child Tax Benefit is the instrument through which the federal government delivers its contribution to the NCB system. Effective July 2001, the maximum NCB supplement increased by about $300 per year, bringing the maximum annual CCTB amount to almost $2,400. The NCB supplement portion of the amount is $1,255 for the first child, $1,055 for the second child and $980 for each subsequent child. As of July 2001, the income level at which the NCB supplement is fully phased out increased to $32,000. Consult the Department of Finance Canada Child Tax Benefit: Update pamphlet for more information and the Canada Customs and Revenue Agency National Child Benefit page to find out how to qualify.
National Treatment
Extension to imported goods and services of treatment no less favourable than that accorded to domestic goods and services with respect to internal taxes, laws, regulations and requirements. General Agreement on Tariffs and Trade members are obliged to accord to one another national treatment with respect to internal measures that can affect trade.
Net Federal Debt
The accumulated total of all past federal deficits and surpluses since Confederation. The net federal debt is the gross federal debt minus the federal government's financial assets such as loans, investments and foreign exchange accounts.
Net Income
Total income minus allowable deductions such as pension contributions, union dues and child care expenses. A single individual with total income of $52,000 and a registered retirement savings plan deduction of $2,000 would report his or her net income for personal income tax purposes as $50,000.
Net Investment
The increase in productive capital goods, calculated by deducting from total or gross investment the depreciation in value (and, presumably, productive capacity) of existing capital goods. As an economy becomes more capital-intensive, more of its production has to be devoted to replacing depreciated capital to maintain the standard of living. If a firm buys $1 million worth of new machinery in a year, but depreciates $200,000 of old equipment that is losing its value, then its net investment is $800,000.
Networks of Centres of Excellence (NCE)
The NCE program supports partnerships among world class researchers and the private sector across Canada. The NCE enables researchers and firms to capitalize on research in vital areas by promoting the dissemination of knowledge. The NCE links 900 researchers in 14 networks across the country in areas as diverse as health, telecommunications, robotics and forestry. New networks in areas such as information technology and molecular science are proposed. For more information, visit the Networks of Centres of Excellence Web site.
New Economy
Trends in the world economy such as globalization, information technology, and the computer revolution have resulted in new sources of economic growth. The new economy presents Canada with opportunities and challenges as some markets grow and change, and others decline. In order to meet these challenges in the face of a growing number of competitors, Canadians will need to ensure they have the skills that are needed in the new economy.
See also information economy.
New Hires Program
A federal program that provides an incentive for some 900,000 eligible small businesses to create jobs. Eligible employers pay virtually no employer employment insurance premiums in the first year for new employees and benefit from a 25-per-cent reduction in premiums the following year. For more information, consult  the New Hires Program information at the Canada Customs and Revenue Agency Web site.
Non-Budgetary Spending
Items excluded from budgetary spending, mainly expenditures under trust accounts managed by the federal government for third parties, such as pension payments from federal government employees' pension plans. Also excluded from budgetary spending are expenditures under the Canada Pension Plan (CPP), which is administered jointly by the federal and provincial governments.
Non-Budgetary Transaction
Transaction involving offsetting financial assets and liabilities thus leaving net debt unchanged.
See also budgetary transaction.
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