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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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Wealth Tax - Widely Held Bank - Wire Transfer - World Bank - World Trade Organization (WTO)
Wealth Tax
Tax imposed either annually (annual net wealth tax) or at death (gift, inheritance or estate tax) on the net value of assets. Property taxes levied by provincial and municipal governments are a form of wealth taxation in Canada.
Widely Held Bank
A bank owned by many shareholders, with no individual owner holding sufficient shares to exercise control over the bank. Under the Bank Act, no shareholder can own more than 20 per cent of any class of voting shares or 30 per cent of any class of non-voting shares.
See also: closely held bank.
Wire Transfer
An electronic transmission of money from one place to another.
World Bank
An agency of the United Nations established at the end of the Second World War to promote post-war economic recovery, development and trade, principally by providing development finance. The Bank promotes economic development and growth in developing countries by providing investment resources (e.g. capital and expertise) in support of development projects and microeconomic policy reforms that contribute to growth. For more information, visit the World Bank Web site.
World Trade Organization (WTO)
Established on January 1, 1995 to replace the Secretariat of the General Agreement on Tariffs and Trade, the WTO is the cornerstone of the world trading system. It provides the principal contractual obligation determining how governments frame and implement trade legislation and regulations. It is also the multilateral platform on which trade relations among countries evolve through collective debate, negotiation and adjudication. For more information, visit the World Trade Organization Web site.
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