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A

age credit (crédit en raison de l'âge).

A special tax credit on an amount of $5,066 available to Canadians age 65 and over effective January 1, 2006. The age credit is subject to an income test that targets the assistance to seniors who most need it. The unused portion of the credit may be transferred to a spouse.

alternative minimum tax (AMT) (impôt minimum de remplacement).

A tax levied under personal income tax to ensure that high-income Canadians claiming preferential tax deductions or credits pay a reasonable amount of tax in any given year. A taxpayer who is subject to the AMT must add back to his or her taxable income a number of tax deductions otherwise allowed, such as the non-taxable portion of capital gains. A taxpayer who is subject to the AMT also cannot claim many of the tax credits otherwise permitted, such as the federal political tax credit and the investment tax credit. A taxpayer must pay the higher of either the regular income tax or the AMT.

annualized rate (taux annualisé).

A percentage rate of change calculated to show what the change would be over one year. Whether an annualized rate for a short period would be indicative of average growth over the coming year depends on how much the variable in question is subject to short-term changes, such as seasonal factors or special developments. Barring any short-term changes, if economic growth in the first quarter of a year were 1 per cent, the annualized rate would be about 4 per cent. (It would slightly exceed 4 per cent because of compounding.)

annuity (rente viagère).

The payment of a regular pension or similar benefit for a contracted number of years, or for the lifetime of the beneficiary, paid out from an invested lump sum of capital.

anti-dumping duty (droit antidumping).

Anti-dumping duties are applied to imports of a particular good from a specified country in order to eliminate the harm being caused by the dumping to the domestic industry of the importing country.

Asia-Pacific Economic Cooperation (APEC) (Coopération économique Asie-Pacifique (APEC)) 

APEC was established in 1989 and is the primary vehicle for promoting open trade and practical economic cooperation. Its goal is to advance Asia-Pacific economic activity and sense of community among the 21 APEC members — referred to as “Member Economies.” APEC’s Member Economies account for approximately 40 per cent of the world’s population, approximately 56 per cent of world gross domestic product and about 48 per cent of world trade. For more information, visit the APEC website (www.apec.org).

Auditor General of Canada (vérificateur général du Canada).

An officer of Parliament responsible for auditing all government spending to ensure that it is efficient, consistent with the intent of Parliament and properly accounted for. The Auditor General makes an annual report to Parliament that includes proposals to improve government spending and accounting practices. For more information, visit the Web site of the Office of the Auditor General of Canada.

average tax rate (taux moyen d'imposition ou de taxation).

The ratio of taxes paid to the tax base. Accordingly, the average income tax rate is the ratio of income tax paid to income. A single individual with an income of $50,000 who pays $12,832 in income tax has an average tax rate of 25.7 per cent ($12,832 divided by $50,000).