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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).
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