U-Z

unemployment (chômage).

Those in the labour force who do not have a job, are available to take work and are actively looking for work are considered unemployed. Those with a job starting in less than a month are not required to actively seek work to be considered as unemployed. Economists recognize three forms of unemployment: frictional unemployment, cyclical unemployment and structural unemployment.
See also employment.

unemployment rate (taux de chômage).

The number of people unemployed as a percentage of the labour force. Because the rate depends on the size of the labour force, even if new jobs are created it is possible for the rate to remain unchanged or even increase if the labour force grows.
See also core unemployment rate; seasonal adjustment.

unit labour cost or cost performance (coût unitaire de main-d'œuvre ou évolution des coûts).

A measure of competitiveness that compares total wages to total output. Unit labour costs show us how much output our economy gets relative to wages. If wages rise but productivity rises faster, unit labour costs fall. Unit labour costs show the combined effect of changes in productivity and wages on the cost of production. Higher relative unit labour costs make it harder to be competitive. To measure the unit labour costs of the Canadian economy, one would divide Canada's total labour income by its real gross domestic product.

value-added tax (VAT) (taxe sur la valeur ajoutée (TVA)).

A tax that applies to consumer expenditure. It is charged on the supply of goods and services within a country by a registered person where such supplies are not exempt or subject to a zero rate of tax. VAT is also charged on imports. Canada's goods and services tax is a form of VAT. It applies at each stage of the production and distribution chain. To ensure that tax applies only once to the final consideration paid for a consumer expenditure, registered businesses are entitled to credits for tax paid on inputs into making taxable supplies.

wealth tax (impôt sur la fortune).

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 (banque à participation multiple).

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.

World Bank (Banque mondiale).

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) (Organisation mondiale du commerce (OMC)).

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.

year-over-year change (variation d'une année sur l'autre).

The change from one period to the same period a year later. Year-over-year changes are often reported when month-to-month or quarter-to-quarter changes have regular seasonal fluctuations (such as retail sales rising just before Christmas), which can mask underlying trends.

zero-rated goods and services (biens et services détaxés).

Under the goods and services tax, certain categories of goods and services are taxed at a "zero" rate, rather than at the general rate of 6 per cent. Vendors do not charge GST on their sales of zero-rated goods and services. However, vendors are entitled to claim input tax credits to recover any GST they paid on inputs used to produce zero-rated products. As a result, zero-rated goods and services are tax-free. Major categories of zero-rated sales include basic groceries, prescription drugs, medical devices, and most agricultural and fishing industry inputs.