Glossary

I

Income tax

An annual payment collected by governments each year from individuals and businesses. The tax that is based on money earned, minus some deductions and credits.

Incorporate

The legal process of creating an artificial structure separate from the people who run or are members of an organization.

The structure, called a "corporation", "business corporation" or "company", has its own rights and responsibilities, like a real person. For example, it can sign contracts or own things, or have to pay its employees.

Incorporation is a process overseen by governments. In Canada, organizations can incorporate either at the federal level or in a province or territory.

Incorporation

See Incorporate.

Information return

See Annual information return.

Inscription

Once a court case is ready to be heard by a judge, it is inscribed, or added to a list of cases and given a hearing date.

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