Glossary

T

Tax credit

An amount that can reduce the amount of income tax owed. Individuals who donate to registered charities and get a tax receipt can use the receipt as a tax credit. It is called a “credit” because it is an amount considered to have been already paid toward what is owed.

Tax receipt

See official tax receipt.

Tax shelters

Tax shelters are arrangements in which it is promised that the taxpayer will get a benefit equal to or more than the cost of entering into the arrangement. All tax shelters must have an identification number from the Canada Revenue Agency. However, this does not mean that the agency approves or that the taxpayer is entitled to the tax benefits promised. The identification number is only used to track tax shelters.

 

Testify

To make verbal statements in a court case to prove a fact.

Trust

A legal entity that holds property or money to be managed for a particular purpose. A trust is created using a document called a trust deed. The people named to manage the property or money – the trustees – must respect what the trust deed says about the purpose of the trust.

Trust deed or trust document

A document creating a trust, a legal entity that holds property or money to be managed for a particular purpose. The people named to manage the property or money – the trustees – must respect what the trust deed says about the purpose of the trust.

Trustee

A person who manages a trust, a legal entity that holds property or money to be managed for a particular purpose.

Trustee in bankruptcy

An officer of justice who manages bankruptcies and other legal mechanisms that help people pay off their debts. A trustee’s main duty is to manage the property of the bankrupt person so that his debts are paid in a fair way.

Tutorship council

A tutorship council is a group that helps someone who is incapacitated and cannot care for himself or manage his property.

The group is made up of relatives and family friends of the incapacitated person. There are usually 3 people on the council.

The council supervises the tutor, a legal representative named to help the incapacitated person. This supervision is meant to prevent any abuses by the tutor.

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