(See related pages)
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| Collections in advance | See unearned revenues. (See page(s) 682) |
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| Contingent gain | A potential gain that depends on a future event arising out of a past transaction. Contingent gains are never recorded until actually realized. (See page(s) 690) |
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| Contingent liability | A potential liability that depends on a future event arising out of a past transaction; it is not an existing liability. (See page(s) 689) |
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| Current liability | Obligations due within a year of the balance sheet date or the company's next operating cycle, whichever is longer; paid using current assets or by creating other current liabilities. (See page(s) 675) |
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| Current portion of long-term debt | The portion of long-term debt that is due within one year of the balance sheet date; reported under current liabilities on the balance sheet. (See page(s) 676) |
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| Deferred revenues | See unearned revenues. (See page(s) 682) |
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| Demand loan | A liability not having a fixed due date that is payable on the creditor's demand. (See page(s) 677) |
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| Discount on notes payable | The difference between the face value of a non-interest-bearing note payable and the amount borrowed; represents interest that will be paid on the note over its life. (See page(s) 696) |
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| Estimated liability | An obligation of an uncertain amount that can be reasonably estimated. (See page(s) 686) |
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| Exempt supplies | GST-exempt services are educational, health care, and financial services. (See page(s) 680) |
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| Goods and Services Tax (GST) | A value-added tax on nearly all goods and services sold in Canada. The tax is levied by the federal government. (See page(s) 680) |
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| Harmonized Sales Tax (HST) | A combined GST and PST rate of 15% applied to taxable supplies. Currently, New Brunswick, Nova Scotia, and Newfoundland and Labrador apply HST. (See page(s) 680) |
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| Input Tax Credit (ITC) | GST paid by the registrant on purchases of taxable supplies. Input tax credits are applied against (reduce) GST Payable. Also known as GST Receivable. (See page(s) 680) |
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| Known liability | A company's obligations that have little uncertainty and are set by agreements, contracts, or laws; also called definitely determinable liabilities. (See page(s) 678) |
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| Liability | A future payment of assets or services that a company is presently obligated to make as a result of past transactions or events. (See page(s) 674) |
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| Long-term liability | Obligations of a company that do not require payment within the longer of one year or an operating cycle. (See page(s) 675) |
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| Non-interest-bearing note | A note that does not have a stated rate of interest; the interest is included in the face value of the note. (See page(s) 696) |
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| Payroll | Employee compensation for work performed. (See page(s) 678) |
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| Payroll liabilities | Employee compensation amounts owing to employees and government and other agencies. (See page(s) 678) |
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| Provincial Sales Tax (PST) | A consumption tax levied by provincial governments on sales to the final consumers of products; calculated as a percentage of the sale price of the item being sold. (See page(s) 679) |
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| Registrant | Registered individual or entity selling taxable supplies that is responsible for collecting the GST on behalf of the government. A business with sales of less than $30,000 per year does not have to register for GST purposes. (See page(s) 680) |
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| Short-term note payable | A current obligation in the form of a written promissory note. (See page(s) 684) |
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| Short-term notes issued at a discount | See non-interest-bearing note. (See page(s) 696) |
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| Taxable supplies | Taxable goods or services on which GST is calculated and includes everything except zero-rated and exempt supplies. (See page(s) 680) |
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| Trade accounts payable | Amounts owed to suppliers regarding products or services purchased on credit. Commonly referred to as accounts payable. (See page(s) 678) |
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| Unearned revenues | Amounts received in advance from customers for future products or services. (See page(s) 682) |
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| Warranty | An agreement that obligates the seller or manufacturer to repair or replace a product when it breaks or otherwise fails to perform properly within a specified period. (See page(s) 687) |
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| Zero-rated supplies | Goods including groceries, prescription drugs, and medical devices that have zero GST. (See page(s) 680) |