Tax Guide/Reference
Canadian tax glossary
Updated November 4, 2026
| Term | Meaning |
|---|---|
| ACB | Adjusted cost base, your tax cost of an investment |
| CCA | Capital cost allowance, tax depreciation |
| CCPC | Canadian-controlled private corporation |
| CPP / CPP2 | Canada Pension Plan contributions |
| CRA | Canada Revenue Agency |
| Deduction | Reduces the income you are taxed on |
| Credit | Reduces your tax directly |
| FHSA | First Home Savings Account |
| Marginal rate | Rate on your next dollar of income |
| Net income | Line 23600, often used for benefits |
| NOA | Notice of Assessment |
| RRIF | Registered Retirement Income Fund |
| RRSP | Registered Retirement Savings Plan |
| T1 | Personal income tax return |
| T2 | Corporate income tax return |
| T4 | Slip for employment income |
| T5 | Slip for investment income |
| TFSA | Tax-Free Savings Account |