Glossary of Tax Terms

BCSST
British Columbia Social Service Tax

Commodity Taxes
Product taxes

Contingency
A future event or circumstance that is possible but cannot be predicted with certainty.

EDP Audit Service
Electronic Data Processing. A paperless review process.

EHT
Employer Health Tax

File-by-file
A review of all invoices in your Accounts Payable files.

Fixture Machinery
Equipment or apparatus that is installed in or attached to a building structure or land and used directly in the manufacture, production, processing, storage, handling, packaging, display, transportation, transmission, or distribution of tangible personal property (TPP) or in the provision of a service.

GST
Goods & Services Tax

HST
Harmonized Sales Tax

ITR
Input Tax Refunds

Lease Price
The total consideration paid by the lessee to the person granting a lease for each rental period under a lease for the right to use the leased property. It includes:

• License or royalty fees
• Down payments
• A membership fee
• Any payment based on a measure of use
• Where the property is brought into BC for use

ORST
Ontario Retail Sales Tax

PST
Provincial Sales Tax

Purchase (Sales) Price
Both a price in monetary terms as well as the value of services rendered to the actual cost of the tangible personal property exchanged, acquired, or repossessed, and other considerations accepted by the seller or person from whom the property passes as price or on account of the price of the TPP covered by the sale and in addition the charges for installation of the TPP sold, and for interest, finance, service, customs, excise, and transportation in relation to the TPP, whether or not such charges are shown separated on the invoice or in the seller’s books.

QST
Quebec Sales Tax

Service Contracts
The application of tax to service contracts, extended warrantees, and maintenance agreements depends on the nature of the contract.

Tangible Personal Property (TPP)
Personal property that can be seen, weighed, measured, felt, or touched, or that is in any other way perceptible to the senses.

Taxable Services
Any service provided to install, assemble, dismantle, repair, adjust, restore, recondition, refinish, or maintain TPP.

TaxLine Services
A service provided by HMT to help you reach your specific tax consultant when you need him/her.

TaxPlanner
A document that provides useful information to HMT clients regarding their tax review(s).

User
A person in the province who utilizes TPP for his own consumption or use of others at his expense, or on behalf of, or as an agent for a principal who desires to acquire such property for the consumption or use by the principal or other persons at his expense.

WSIB
Workplace Safety & Insurance Board