Updated:
Glossary term
GST/HST registration
Goods and Services Tax / Harmonized Sales Tax registration — federal value-added tax. Self-employed / business owners must register when revenue exceeds $30K in any 4-quarter rolling window. Once registered: charge GST/HST on invoices, claim input tax credits, file returns quarterly/annually.
Related terms
YMPE / YAMPE
YMPE (Year's Maximum Pensionable Earnings, $73,200 in 2026) — primary CPP cap. YAMPE ($83,200 in 2026) — seco…
Spousal RRSP
Spousal RRSP — RRSP where you (higher-income spouse) contribute but your spouse is the annuitant (owner). Goa…
RRSP over-contribution
CRA allows a $2,000 lifetime buffer above your RRSP room without penalty. Above $2,000 — 1% per-month penalty…
SIN
Social Insurance Number — a 9-digit number required to work legally in Canada and to open any registered acco…
Credit Score
A 300-900 numeric measure of creditworthiness tracked by two bureaus — Equifax and TransUnion. Newcomers star…
Tax Residency
Canada taxes by residency, not citizenship. A tax resident pays tax on worldwide income from the date of esta…
Want this explained for your situation?
30-minute discovery call, no fee — we'll show how this term applies to your specific case.
Free discovery call