Ledg vocabulary, plus the Canadian accounting words.

Promoting a reviewed row from Stage to the Ledger. Carries a 5-second undo window before the write is final.

Ledg's tax calendar at /dashboard/tax-calendar. Tracks GST filing dates, T2 due dates, corporate renewal, and payroll remittance.

This dictionary of short definitions. Hover any underlined term in the handbook or an article to see the same popover.

Ledg's encyclopedia of Canadian corporate accounting at /resource/handbook. Entries cite the Income Tax Act, Excise Tax Act, and CRA guides.

The committed transaction history for your corporation, viewed at /dashboard/transactions. Commits are reversed with a new entry, not deleted.

Ledg's reports view at /dashboard/reports. Profit and loss, balance sheet, GST totals, and period comparisons.

Review queue where bank transactions wait before they touch the Ledger. Edit, split, categorize, or delete. Nothing is final until you commit.

Assets = Liabilities + Equity. The identity every balance sheet must satisfy.

Recording revenue when earned and expenses when incurred, regardless of when cash changes hands.

A financial statement showing what the corporation owns (assets), what it owes (liabilities), and the owner's residual equity at a point in time.

Recording revenue when cash is received and expenses when cash is paid. Simpler but generally not permitted for Canadian corporations.

The organized list of every account a business uses to classify transactions. Ledg ships with a 1-person corp default that maps to GIFI.

An entry recorded on the right side of an account. Decreases assets and expenses; increases liabilities, equity, and revenue.

An entry recorded on the left side of an account. Increases assets and expenses; decreases liabilities, equity, and revenue.

Allocating the cost of a long-lived asset over its useful life. For Canadian tax, use Capital Cost Allowance (CCA) instead.

A financial statement summarizing revenue, expenses, and net income over a period. Also called the Profit and Loss statement.

A dated record of a financial transaction showing equal debits and credits across two or more accounts.

The side (debit or credit) on which an account ordinarily carries a positive balance. Assets and expenses are normal-debit; liabilities, equity, and revenue are normal-credit.

A point-in-time listing of every account balance. Used to confirm total debits equal total credits before preparing financial statements.

A notional account tracking the tax-free portion of capital gains realized by a CCPC. Balances can be distributed to Canadian-resident shareholders as tax-free capital dividends.

Capital Cost Allowance. The tax-side depreciation system in the Income Tax Act. Assets are grouped into classes with fixed declining-balance rates.

Canadian-Controlled Private Corporation. A private corporation resident in Canada not controlled by non-residents or public companies. Unlocks the Small Business Deduction.

Canada Revenue Agency. The federal body that administers income tax, GST/HST, payroll source deductions, and most credits.

General Index of Financial Information. CRA's standardized chart of accounts codes used in the T2 return. Ledg maps your accounts to GIFI automatically.

General Rate Income Pool. Tracks income taxed at the general corporate rate in a CCPC. Eligible dividends can only be paid out of GRIP.

In the year of acquisition, most CCA classes allow only half of the normal CCA claim, regardless of acquisition date.

Low Rate Income Pool. Tracks income taxed at the low rate in a non-CCPC. Must be paid out first as a non-eligible dividend.

Refundable Dividend Tax On Hand. Tax paid by a CCPC on investment income that is refunded when taxable dividends are paid to shareholders.

A loan from a shareholder to their corporation (or vice versa). Under ITA 15(2), an unpaid loan from the corporation to the shareholder is added to the shareholder's income if not repaid within one fiscal year.

Reduced federal corporate tax rate on the first $500,000 of active business income earned by a CCPC. Combined with provincial rates of roughly 9-13%.

The federal corporate income tax return. Every incorporated Canadian corporation files annually, even when inactive.

A dividend paid from income taxed at the general corporate rate. Carries a higher gross-up and dividend tax credit than non-eligible dividends.

The choice every 1-person corp owner makes: pay yourself via a T4 salary (creates RRSP room, CPP) or non-eligible dividend (no payroll admin, no CPP).

The federal personal income tax return. Owners of a 1-person corporation file a T1 plus the corporation's T2.

Tax on Split Income. Rules that apply the top marginal rate to income split to a related party from a private corporation, unless an excluded-amount exception applies.

Goods and Services Tax. The 5% federal value-added tax on most supplies of goods and services in Canada.

Harmonized Sales Tax. A single combined federal and provincial rate in ON (13%), NB, NL, NS, and PE (15%). Administered by CRA.

Input Tax Credit. The GST or HST paid on business inputs that a registrant claims back on its GST return, so the business only remits tax on net value added.

Provincial Sales Tax. A separate retail sales tax charged in BC (7%), SK (6%), and MB (7%). Not a value-added tax, no input credits.

Quebec Sales Tax. A 9.975% value-added tax in Quebec, administered separately from GST by Revenu Quebec.

A business with under $30,000 in worldwide taxable supplies over four consecutive calendar quarters. GST registration is optional until the threshold is crossed.

Canada Pension Plan contributions. Deducted from salary and matched by the employer. A corporation owner pays both halves on any salary to themselves.

Employment Insurance premiums. Generally does not apply to a 1-person corporation owner because they control the corporation. Available voluntarily for certain benefits.

The slip issued by an employer showing annual employment income and source deductions for a calendar year. Filed by February 28 of the following year.

Personal Information Protection and Electronic Documents Act. Canada's federal private-sector privacy law. Ledg stores data to align with PIPEDA obligations.

The bank aggregation API Ledg uses to sync transactions. Covers RBC, TD, Scotiabank, BMO, CIBC, and 300+ Canadian institutions.