Appendix A: Glossary

Accounts receivable/debt — amounts claimed by the Province against debtors.

Tax assessments — a written notice from government of an amount owed to the Province. This notice represents monies that should have been remitted or paid to the Province, as well as, any penalty or interest charges imposed by the Province.

Audit and Review — an examination of an individual's or business' financial records or accounts to ensure that the amounts owed have been collected and remitted, or paid as required. This can vary from the review of grants, tax expenditure and exemptions and compliance with legislation, to the examination of financial records and legal documents.

Billing — the act of notifying an individual or business of an amount owed to the Province.

Collections — remedial actions employed by the Province to effect a payment from an individual or business on an overdue account receivable.

Incremental revenue — monies identified by, or remitted in response to, audit and enforcement activities.

Overdue — an account receivable for which no monies have been remitted and is considered overdue according to the legislation at issue.

Penalty — a fine imposed for an offence against the legislation at issue (most commonly assessed for non-remittance of taxes).

Recoveries — monies recovered in the course of administering accounts receivable.

Remittance — the payment of monies to meet a financial obligation.

Refund — return of monies remitted in error or in excess of an account receivable.

Revenue — all monies received to meet financial obligations or identified as owed to the Province.

Small business — a small business has fewer than 50 employees or is operated by a person who is self-employed without paid help.

Tax expenditure — the reduction in tax revenues that results when government programs or benefits are delivered through the tax system rather than reported as budgetary expenditures. Tax expenditures are usually made by offering special tax rates, exemptions or tax credits to program beneficiaries.

Transaction — The processing of a payment or return for the purpose of updating a customer account.

Voluntary compliance — when taxpayers meet their financial obligations without requiring the Province to effect payment.