Canada's Balance of Payments Accounts Are the

question 17

Multiple Choice

Canada's balance of payments accounts are the

• A)current account, capital and financial account, and net interest account.
• B)capital and financial account, official settlements account, and merchandise trade account.
• C)current account, capital and financial account, and official settlements account.
• D)official settlements account, current account, and net interest account.
• E)capital and financial account, current account, and merchandise trade account.

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Definitions:

Profits and Losses

Financial gains or losses that result from the execution of business activities, typically measured over a specific period.

Tax Returns

A formal statement of income over a specific period, filed with the government or tax authority, used to calculate taxes owed or refunds due to the taxpayer.

Double Taxation

Refers to the taxation of the same income or financial transaction at two different levels, such as corporate profits taxed both at the corporate and individual shareholder level.

Dividends

Payments made by a corporation to its shareholders from its profits or reserves.