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E
earned depletion (épuisement
gagné).
An additional 33 1/3 per cent deduction
from taxable income of certain
exploration and development expenditures and other resource investments
incurred prior to 1990. The deductions for earned depletion are
generally limited to 25 per cent of the taxpayer's annual resource
profits, although mining exploration depletion can be deducted against
non-resource income. Earned
depletion not deducted in a particular year can be carried forward
indefinitely for use in later years.
economic assumptions (hypothèses
économiques).
Assumptions about economic variables such as interest
rates, economic growth and inflation.
Economic assumptions underlie the government's revenue and expenditure
projections and therefore its budget.
Using prudent economic assumptions and taking sufficient fiscal action
helps to ensure that budget goals are achieved and financial credibility
is maintained.
economic indicator (indicateur
économique).
Statistics that measure changing economic conditions. Changes
in the consumer price index provide
an indication of the rate of price inflation
of consumer goods and services while changes in gross
domestic product provide an indication of overall growth
in output. For more information, visit Statistic Canada's Consumer
price index Web page.
electronic commerce (e-commerce) (commerce
électronique).
Conducting business communication and transactions over networks and
through computers. Electronic commerce is the buying and selling of
goods and services, and the transfer of funds, through digital
communications. It also includes buying and selling over the World Wide
Web and the Internet, electronic fund transfers, smart cards, digital
cash and all other ways of doing business over digital networks.
employment (emploi).
People are considered employed when they work in a paid job,
are self-employed or are doing unpaid work in a family business. Those
absent from work on a sick leave or due to a strike are also considered
as employed.
See also unemployment.
employment insurance (EI) premium rate (taux
de cotisation à l'assurance-emploi).
The EI program is financed entirely
through employee and employer premiums applied to insurable earnings.
The premium rate is normally set each year with the broad objective of
keeping the EI Account in balance over time. The employee rate for
2001 is $2.25 per $100 of insurable earnings. For more information,
visit the Human Resources Social Development Canada Employment
Insurance Web page.
employment insurance (EI) program or
plan (régime d'assurance-emploi).
A system of income
benefits based on hours worked in a year, earnings and previous use,
and new employment benefits. The EI program will be fully implemented
in 2001-02. In high unemployment
areas, the program is being phased in to ensure that individuals and
communities have time to adjust. For more information, visit the Human
Resources Social Development Canada Employment
Insurance Web page.
employment insurance (EI) surplus/deficit
(excédent (déficit) de
l'assurance-emploi).
The difference between premium revenues and program costs. Although
there is separate accounting to keep track of the revenues and
expenditures of the program, the account itself is part of the
government's financial statements. As a result, the annual activities
of the EI program have a direct impact on the federal government's
budget. In essence, the federal government borrows from the EI program
(in the case of a surplus) or
lends to the program (in the case of a deficit)
to keep it in balance. For more information, visit the Human Resources
Social Development Canada Employment
Insurance Web page.
equalization (péréquation).
Federal transfer program that allows all
provinces, regardless of their ability to raise revenue, to provide
roughly comparable levels of services at roughly comparable levels of
taxation. Eligibility to receive equalization funding is determined by
a formula measuring each province's revenue-raising capacity against a
five-province standard. Currently, eight provinces receive
equalization: Newfoundland, Prince Edward Island, Nova Scotia, New
Brunswick, Quebec, Manitoba, Saskatchewan and British Columbia.
See Federal
Transfers to Provinces and Territories for more information.
Euro Medium-Term Note (EMTN) (euro-billet
à moyen terme).
Medium-term note issued outside the United States and Canada.
EMTNs are issued for foreign
exchange reserve funding purposes only .
Exchange Fund Account (Compte
du fonds des changes).
A fund maintained by the Government of Canada for the purpose of
promoting the order and stability of the Canadian dollar on the foreign
exchange market. This is accomplished by purchasing foreign
currencies (selling Canadian dollars) when there is upward pressure on
the value of the Canadian dollar and selling foreign currencies
(buying Canadian dollars) when there is downward pressure on the
Canadian dollar.
Exchange Fund earnings (gains
du fonds des changes).
The net gains on the Exchange Fund Account from
transactions and from interest
earnings.
exchange rate (taux
de change).
The price of one national currency in terms of another. The
price of a currency depends on supply and demand, which are affected
by many factors including interest
rate differentials, relative inflation,
export competitiveness, economic
growth, deficits and debt.
The Canadian dollar exchange rate is often stated in terms of the US
dollar price of one Canadian dollar. Canada, as well as most developed
countries, operates a "floating" exchange rate, meaning that
the price of a currency fluctuates according to market conditions. In
fact, it is a "managed float" in Canada, whereby the central
bank intervenes to ensure that
changes occur in an orderly fashion. An exchange rate of 0.67 US$/C$
means that it takes 67 cents in US currency to purchase one Canadian
dollar. For information on the current exchange rate, visit the Bank
of Canada's Exchange
Rate Converter Web page.
excise tax (taxe
d'accise).
A tax imposed on a particular commodity or service. The tax can be
imposed at any trade level and can either be a specific tax or an ad
valorem tax (percentage of value). A specific excise tax includes the
$100 automobile air conditioner tax. Ad valorem excise tax includes
the 10-per-cent jewellery tax. For more information, visit the
Canada Revenue Agency Excise
Taxes Web page.
Expenditure Management System (EMS) (Système
de gestion des dépenses (SGD).
EMS facilitates meeting the government's fiscal targets and
responds to the government's commitments to a more consultative and
transparent budget process,
greater involvement of Parliament, ongoing review of programs and the
funding of new priorities through reallocation. Key elements of EMS
include review and reallocation – where the budget planning process
is the primary vehicle for resource allocation and priority setting.
EMS also requires federal departments to produce three-year business
plans and outlook documents for timely submission to Parliament. The
business plan is a strategic management document, while the outlook
document responds to the mandate of standing committees of the House
of Commons to review and report on the future-year spending and
priorities of federal departments and agencies.
Export Development Canada (Exportation
et développement Canada (EDC).
The only Canadian financial institution devoted
exclusively to providing trade finance services in support of Canadian
exporters and investors in up to 200 countries. Founded in 1944, EDC
is a Crown corporation that operates
as a commercially oriented, financially self-sustaining institution
that provides insurance, financing and guarantees to Canadian
exporters. For more information, visit the Export
Development Corporation Web site.
express consent (consentement
exprès ou explicite).
Specific permission given by an individual. For example, permission
could be given to a bank by someone
to allow it to use his or her personal information (except for health
records) to market products and services, either directly through the
bank or through its existing subsidiaries
or affiliates.
extraterritoriality (extra-territorialité).
The application of national laws, policies and practices beyond the
national frontier. The United States practises the extraterritorial
application of its laws in the area of antitrust and strategic export
controls through its influences over the head offices of US-owned
multinational enterprises.
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