DefinitionThe harmonized sales tax is a consumption tax in Canada. It is used in provinces where both the federal goods and services tax and the regional provincial sales tax have been combi

DefinitionImplied Authority of Contract is a legal term. In contract law, it is the implied ability of an individual to make a legally binding contract on behalf of an organization, by way o

DefinitionIn American estate planning parlance, an incentive trust is a trust designed to encourage or discourage certain behaviors by using distributions of trust income or principal as an

Idle Time What is 'Idle Time' Idle time is unproductive time on the part of employees or machines as a result of factors beyond their control. Idle time is the time associated with waiting

National Housing Act What is 'National Housing Act' Federal legislation passed in 1934 to create the Federal Housing Administration (FHA). Its purpose is to make credit more available to l

National Foundation For Consumer Credit (NFCC) What is 'National Foundation For Consumer Credit - NFCC' A non-profit organization that seeks to educate consumers about credit and borrowing

Nationally Recognized Statistical Ratings Organization (NRSRO) What is 'Nationally Recognized Statistical Ratings Organization - NRSRO' The formal term to describe credit rating agencies t

Office Of The Superintendent Of Financial Institutions (OSFI) What is 'Office Of The Superintendent Of Financial Institutions - OSFI' An independent agency responsible for the regulation o

Office Of The Comptroller Of The Currency (OCC) What is 'Office Of The Comptroller Of The Currency - OCC' A U.S. federal agency that serves to charter, regulate and supervise the national

Office Of Foreign Asset Control (OFAC) What is 'Office Of Foreign Asset Control - OFAC' A department of the U.S. Treasury that enforces economic and trade sanctions against countries and g