Transfer Payment

DEFINITION of 'Transfer Payment'

1. In the United States, a payment made to individuals by the federal government through various social benefit programs.

2. In Canada, a payment made to the provinces and territories by the federal government.

BREAKING DOWN 'Transfer Payment'

1. Transfer payments are made by the U.S. Federal Government to individuals through programs such as Social Security, Welfare and Veteran's benefits.

2. Transfer payments are made by the Canadian Federal Government to the provinces and territories through the Equalization Program, Canada Health Transfer and Canada Social Transfer.

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RELATED FAQS
  1. Are Social Security payments included in the US GDP calculation?

    Social Security payments are not included in the U.S. definition of the gross domestic product (GDP). Transfer Payments For ... Read Full Answer >>
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    Each year, goods such as money, financial investments and physical property are either auctioned off or appraised before ... Read Full Answer >>
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  4. What is the Social Security administration responsible for?

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