Holiday: Canadians use the term “holiday” interchangeably with “vacation.” E.g., “When are you taking your holiday this year?” “I think I might go on holiday in July.”
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In the US and most of Canada the term 'vacation' means taking earned time off from work to take a trip. In the UK, Australia, and most other English-speaking countries, people say 'holiday' to describe a going away from home for a period of leisure.