Terms with Category Financial Banking

  • Encumbrance Definition,
    • Anything that affects or limits the clear and free title to a property, such as mortgages, leases, easements, or restrictions.
  • Endorse Definition,
    • To sign the back of a cheque in order to cash it.
  • Entity-Purchase Agreement Definition,
    • A plan used for businesses with multiple owners where insurance policies are taken out for each owner in the amount of their ownership stake.
  • Entrepreneur Definition,
    • A person who starts and manages a business.
  • Environmental Impact Statement (EIS) Acronym,
    • A government-required evaluation of how construction will affect the environment surrounding a site.
  • Equifax (EF) Company Est. 1899, Canada, Important,
    • A major credit bureau company in Canada along with Trans Union.
  • Equity Definition,
    • The value of a property minus outstanding mortgage debt and other liens.
    • Ownership in an asset.
  • Errors and Omissions Insurance Definition,
    • Insurance that protects architects, home inspectors and contractors from claims by clients for professional mistakes.
  • Escrow Definition,
    • An account in which money for property taxes and insurance is held until paid. Money is added to the account every time a mortgage payment is made.
  • Escrow Account (EA) Acronym,
    • An account in which money for property taxes and insurance is held until paid; money is added to the account every time a mortgage payment is made.
  • Escrow Agent Definition,
    • A neutral third party who holds the documents and money in a real-estate transfer until all conditions are met.
  • Estate Definition,
    • The ownership interest of an individual in real property.
    • The total sum of all the real property and personal property owned by an individual at time of death.
  • Estate Planning Definition,
    • The process of determining how assets will be dispersed after an individual's death, ideally in the most tax-efficient way possible.
  • Exchange Definition,
    • A trade of property for other property or services. Like-kind property exchanges are a popular tax-deferral strategy.
  • Executor Definition,
    • The person who manages the estate of a deceased individual.
  • Expense Definition,
    • Costs incurred through a business's operations.
  • Expensing Definition,
    • Government tax law allows individuals to expense certain business activities.
  • Experian (XP) Company, Canada,
    • One of the Big Three credit bureaus, along with Equifax and Trans Union, Experian not normally used in Canada.
  • Exports Definition,
    • Products and services produced in Canada and sold in other countries.
  • Express Account Definition,
    • A low-fee or no-free chequing account, limited to ATM, telephone, and online transactions. Express account customers are charged fees when using bank teller services.
  • Extended Warranty Definition,
    • A service contract that covers certain vehicle repairs or problems after the manufacturer's or dealer's warranty expires. Extended warranties are sold by vehicle manufacturers, dealers, and independent companies. With a new vehicle, the extended warranty must be purchased by the end of the first year of ownership.
  • Face Value Definition,
    • The value of an asset, or the size of an insurance benefit.
  • Fidelity Bond Definition,
    • Insurance that protects a business from losses due to employee fraud, such as theft, forgery or fraudulent trading.
  • Fiduciary Definition,
    • An individual, company, or association that manages assets for another party. Fiduciaries include executors of wills and estates, trustees, receivers in bankruptcy, and those responsible for managing the finances of a minor.
  • Fiduciary Duty Definition,
    • A requirement that someone in a position of trust, such as a banker, real-estate agent, or title agent, must act in good faith and trust on behalf of a client.
  • Filing Extension Definition,
    • An additional amount of time to file your return. A filing extension, however, does not give you more time to pay your taxes.
  • Finance Canada Company, Canada-wide,
    • Federal department responsible for Canada's economic performance and regulation of financial institutions.
  • Finance Charge Definition,
    • Charges that include all of the interest expected to be earned over the life of a loan, in addition to the service charges, mortgage insurance premiums, and other loan-related charges.
  • Financing Entity Definition,
    • An entity that purchases an insurance policy or settlement contract.
  • Financing Expenses Definition,
    • Expenses sustained from interest payments, financing, and dividends to shareholders.
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