Terms with Category Financial Banking

  • Subordinate Loan Bank,
    • A mortgage whose priority is below that of another mortgage; i.e., a second or third mortgage or a home-equity loan.
  • Surplus Bank,
    • When an entity's income exceeds its expenses.
  • Survival Analysis Bank,
    • A statistical analysis of how likely someone or something will survive to a set date.
  • Swap Bank,
    • An agreement between two businesses to exchange commodities, payments or other financial products to reduce the risk of volatile market conditions or to obtain a better price or rate. For example, interest rate swaps, where floating rate interest is exchanged for fixed rate interest, protects a corporation against rises in rates or allows it to take advantage of a better rate. A cross-currency swap enables two parties to enter into an agreement in which one exchanges its currency for the other's to meet their separate requirements.
  • Sweat Equity Bank,
    • The value of the work put into a house by its owner. This can be used in place of a full down payment. Up to and including 50% of a down payment.
  • Syndicated Loans Bank,
    • Loans given to a company that are backed by a group of banks who share the risk of a large transaction. There is usually a lead bank and several participating banks.
  • Takeover Bank,
    • The purchase of a company by another.
  • Tandem Loan Bank,
    • When one asset, usually a house, has two loans taken out on it.
  • Tangible Personal Property (TPP) Bank,
    • Assets other than real estate that physically exist. Business equipment and vehicles are tangible personal property whereas stock certificates and franchises only represent value and are therefore intangible property.
  • Tax (TX) Bank,
    • A levy paid by an individual or entity that is collected by a government.
    Bank account transaction code.
  • Tax Credit (TC) Bank, Important,
    • Tax credits are used to reduce the amount of the tax owed. Tax credits are more valuable than deductions because they directly reduce the amount of tax owed, rather than reducing the amount of income that is taxed.
  • Tax Deduction Bank,
    • An expense that governments allow you to subtract from your income before computing your income tax.
  • Tax Deferral Bank,
    • The postponement of taxes to a later year, usually by recognizing income or a gain at a later time. Remember, this only delays your tax liability; it doesn't eliminate it.
  • Tax Deferred Annuity (TDA) Bank, Important,
    • A type of annuity where taxes are deferred until the annuitant decides to withdraw money from the annuity.
    More commonly known as a Tax Sheltered Annuity (TSA).
  • Tax Exempt (TE) Bank, Very Important,
    • Income that is not subject to tax. Income exempt from federal tax may, however, be subject to provincial taxation.
  • Tax Instalment Payment Plan (TIPP) Bank, Canada,
    • A popular property tax payment plan that allows you to pay your taxes monthly without any penalties or additional charges.
  • Tax Liability Bank,
    • The total amount of tax you owe.
  • Tax Lien Bank,
    • A claim, or obstacle, to the sale of property because of unpaid taxes. The property's title can't be transferred until liens are paid.
  • Tax Refund Bank,
    • To receive money back from the government.
  • Tax Sheltered Annuity (TSA) Bank, Important,
    • An arrangement where employees are given the option to make tax-deferred contributions to an annuity set up by their employer.
    See also Tax Deferred Annuity (TDA).
  • Tax-Free Savings Account (TFSA) Bank, Canada, Important,
    • A savings account for Canadians where income earned is not taxed.
  • Tax-sheltered Bank,
    • A savings or investment plan that offers significant tax savings.
  • Taxable Income Bank,
    • Income that is subject to taxation after accounting for adjustments, exemptions, and deductions.
  • Teaser Rate Bank,
    • Often called the introductory rate, it is the below-market interest rate offered to entice customers to switch credit cards or lenders.
  • Tenancy by the Entirety (TBE) Bank,
    • An arrangement where spouses have an undivided interest in a property. If a spouse dies, the other retains ownership.
  • Tenant Bank,
    • One who rents property.
  • Term Bank,
    • The length of time you commit to repay a lender or bank at an agreed upon interest rate and payment schedule. The interest rate usually remains constant during this term unless the commitment states otherwise. For example, a five year fixed rate mortgage has a term of five years.
  • Term Deposit (TD) Bank,
    • An investment product in which you deposit a fixed sum of money for a set period of time and are paid interest.
  • Term Loan (TL) Bank, Important,
    • A loan intended for medium-term or long-term financing to supply cash to purchase fixed assets such as machinery, land or buildings or to renovate business premises.
  • Testimonial Bank,
    • A statement of support for a product or service.
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