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Canadian Financial, Real Estate and Mortgage Glossary

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Takeout Mortgage Loan — Temporary Total Disability
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takeout mortgage loanDefinition, Important
A long term mortgage loan that is advanced to borrower on completion of construction or in compliance with any other conditions in the loan commitment. The funds are normally used to pay off or take out the construction lender.
The purchase of a company by another.
tandem loanDefinition
When one asset, usually a house, has two loans taken out on it.
targeted amortization class (TAC) — Acronym
Tax Court of Canada (TCC) — Company, Ottawa, Ontario, Canada
tax credit (TC)Definition, 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 deductionDefinition
An expense that governments allow you to subtract from your income before computing your income tax.
tax deferralDefinition
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)Definition, 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)Definition, Very Important
Income that is not subject to tax. Income exempt from federal tax may, however, be subject to provincial taxation.
Tax Information Phone Service (TIPS) — Canada
  ➥  The number to call is 1-800-267-6999.
Tax Instalment Payment Plan (TIPP)Canada
A popular property tax payment plan that allows you to pay your taxes monthly without any penalties or additional charges.
Tax Instalment Payment Plan Service (TIPPS) — Canada, Important
  ➥  Offered by most municipalities across Canada as a property tax payment option.
tax liabilityDefinition
The total amount of tax you owe.
tax lienDefinition
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 refundDefinition
To receive money back from the government.
Tax Revenue Division (TRD) — Company, Canada
  ➥  The Tax Revenue Division of the Ministry of Finance.
tax saleDefinition
A government sale of property to recover unpaid taxes.
tax sheltered annuity (TSA)Definition, 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)Canada, Important
A savings account for Canadians where income earned is not taxed.
A savings or investment plan that offers significant tax savings.
taxable incomeDefinition
Income that is subject to taxation after accounting for adjustments, exemptions, and deductions.
Taxation Considerations for Estates and Trusts (TET) — Canada
TD Mortgage Corporation (TDMC) — Acronym
TD Pacific Mortgage Corporation (TDPMC) — Acronym
tear-down conditionDefinition
A house that is bought so it can be razed to make room for a newer house; usually located in a spectacular setting.
teaser rateDefinition
Often called the introductory rate, it is the below-market interest rate offered to entice customers to switch credit cards or lenders.
Technical Analysis Course (TAC) — Canada
temporary insurance agreement (TIA) — Acronym, Important
temporary total disability (TTD) — Acronym, Important
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