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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Banking Terms

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comminglingDefinition (Financial-banking)
Lumping together money from different sources so the sources cannot be distinguished.
commissioners' reserve valuation methodDefinition (Investments, Annuities, Insurance, Financial-banking)
A method used to determine the minimum statutory reserves for annuities and insurance products.
commitmentDefinition (Mortgages, Real-estate, Financial-banking)
A written agreement from a lender promising to lend money on certain terms for a specified time period.
commitment feeDefinition (Mortgages, Financial-banking)
A fee paid by a borrower to a lender who promises to lend money on certain terms for a specified time period.
community bankDefinition (Financial-banking)
A bank that is locally owned and operated, but is not part of a bank holding company. Also referred to as an independent bank.
Community Credit Union (Manitoba)Bank, Manitoba, Canada
  ➥  A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
Community Credit Union (Nova Scotia)Bank, Nova Scotia, Canada
Community First Credit Union (CFCU)Bank Est.1948, Sault Ste. Marie, Ontario, Canada
Community Saving & Credit UnionBank, Ontario, Canada
Community Savings Credit UnionBank, British Columbia, Canada
commutationDefinition (Investments, Estate-management, Annuities, Insurance, Financial-banking)
An option given to the beneficiaries of annuities and life insurance policies that allows them to modify the frequency and size of benefit payments.
Compensation Employees Credit UnionBank, British Columbia, Canada
compound interestDefinition (Investments, Mortgages, Financial-banking)
Interest that is calculated by adding the interest earned in the current period to the principal and figuring the next period's interest on this "compounded" total amount.
compounding methodDefinition (Investments, Mortgages, Financial-banking)
Used in Bank rate tables. These include: S--Simple interest. A--Compounded annually. H--Compounded semi-annually. Q--Compounded quarterly. M--Compounded monthly. D--Compounded daily.
comptrollerDefinition (Insurance, Financial-banking)
An individual who oversees and audits the financial reporting and accounting of an organization.
conditional commitmentDefinition (Mortgages, Financial-banking)
A promise by a lender to make a loan if the borrower meets certain requirements.
conditional reservesDefinition (Financial-banking)
Reserves that are considered liabilities.
CONEXUS Credit UnionBank, Saskatchewan, Canada
consolidateDefinition (Financial-banking)
To merge multiple things into one single thing.
construction loanDefinition (Mortgages, Real-estate, Financial-banking)
A short-term interim loan for financing the cost of construction. The lender makes payments to the builder at periodic intervals as the work progresses.
construction to permanent loanDefinition (Mortgages, Real-estate, Financial-banking)
A loan that finances the construction, then for a long-term, traditional mortgage, as distinct from a construction loan followed by a separate mortgage loan.
constructive receiptDefinition (Investments, Taxation, Financial-banking)
The idea in which a taxpayer does not actually have to take possession of money for it to be taxable. An example of this is when savings account interest is reinvested rather than sent to the account holder as a separate payment. In this case, the account holder constructively received the interest because the earnings were credited to his account and could have been taken out at the owner's discretion. As such, the earnings are taxable.
consumer bankruptcyDefinition (Financial-banking, Legal-contracts)
A bankruptcy case filed to reduce or eliminate debts that are primarily consumer debts.
consumer creditDefinition (Financial-banking)
Loans for personal use as opposed to business or commercial lending. These loans are typically unsecured and not backed by collateral.
consumer debtDefinition (Financial-banking)
Debts incurred for personal, as opposed to business, needs.
consumption conversion factor (CCF)Acronym
contemporaneous reserve accounting (CCR)Acronym
contingent beneficiaryDefinition (Investments, Estate-management, Insurance, Financial-banking)
A beneficiary who only receives his or her benefit when specific conditions have been met.
continuous link settlement (CLS)Acronym
contract holderDefinition (Investments, Real-estate, Insurance, Financial-banking, Legal-contracts)
The entity that holds the rights to a obligation or debt.
contractual lienDefinition (Mortgages, Real-estate, Financial-banking, Legal-contracts)
A legal claim against property as a result of a voluntary contract, such as a mortgage.
cooperative mortgageDefinition (Investments, Mortgages, Financial-banking)
A loan that allows the borrower to buy into a co-op project.
Copperfin Credit UnionBank, Ontario, Canada
core consumer price index (CPIX)Acronym
This measure strips out eight of the most volatile CPI components (fruit, vegetables, gasoline, fuel oil, natural gas, mortgage interest, intercity transportation, and tobacco products), as well as the effect of changes in indirect taxes on the remaining components. The Bank also monitors other measures of underlying (“core”) inflation.
  ➥  Bank of Canada's measure of core inflation.
Cornerstone Credit UnionBank, Saskatchewan, Canada
corporate and investment banking (CIB)Acronym
corporate bankingDefinition (Financial-banking)
Banking services for large firms.
corporate banking and financial markets (CBFM)Acronym
corporate creditor identification numbers (CCIN)Acronym
corporate relocationDefinition (Financial-banking)
When a company relocates to a new office.
corporationDefinition (Investments, Financial-banking, Legal-contracts)
A legal entity that is legally separate from its owners and employees.
correspondent bankDefinition (Financial-banking)
A bank that holds deposits of another bank, usually a smaller bank, and in turn provides certain banking services that may not be readily available to the smaller bank.
cost basisDefinition (Investments, Taxation, Insurance, Financial-banking)
The original price paid for an investment which is also known as the basis or tax basis. The cost basis includes any commissions or fees paid when the investment was purchased.
cost of funds index (COFI)Acronym
counterofferDefinition (Real-estate, Financial-banking)
Rejection of a purchase offer by submission of another offer with different terms (such as price or closing date). A step in the negotiating process.
Courtage Direct Banque Nationale (CDBN)Est. 1999, Canada
  ➥  French acronym for National Bank Direct Brokerage Inc.
covenantorDefinition (Mortgages, Real-estate, Financial-banking, Legal-contracts)
A person who promises to be responsible for the repayment of a loan.
Creative Arts Savings & Credit Union (CASCU)Bank Est.2008, Toronto, Ontario, Canada
creative financingDefinition (Mortgages, Financial-banking)
An innovative or unusual way of structuring a home loan that allows the buyer to buy the house.
creditDefinition (Investments, Mortgages, Financial-banking)
Money that a lender gives to a borrower on condition of repayment over a certain period.
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Search the Glossary

Index of Banking Terms

Page 1: 1st Choice Savings and...
Amortized Loan
Page 2: Amount Financed
Automatic Transfer of Loan...
Page 3: Automatic Transfer Service
Before-tax Income
Page 4: Belgian-Alliance Credit...
Caisse d'économie Desjardins...
Page 5: Caisse d'économie Desjardins...
Caisse Desjardins de Hull
Page 6: Caisse Desjardins de...
Caisse Desjardins de Saint...
Page 7: Caisse Desjardins de Saint...
Caisse Desjardins du Haut...
Page 8: Caisse Desjardins du Lac des...
Caisse populaire de Field
Page 9: Caisse populaire de...
Caisse populaire Desjardins...
Page 10: Caisse populaire Desjardins...
Caisse populaire Desjardins...
Page 11: Caisse populaire Desjardins...
Caisse populaire Desjardins...
Page 12: Caisse populaire Desjardins...
Caisse populaire Madawaska
Page 13: Caisse populaire Mer et...
Canadian Payments...
Page 14: Canadian Western Bank
Cheques Returned with...
Page 15: Chequing Account
Commercial Real Estate...
Page 16: Commingling
Credit
Page 17: Credit Card
Debtor
Page 18: Declining Life Insurance
E-cheque
Page 19: Earl Grey Credit Union
Etobicoke Aluminum Employees...
Page 20: Etobicoke Teachers Credit...
Float
Page 21: Foam Lake Savings & Credit...
Gross International Reserves
Page 22: Gross Overtime
Instalment
Page 23: Instant Teller
International Investment...
Page 24: International Journal of...
Ladysmith & District Credit...
Page 25: Lafleche Credit Union
Local Taxes
Page 26: Lock-in
Monetary Policy Committee
Page 27: Monetary Policy Report...
Non-owner Occupant
Page 28: Non-Performing Loan
Ordinary Dividends
Page 29: Ordinary Income
Personal Property Taxes
Page 30: Personal Savings
Private Lender
Page 31: Privately Held Company
Remaining Balance
Page 32: Remaining Term
Same Day Funds Settlement
Page 33: Sandhills Credit Union
Split-Funded Annuity
Page 34: Spread
Tax Liability
Page 35: Tax Lien
Underwriting Expenses
Page 36: Underwriting Guide
Weyburn Credit Union
Page 37: Williams Lake and District...
Zero Balance

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