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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Banking Terms

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credit card (CC)Definition (Financial-banking)
A plastic card with a coded magnetic stripe that, when signed, entitles its bearer to a revolving line of credit, with a credit limit and interest rate determined by the borrower's income and credit report.
  ➥  A payment card that gives customers access to a revolving line of credit.
credit card purchase (CCP)Acronym
credit contingent interest rate swap (CCIRS)Acronym
credit historyDefinition (Mortgages, Financial-banking)
A record of an individual's or company's past borrowing patterns and whether or not debts were repaid on time.
credit limitDefinition (Financial-banking)
The maximum amount of charges a cardholder may apply.
credit lineDefinition (Financial-banking)
The maximum money amount available in an open-end credit arrangement such as a credit card or overdraft protection.
credit memo (CM)Acronym (Bank Statements)
  ➥  Bank account transaction code.
credit repositoryDefinition (Mortgages, Real-estate, Financial-banking)
Another term for a credit bureau.
credit riskDefinition (Financial-banking)
The risk of loss assumed under a financial contract that a borrower or a counter-party to a loan or other credit-related contract may default or fail to fulfill its obligations.
credit scoreDefinition (Mortgages, Financial-banking)
Also referred to as a 'Beacon Score' is a number, between 300 and 900, that reflects a person's credit history. Lenders calculate this number using a computer system as part of the process for assigning rates and terms to the loans they grant.
credit union (CU)Definition (Mortgages, Insurance, Financial-banking)
A non-profit, cooperative financial institution owned and controlled by the people who use its services, usually a group such as employees in the same company or industry. Credit unions historically have been able to offer lower rates and fees and still operate in the black. Credit unions rely on a financial reserve to absorb unexpected losses from loan defaults or other financial setbacks, and the majority of credit unions carry federal deposit insurance that protects individual accounts up to a specified amount in the event the credit union fails.
  ➥  Credit unions are member-owned, full service co-operative financial institutions.
Credit Union Atlantic (CUA)Bank, Nova Scotia, Canada
  ➥  A Canadian NHA approved mortgage lender.
Credit Union Central Alberta (CUCA)Bank Est.1967, Alberta, Canada
Credit Union Central of Canada (CUCC)Bank Est.1953, Ontario, Canada
  ➥  The national trade association for the Canadian credit union system.
Credit Union Central of Manitoba (CUCM)Bank, Winnipeg, Manitoba, Canada
Credit Union Central of New Brunswick (CUCNB)Bank, New Brunswick, Canada
Credit Union Central of Ontario (CUCO)Bank, Ontario, Canada
  ➥  Now referred to as the Credit Unions of Ontario. A Canadian NHA approved mortgage lender that offers all lending types.
Credit Union Central of Saskatchewan (CUCS)Bank Est.1938, Regina, Saskatchewan, Canada
A financial management co-operative that provides research, consulting, and developmental support to credit unions in Canada.
  ➥  Now called SaskCentral. A Canadian NHA approved mortgage lender.
Credit Union Deposit Guarantee Corporation (CUDGC)Bank, Alberta, Canada
  ➥  Monitors and regulates the performance of credit unions in Alberta.
Credit Union Deposit Insurance Corporation (CUDIC)Bank, British Columbia, Canada
  ➥  Guarantees all deposits and non-equity shares of British Columbia credit unions.
Credit Union Institute of Canada (CUIC)Bank Est.1972, Canada
  ➥  A national designation and accreditation institute controlled by CUSOURCE Credit Union Knowledge Network for the Canadian credit union system.
Credit Union Insurance Services Association (CUISA)Bank Est.1984, Vancouver, British Columbia, Canada
Credit Union Member Insurance Society (CUMIS)Bank, Ontario, Canada
Jointly owned by Co-operators Life Insurance Company and Central 1 Credit Union, CUMIS partners with credit unions in Canada to offer insurance, group retirement plans and other financial products.
  ➥  Provider of insurance-related products and services to the Canadian credit union system.
credit worthinessDefinition (Mortgages, Financial-banking)
How likely an individual or entity is to default on their debt.
creditorDefinition (Mortgages, Financial-banking)
One who is owed money.
creditor insuranceDefinition (Mortgages, Insurance, Financial-banking)
Insurance that repays debt if the borrower cannot.
Creston & District Credit Union (CDCU)Bank Est.1951, British Columbia, Canada
  ➥  A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
critical consumption level (CCL)Acronym
Crocus Credit UnionBank, Manitoba, Canada
Crossroads Credit UnionBank, Saskatchewan, Canada
Crosstown Civic Credit UnionBank, Manitoba, Canada
current account (CA)Acronym
  ➥  More commonly referred to as a chequing account here in Canada.
current account deficit (CAD)Acronym
current account savings account (CASA)Acronym
current ratioDefinition (Investments, Financial-banking)
A method of determining an entity's liquidity and its ability to cover its current liabilities.
current yieldDefinition (Investments, Mortgages, Financial-banking)
The annual increase in the value of an investment, usually expressed as a percentage.
customer deposit (CD)Acronym (Bank Statements)
Cypress Credit UnionBank, Saskatchewan, Canada
Dauphin Plains Credit Union (DPCU)Bank Est.1940, Manitoba, Canada
Debden Credit UnionBank, Saskatchewan, Canada
debitDefinition (Financial-banking)
Another name for withdrawal of funds from your account.
debit bureauDefinition (Financial-banking)
A service used by banks that eventually tracks account opening and closing information, cheque order history, cheque writing history, any history of collection activity on unpaid accounts, frequency of debit and ATM card use and household demographics. Under the system, when a consumer gives a cheque to a participating retailer, the individual's account is identified by punching a code into a computer or swiping a card containing a magnetic strip or microchip through an electronic reader, which tells the retailer whether to accept or reject the transaction.
debit memo (DM)Acronym (Bank Statements)
debtDefinition (Investments, Mortgages, Financial-banking)
Money one person or firm owes to another person or firm.
debt consolidationDefinition (Investments, Mortgages, Financial-banking)
The replacement of multiple loans with a single loan, often with a lower monthly payment and a longer repayment period. It's also called a consolidation loan. CanEquity has access to Canada's best debt consolidation products, for more info about debt consolidation see our debt consolidation page.
debt issuesDefinition (Investments, Financial-banking)
The issuance of bonds or other forms of debt on the public markets.
debt service reserve fund (DSRF)Acronym
debt-to-income ratioDefinition (Mortgages, Financial-banking)
The percentage of an individual's income that is used to repay debt.
debt/equity ratioDefinition (Investments, Financial-banking)
A comparison of debt and equity used to measure the health of a business.
debtorDefinition (Mortgages, Financial-banking)
A person who has filed a petition for relief under the bankruptcy laws.
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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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