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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Banking Terms

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Etobicoke Teachers Credit Union (ETCU)Bank Est.1951, Ontario, Canada
European Investment Bank (EIB)Company
The European Investment Bank is the European Union's long-term lending institution established in 1958 under the Treaty of Rome.
exchangeDefinition (Mortgages, Real-estate, Taxation, Financial-banking)
A trade of property for other property or services. Like-kind property exchanges are a popular tax-deferral strategy.
exchange rate index (ERI)Acronym
  ➥  In relation to currency, a weighted average exchange rate expressed as an index.
executorDefinition (Investments, Insurance, Financial-banking)
The person who manages the estate of a deceased individual.
expenseDefinition (Investments, Taxation, Financial-banking)
Costs incurred through a business's operations.
expensingDefinition (Taxation, Financial-banking)
Government tax law allows individuals to expense certain business activities.
export credit guarantee (ECG)Acronym
exportsDefinition (Investments, Financial-banking)
Products and services produced in Canada and sold in other countries.
express accountDefinition (Financial-banking)
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 warrantyDefinition (Automotive, Financial-banking, Legal-contracts)
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 valueDefinition (Insurance, Financial-banking)
The value of an asset, or the size of an insurance benefit.
Fair Isaac Corporation (FICO)Company Est.1956
  ➥  Introduced the FICO® Score used in credit reports.
falling interest rate adjustable rate mortgage (FIREARM)Acronym
Federal Business Development Bank (FBDB)Canada
  ➥  Now called the Business Development Bank of Canada.
Federal Employees Credit Union (Kingston) Credit UnionBank, Ontario, Canada
  ➥  A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
Federal Home Loan Mortgage Corporation (FHLMC)United States
  ➥  A US mortgage corporation also known as Freddie Mac.
Federal National Mortgage Association (FNMA)Company, United States
  ➥  A US mortgage association also known as Fannie Mae.
Federal Reserve Board (FRB)Company
  ➥  A US banking term.
Federal Reserve System (FRS, Fed)Acronym & Abbreviation
Fellow of the Canadian Bankers Association (FCBA)Canada
Fellow of the Credit Union Institute of Canada (FCUIC)Canada
fidelity bondDefinition (Insurance, Financial-banking)
Insurance that protects a business from losses due to employee fraud, such as theft, forgery or fraudulent trading.
fiduciaryDefinition (Estate-management, Financial-banking, Legal-contracts)
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 dutyDefinition (Estate-management, Financial-banking, Legal-contracts)
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 extensionDefinition (Taxation, Financial-banking, Legal-contracts)
An additional amount of time to file your return. A filing extension, however, does not give you more time to pay your taxes.
Finance CanadaCompany, Canada-wide
Federal department responsible for Canada's economic performance and regulation of financial institutions.
finance chargeDefinition (Mortgages, Financial-banking)
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.
Financial Consumer Agency of Canada (FCAC)Company Est.2001, Canada
  ➥  Established by the federal government to protect and educate consumers of financial products and services in Canada.
financial crime analysis (FCA)Acronym
Financial Groups Directive (FDG)Acronym
Financial Services Commission of Ontario (FSCO)Company Est.1998, Ontario, Canada
A regulatory agency of the Ministry of Finance that protects public interests and regulates insurance, pension plans, loan and trust companies, credit unions, caisses populaires, mortgage brokering, and co-operative corporations in Ontario.
  ➥  Oversees the mortgage, insurance and pension industries in Ontario.
financing entityDefinition (Insurance, Financial-banking)
An entity that purchases an insurance policy or settlement contract.
financing expensesDefinition (Investments, Financial-banking)
Expenses sustained from interest payments, financing, and dividends to shareholders.
finder feeDefinition (Investments, Mortgages, Real-estate, Insurance, Financial-banking)
A fee paid by a party to another for services rendered.
Finnish Credit UnionBank, Ontario, Canada
firm commitmentDefinition (Mortgages, Financial-banking)
A lender's promise to lend money to a specific borrower on specified terms at a certain time.
First Calgary Savings Credit UnionBank, Alberta, Canada
First Credit Union (FCU)Bank Est.1939, British Columbia, Canada
  ➥  Originated as Powell River Credit Union (PRCU). A Canadian NHA approved mortgage lender that offers all lending types and reverse mortgages.
First Nations Bank of Canada (FNBC)Company, Saskatoon, Saskatchewan, Canada
First West Credit UnionBank, British Columbia, Canada
Firstline Mortgages (FLM)Company, Toronto, Ontario, Canada
As of July 31, 2012, Firstline Mortgages announced that it will no longer be accepting new mortgage clients.
FirstOntario Credit Union (FCU)Bank Est.1939, Ontario, Canada
fiscal deficitDefinition (Investments, Financial-banking)
When the government spends more money than it receives in revenue over the course of one year.
fiscal policyDefinition (Taxation, Financial-banking)
The use of government spending and taxation policies to influence the economy.
fiscal surplusDefinition (Taxation, Financial-banking)
When the government receives more in revenue than it spends over the course of the year.
fixed instalmentDefinition (Mortgages, Financial-banking)
Periodic (usually monthly) payment on a loan whose sum does not vary.
flat feeDefinition (Investments, Mortgages, Real-estate, Insurance, Financial-banking)
A fixed charge that a broker requests instead of a commission.
flexible credit line (FCL)Acronym
floatDefinition (Financial-banking)
The amount of time the bank takes to clear or reject a cheque for payment
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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

Notable Terms

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