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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Banking Terms

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gross overtimeDefinition (Taxation, Financial-banking)
Overtime pay before taxes that is averaged over two years can be considered monthly income, but it must be over the two years or it does not count.
gross profit marginDefinition (Investments, Financial-banking)
The difference between the sales your business generates and the costs you pay out for goods.
Group of 30 (G-30)Acronym
guaranteeDefinition (Financial-banking, Legal-contracts)
An enforceable warranty on the promise of quality of a product or formal promise by one person to take responsibility for the debts or obligations of another person if that person fails to meet them.
guarantyDefinition (Mortgages, Financial-banking)
A promise to assume responsibility for a debt if the borrower defaults.
Gulf and Fraser Fishermen's Credit UnionBank, British Columbia, Canada
  ➥  A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
Halifax Civic Credit UnionBank, Nova Scotia, Canada
Hamilton Community Credit Union (HCCU)Bank, Hamilton, Ontario, Canada
  ➥  In December of 2010, Twin Oak Credit Union and Hamilton Community Credit Union amalgamated to form Momentum Credit Union (MCU).
Hamilton Municipal Employees' Credit UnionBank Est.1936, Ontario, Canada
Hamilton Teachers' Credit Union (HTCU)Bank Est.1940, Hamilton, Ontario, Canada
  ➥  Teachers Credit Union is a registered business name of Hamilton Teachers' Credit Union Limited. A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
Health Care Credit UnionBank, Ontario, Canada
Healthcare and Municipal Employees Credit Union (HMECU)Bank Est.1936, Hamilton, Ontario, Canada
  ➥  Formerly known as the Hamilton Municipal Employees' Credit Union.
Herbert Credit UnionBank, Saskatchewan, Canada
Heritage Credit UnionBank, British Columbia, Canada
Heritage Savings & Credit Union (HSCU)Bank Est.1952, Chatham, Ontario, Canada
high interest money market account (HIMMA)Acronym
high yield investment account (HYIA)Acronym
high yield money market account (HYMMA)Acronym
holding periodDefinition (Financial-banking)
The length of time a capital asset is owned. Assets held 12 months or less are short-term; those owned more than 12 months are long-term properties.
Holy Angel's & St. Anne's Parish (St. Thomas) Credit UnionBank, Ontario, Canada
home bankingDefinition (Financial-banking)
A way to access bank accounts by phone. Typically customers can transfer funds, pay bills and make account inquiries.
home loanDefinition (Mortgages, Financial-banking)
A loan used to buy a home is referred to as a "mortgage."
Hongkong and Shanghai Banking Corporation (HSBC)Company Est.1865
Hongkong Bank of Canada (HBC, HKBC)Canada
  ➥  (Hongkong and Shanghai Banking Corporation)
Horizon Credit UnionBank, Saskatchewan, Canada
hostile takeoverDefinition (Investments, Financial-banking, Legal-contracts)
When a company purchases another but the target company's management does not approve.
housing-equity partnershipDefinition (Investments, Mortgages, Financial-banking)
An arrangement in which one buyer lives in a home and the other has an ownership stake as an investment. The partners split the capital gain after the property is sold.
HSBC Investment Bank (HSBCIB)Acronym
Hudson Bay Credit UnionBank, Saskatchewan, Canada
hybrid annuityDefinition (Investments, Estate-management, Annuities, Financial-banking)
An annuity with both fixed and variable annuity elements.
illiquid assetDefinition (Automotive, Investments, Financial-banking, Legal-contracts)
An asset that cannot be sold easily or in a timely manner for its full value.
immediate payment annuityDefinition (Investments, Annuities, Financial-banking)
An annuity where payments to the annuitant start immediately after the annuity has been set up.
importsDefinition (Taxation, Financial-banking)
Goods and services produced in other countries and sold in Canada.
incomeDefinition (Investments, Taxation, Financial-banking)
The money earned in a specific time period.
income approachDefinition (Investments, Mortgages, Real-estate, Taxation, Financial-banking)
A step in the valuation process of an income property. The value is reached by estimating the annual income minus an allowance for vacancies and bad debts and then subtracting annual operating expenses, real estate taxes, and insurance premiums to obtain the net operating income. This is then converted by capitalization into a capital value.
income propertyDefinition (Investments, Real-estate, Financial-banking)
Real estate developed or improved to produce income. Also referred to as "non-owner occupied property" or "rental property."
income statementDefinition (Investments, Taxation, Financial-banking)
Also known as the profit and loss statement or P&L, enables you to calculate your company's pre-tax profits by subtracting total expenses from total revenues.
income taxDefinition (Taxation, Financial-banking)
The main source of revenue for the federal government and many Provinces. The tax is based on your earned and unearned income. The amount or percentage taxed is based on the amount of income, using the governments graduated tax scale.
income-splittingDefinition (Taxation, Financial-banking)
A financial strategy used for tax purposes to reduce the overall tax burden on a family. Income is shifted from one family member to another who is in a lower tax bracket, so the income is taxed at the lower rate to save the family money.
incorporated businessDefinition (Investments, Financial-banking, Legal-contracts)
A company that exists as a corporation.
independent bankDefinition (Financial-banking)
A locally owned bank that is operated without being affiliated with a bank holding company. Also known as a community bank.
indexDefinition (Investments, Mortgages, Real-estate, Insurance, Financial-banking, Legal-contracts)
A table of yields or interest rates being paid on debt (such as Treasury notes or bank deposits) that is used to determine interest-rate changes.
indirect taxDefinition (Taxation, Financial-banking)
A tax that is collected by a third party before being transferred to the government.
Industrial Development Bank (IDB)Canada
  ➥  See Business Development Bank of Canada (BDC).
inflationDefinition (Investments, Financial-banking)
A rise in the average level of prices in the economy.
informal trustDefinition (Investments, Financial-banking)
Also known as in-trust account or "bare" trust, this is an investment account registered in an adult's name in trust for a child. The account is used to save/invest funds for a child, and the funds must be reserved for and used by the beneficiary child.
Inglewood Savings & Credit UnionBank, Alberta, Canada
Innovation Credit UnionBank, Saskatchewan, Canada
Instabank® (IB)Acronym (Bank Statements)
  ➥  Bank account transaction code.
instalmentDefinition (Mortgages, Financial-banking)
The regular periodic payment that a borrower agrees to make the lender.
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Gross Overtime — Instalment
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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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Mortgage Product Type Inquiries
No Money Down discontinued20.31%
New Purchase15.63%
Refinance/Consolidate Debt15.63%
Mortgage Pre-approval15.63%
Mortgage Renewal12.50%
First-time Home Buyer12.50%
Other7.82%