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Canadian Financial, Real Estate and Mortgage Glossary

Banking Terms

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ordinary incomeDefinition (Taxation, Financial-banking)
Income that does not qualify as a capital gain including wages, interest, dividends, and net income from a business.
original principal balanceDefinition (Mortgages, Financial-banking)
The amount borrowed.
origination dateDefinition (Mortgages, Financial-banking)
The date on which a loan is funded.
origination feeDefinition (Mortgages, Financial-banking)
The fee a lender charges to process a loan. It usually includes the cost to prepare loan documents, check a borrower's credit history, inspect the property and sometimes conduct an appraisal. CanEquity will in most cases use a lender who doesn't charge this fee or we will cover the cost in full.
originator's identification number (OIN)Acronym
A unique number that a company uses to identify itself when taking a direct debit from your account.
Oshawa Community Credit Union (OCCU)Bank Est.1952, Ontario, Canada
  ➥  A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
Osoyoos Credit UnionBank, British Columbia, Canada
other automated banking machine (OM)Acronym (Bank Statements)
  ➥  Bank account transaction code.
other charge (DC)Acronym (Bank Statements)
other income/expensesDefinition (Investments, Financial-banking)
Any income or expenses earned or disbursed by a business that are not clearly associated to its core operations.
Ottawa Police Credit Union (OPCU)Bank Est.1955, Ottawa, Ontario, Canada
Ottawa Women's Credit Union (OWCU)Bank Est.1980, Ottawa, Ontario, Canada
over-the-limit feeDefinition (Financial-banking)
A fee charged for exceeding the credit limit on the card.
overall liquidity ratioDefinition (Investments, Financial-banking)
A method of determining how easily and quickly a company can sell off assets to pay off its debts.
overdraft (DR)Definition (Financial-banking, Bank Statements)
The amount that a cheque exceeds the available balance in the payor's account; also insufficient funds.
overdraft annual costDefinition (Financial-banking)
A fee charged by the bank to cover the overdraft feature on a client's chequing account. The client pays the fee even if the overdraft protection is never activated. This fee may be charged in addition to the one-time fee.
overdraft minimum amountDefinition (Financial-banking)
Minimum amount that will be transferred to the accountholder's account if a potential non-sufficient funds (NSF) situation occurs.
overdraft protectionDefinition (Financial-banking)
A service that allows a chequing account to be linked to another savings or line of credit to provide protection against insufficient funds or overdrafts.
overnight rateDefinition (Financial-banking)
The interest rate banks use to lend or borrow funds from each other.
owner occupantDefinition (Investments, Mortgages, Real-estate, Financial-banking)
A borrower who resides in the property used as security for the loan.
Pace Savings & Credit UnionBank, Ontario, Canada
Parama Lithuanian Credit UnionBank, Ontario, Canada
parking (prk)Definition (Investments, Financial-banking, Abbreviation)
A term that refers to depositing cash in a high-yield money market account until it is transferred to another account to pay bills.
passbookDefinition (Financial-banking)
A book used to record all banking transactions for a designated account.
passive activityDefinition (Investments, Taxation, Financial-banking)
An activity in which a person does not materially participate such as real estate rentals and limited partnerships.
passive lossDefinition (Taxation, Financial-banking)
Loss from a passive activity. Passive loss rules limit the amount of passive loss you can deduct to the total of your other income from passive activities.
payday loanDefinition (Financial-banking)
A short-term loan with an extremely high interest rate.
payeeDefinition (Financial-banking)
The name of the person to whom the money in a cheque is to go.
Payment Clearing and Settlement Act (PSCA)Est. 1996, Canada
Payment, Clearing and Settlement System (PCSS)Canada
payorDefinition (Financial-banking)
One who makes a payment to another party.
payout phaseDefinition (Investments, Annuities, Taxation, Financial-banking)
The phase of a deferred annuity where the annuity begins to make payments to the annuitant.
payroll taxesDefinition (Taxation, Financial-banking)
A tax based on wages and salaries that is deducted from employees pay cheques.
pc bankingDefinition (Financial-banking)
A service that allows a bank customer to obtain account information and perform certain bank transactions through a personal computer.
penaltyDefinition (Mortgages, Financial-banking, Legal-contracts)
In mortgage terms, a penalty is a set rate or length of time the penalty will be charged based on the remaining loan amount. The penalty is usually three months interest or interest rate differential.
penalty rateDefinition (Financial-banking)
Several percentage points higher than a card's current annual percentage rate, which goes into effect after two late payments. On some cards, a single late payment triggers a penalty rate.
PenFinancial Credit Union (PFCU)Bank
pensions, insurance and financial institutions (PIFI)Alberta, Canada
per diem interestDefinition (Mortgages, Financial-banking)
Interest that is charged daily; usually refers to the partial month's interest that the buyer pays on the mortgage covering the period from the day of closing to the end of the month.
per item chargeDefinition (Financial-banking)
A fee charged to account holders who exceed the allowable number of free transactions for their accounts. Or, the balance in an account does not meet the average monthly balance required to waive the fee.
periodic rateDefinition (Mortgages, Financial-banking)
The interest rate in relation to a specific amount of time. For example, the monthly periodic rate is the cost of credit per month whereas the daily periodic rate is the cost of credit per day.
permanent interest bearing shares (PIBS)Acronym
personal and commercial (P&C)Acronym
personal consumption spendingDefinition (Taxation, Financial-banking)
What households collectively spend on goods and services.
personal disposable incomeDefinition (Taxation, Financial-banking)
Personal income minus personal income tax payments. Also called "take-home pay."
personal finance managerDefinition (Financial-banking)
Specialized computer programs that help customers carry out a variety of personal finance activities. These programs typically allow consumers to do much of their work off-line, then dial in to complete their bank transactions.
personal identification number (PIN)Definition (Financial-banking)
A unique, confidential number or pass code, usually consisting of four to six digits, entered by a customer when using an Automated Teller Machine (ATM) or Interac Direct Payment, that gives the customer access to his or her account.
personal line of credit (PLC)Acronym
personal loanDefinition (Mortgages, Financial-banking)
A loan made for personal, family, or household use as opposed to a business-type loan or a long-term mortgage loan to finance real estate.
personal property taxesDefinition (Taxation, Financial-banking)
Tax paid on real property, intangible, or tangible property. To differentiate between real property and personal property, the tax assessing official must consider the manner in which property is attached to or secured at the location. Also called property taxes.
Previous Page
Non-Performing LoanOrdinary Dividends
Currently Displayed — Page 29
Ordinary Income — Personal Property Taxes
  Next Page
Personal SavingsPrivate Lender

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
Page 17: Credit Card
Page 18: Declining Life Insurance
Page 19: Earl Grey Credit Union
Etobicoke Aluminum Employees...
Page 20: Etobicoke Teachers Credit...
Page 21: Foam Lake Savings & Credit...
Gross International Reserves
Page 22: Gross Overtime
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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