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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Banking Terms

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automatic transfer service (ATS)Acronym
average daily collected balance (ADCB)Acronym
average tax rateDefinition (Taxation, Financial-banking)
The real rate of taxes you pay after taking into account the various federal tax brackets. There are different tax rates for different levels of income; you pay lower rates on the first part of your income, more on the later earnings. As you pass each income level, the money above that level is taxed at the next higher rate. Therefore, your average tax rate is less than the top rate you pay on a portion of income.
backflip takeoverDefinition (Investments, Financial-banking, Legal-contracts)
A form of takeover where the purchasing company becomes a subsidiary of the purchased company.
bad creditDefinition (Mortgages, Financial-banking)
Someone who carries a higher credit risk.
bad credit loanDefinition (Financial-banking)
A loan taken out by someone with bad credit.
bad debtDefinition (Mortgages, Taxation, Financial-banking)
Money that cannot be collected is considered bad debt. Businesses can deduct bad debts under certain circumstances. If a bad debt is personal, it can also be deducted in some instances as a short-term capital loss.
balance (bal.)Definition (Financial-banking, Abbreviation)
The amount of money in your account.
balance of payments support (BOPS)Acronym
balance transfer (BT)Definition (Financial-banking)
The process of moving an unpaid credit card debt from one issuer to another. Card issuers sometimes offer teaser rates to encourage balance transfers coming in and balance transfer fees to discourage them from going out.
balance transfer feeDefinition (Financial-banking)
Fee charged customers for transferring an outstanding balance from one card to another.
balloon loanDefinition (Mortgages, Financial-banking)
A loan in which the payments aren't set up to repay the loan in full by the end of the term. At the end comes the balloon payment -- one that is larger than the other, periodic payments and pays off the remaining principal.
balloon paymentDefinition (Mortgages, Financial-banking)
A loan instalment that is larger than the other, periodic payments and pays off the remaining principal.
bankDefinition (Mortgages, Financial-banking)
An institution that acts as a financial intermediary by receiving money from depositors and lenders and also lending to borrowers.
Bank Advisory Committee (BAC)Acronym
bank deposit agreement (BDA)Acronym
Bank for International Settlements (BIS)Company Est.1930, Basel, Switzerland
International financial organisation fostering cooperation to central banks.
Bank Fund Staff Federal Credit Union (BFSFCU)Bank, United States and Canada
bank holding company (BHC)Definition (Financial-banking)
A company that owns or controls one or more banks or companies associated with banking such as leasing companies, credit companies, etc. It is usually identified by the word Bancorp or Bancshares in the name. The Federal Reserve Board of Governors regulates all bank holding companies.
bank investment contract (BIC)Acronym
Bank of America Investment Services, Inc. (BAI)Company
Bank of Canada (BC, BOC)Company Est.1935, Ottawa, Ontario, Canada
Canada's central bank.
  ➥  Canada's central bank.
Bank of Canada Non-Energy (BCNE)Canada
  ➥  Commodity price index.
Bank of Credit and Commerce International (BCCI)Company
Bank of Montreal (BMO)Company Est.1817, Canada-wide
  ➥  Canada's very first bank. A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages, and reverse mortgages.
Bank of Nova Scotia (BNS)Company Est.1832, Canada-wide
Multinational financial services provider with over 7-million customers across Canada.
  ➥  A Canadian NHA approved mortgage lender that offers all lending types. Also offers home incomes plan reverse mortgages.
bank rateDefinition (Mortgages, Financial-banking)
Closely related to the overnight rate, the bank rate is the interest rate the Bank of Canada charges to banks and other major financial institutions for one-day loans.
bank reservesDefinition (Financial-banking)
Banks' holdings of deposits.
bank spreadDefinition (Investments, Mortgages, Financial-banking)
The difference between the interest rate a bank charges a borrower and the interest rate a bank pays a depositor.
bank wireDefinition (Financial-banking)
An electronic payment system for the transfer of money between banks.
bank wire transfer of funds (BWTF)Acronym
bank, province, branch (BPB)Canada
  ➥  Canadian banking branch descriptor.
Bankruptcy and Insolvency Act (BIA)Est. 1985, Canada
A Canadian Act respecting bankruptcy and insolvency.
bankruptcy trusteeDefinition (Financial-banking)
A private individual or corporation appointed to undertake bankruptcy proceedings for a individual or corporation.
banque de la nouvelle ecosse (BNE)Canada
  ➥  French acronym for Bank of Nova Scotia.
Banque du Canada (BDC)Company, Canada
  ➥  French acronym for Bank of Canada
Banque Laurentienne du Canada (BLC)Company, Canada
  ➥  French acronym for Laurentian Bank of Canada.
Banque Nationale du Canada (BNC)Company, Canada
  ➥  French acronym for National Bank of Canada.
Banque Royale du Canada (BRC)Company, Canada
  ➥  French acronym for Royal Bank of Canada.
basic current account (BCA)Acronym
basisDefinition (Investments, Taxation, Insurance, Financial-banking)
That on which a thing rests or is founded.
Battle River Credit UnionBank, Alberta, Canada
  ➥  A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
Bay Credit Union (BCU)Bank Est.1946, Thunder Bay, Ontario, Canada
Bayshore Credit UnionBank, Ontario, Canada
Bayview Credit Union SocietyBank, New Brunswick, Canada
bear marketDefinition (Investments, Financial-banking)
When stock prices are decreasing, it's a bear market.
Beaubear Credit UnionBank, New Brunswick, Canada
Beaumont Credit UnionBank, Alberta, Canada
Beautiful Plains Credit Union (BPCU)Bank Est.1955, Manitoba, Canada
before-tax incomeDefinition (Taxation, Financial-banking)
Earnings before income taxes are paid.
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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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Below is a listing of our most popular mortgage product inquiries made using our online mortgage application for all of Canada.

Mortgage Product Type Inquiries
Mortgage Pre-approval21.57%
First-time Home Buyer17.26%
New Purchase15.31%
Refinance/Consolidate Debt14.19%
No Money Down discontinued11.65%
Mortgage Renewal10.16%
Other9.85%