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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Banking Terms

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remaining termDefinition (Mortgages, Financial-banking)
The time it will take to pay off the rest of an instalment loan as scheduled.
renegotiable rate mortgage (RRM)Acronym
renewalDefinition (Mortgages, Financial-banking)
Signing on again with the same lender once a term is up.
rentDefinition (Mortgages, Real-estate, Financial-banking)
When one party pays another for the use of an asset, service or property.
repayment periodDefinition (Mortgages, Financial-banking)
In a home equity line of credit, that portion of the life of the loan that follows the draw period. During the repayment period, the borrower cannot take out any more money, but must pay down the loan.
repayment planDefinition (Mortgages, Financial-banking)
Modification of an existing loan after the borrower has been delinquent. Often used when the borrower misses payments but the lender does not foreclose.
repossessionDefinition (Mortgages, Financial-banking, Legal-contracts)
The taking back of property after a borrower has stopped making payments.
Research on Banking International and National Systems or Networks (ROBINSON)Ottawa, Ontario, Canada
reserveDefinition (Investments, Insurance, Financial-banking)
Money retained for some future use.
restructured loanDefinition (Mortgages, Financial-banking)
A mortgage in which basic terms -- such as interest rate, term and monthly payment -- have been changed to prevent foreclosure. Not a normal practice in Canada.
restsDefinition (Financial-banking)
The periodical balancing of an account for the purpose of converting interest into principal, and charging the party liable thereon with compound interest.
Resurrection Credit Union (RCU)Bank Est.1963, Ontario, Canada
  ➥  A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
retail bankingDefinition (Financial-banking)
Banking services offered to individual customers such as savings accounts, personal loans, cheque cashing, and RRSPs.
retained earningsDefinition (Investments, Taxation, Financial-banking)
All of the profits or losses accumulated from prior years and from the present year's income statement, minus dividends paid to you.
returnDefinition (Investments, Taxation, Insurance, Financial-banking)
Any increase in value or in income you earn on purchase or investment.
returned item (RT)Acronym (Bank Statements)
  ➥  Bank account transaction code.
Revelstoke Credit Union (RCU, REVCU)Bank, British Columbia, Canada
revenueDefinition (Investments, Taxation, Financial-banking)
Money earned by a company from its business activities.
reverse takeoverDefinition (Investments, Financial-banking, Legal-contracts)
The purchase of a public company by a private company, often to avoid the IPO process.
revolverDefinition (Financial-banking)
A term credit card issuers use for card holders who roll over part of the bill to the next month, instead of paying off the balance in full each month. About seven out of 10 cardholders revolve the debt.
revolving creditDefinition (Mortgages, Financial-banking)
A line of credit that does not have a specified repayment schedule but may require a minimum payment to cover interest and contribute to paying off principal. Typical of credit card loans, chequing account cash reserve or overdraft accounts that have pre-approved lines of credit.
revolving documentary letter of credit (RDLC)Acronym
revolving letter of credit (RLC)Acronym
revolving line of credit (RLOC)Definition (Financial-banking)
An agreement to lend a specific amount to a borrower, and to allow that amount to be borrowed again once it has been repaid. Most credit cards offer revolving credit.
right of first refusalDefinition (Real-estate, Financial-banking, Legal-contracts)
An agreement by an owner to give another party an opportunity to buy the property before it is offered to anyone else.
risk based net worth (RBNW)Acronym
River City Credit UnionBank, Alberta, Canada
Roblin Credit UnionBank, Manitoba, Canada
Rochdale Credit Union (RCU)Bank Est.1940, Ontario, Canada
Rocky Credit Union (RCU)Bank, Alberta, Canada
  ➥  A Canadian NHA approved mortgage lender that offers all lending types. Also offers reverse mortgages.
roll in loansDefinition (Mortgages, Financial-banking)
A refinancing loan that rolls any closing costs or fees into the loan. These programs best serve people who have a reasonable amount of home equity, want to reduce their overall interest expense, and plan to stay in their homes.
roll over mortgageDefinition (Mortgages, Financial-banking)
A type of loan where the interest rate is set for a specific term. At the end of this term, the mortgage is said to "roll-over" and the borrower and lender may agree to extend the loan. If satisfactory terms cannot be agreed upon, the lender is entitled to be repaid in full. In this case, the borrower may seek alternative financing.
Rorketon & District Credit UnionBank, Manitoba, Canada
Rosenort Credit UnionBank, Manitoba, Canada
Royal Bank Capital Partners (RBCP)Canada
Royal Bank Investment Management (RBIM)Canada
Royal Bank of Canada (RBC, RY)Company, Canada-wide
  ➥  A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages, and reverse mortgages.
Royal Bank of Canada - Dominion Securities (RBCDS)Canada
Royal Bank of Canada Europe Limited (RBCEL)Company, Canada
Royal Bank of Canada Investment (RBCI)Canada
Royal Certified Service (RCS)Canada
  ➥  RBC chequing account.
Royal Credit Line (RCL)Canada
  ➥  Offered by RBC.
Royal Direct (RD)Canada
  ➥  RBC's online and telephone banking service.
Royal Foreign Exchange (RFX)Canada
royalty incomeDefinition (Investments, Taxation, Financial-banking, Legal-contracts)
Payment for the use and exploitation of certain kinds of property, such as artistic or literary works, patents and mineral rights.
Royglenor Savings and Credit UnionBank, Alberta, Canada
sale priceDefinition (Real-estate, Financial-banking)
The price that is paid for an asset.
sales taxDefinition (Real-estate, Taxation, Financial-banking)
Federal and / or provincial taxes that are applied to purchases.
Salmon Arm Savings Credit Union (SASCU)Bank Est.1946, British Columbia, Canada
same day funds settlement (SDFS)Acronym
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Sandhills Credit UnionSplit-Funded Annuity

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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