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Canadian Financial, Real Estate and Mortgage Glossary

Banking Terms

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Sandhills Credit UnionBank, Saskatchewan, Canada
  ➥  A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
Sanford Credit UnionBank, Manitoba, Canada
Saskatoon City Employees' Credit Union (SCECU)Bank Est.1947, Saskatchewan, Canada
savings accountDefinition (Investments, Financial-banking)
A financial account that pays interest with low risk.
savings-and-loan association (S&L)Acronym
schedule i banksDefinition (Financial-banking)
A designation in the Bank Act that refers to Canadian-owned banks that are widely held, i.e., ones in which no one owner holds more than 10% of shares.
schedule ii banksDefinition (Financial-banking)
A designation in the Bank Act that refers to foreign-owned banks and closely held Canadian banks, i.e., banks in which an owner may hold more than 10% of outstanding stock.
schedule iii banksDefinition (Financial-banking)
Foreign banks not incorporated under the bank act that are allowed to conduct business in Canada.
seasonal unemploymentDefinition (Mortgages, Taxation, Financial-banking, Legal-contracts)
The loss of jobs due to changes in the climate and other conditions. Forestry, fishing and construction are affected by climate, while retailing is affected by seasons and holidays. For instance, at Christmas, retail employment is higher than in January.
secondary marketDefinition (Investments, Mortgages, Financial-banking)
A market where financial instruments such as stocks, bonds, options and futures are bought and sold to investors.
secondary mortgage marketDefinition (Investments, Mortgages, Financial-banking)
The trade in home loans that are bundled together and sold as securities to investors. It frees money so more people can get mortgages.
secure electronic commerce environment (SECE)Est. 1996
  ➥  Online payment system developed by Fujitsu Limited, Hitachi, Ltd., and NEC Corporation.
secured credit cardDefinition (Financial-banking)
A credit card that a cardholder secures with a savings deposit to ensure payment of the outstanding balance if the cardholder defaults on payments. It is used by people new to credit, or people trying to rebuild their poor credit ratings.
secured debtDefinition (Mortgages, Financial-banking)
A debt that is secured by a lien on debtor's property that may be taken by the creditor in case of non-payment by the debtor. A common example is a mortgage loan.
secured line of credit (SLC)Acronym
secured loanDefinition (Financial-banking)
Borrowed money that is backed by collateral.
securities/investment dealerDefinition (Investments, Financial-banking)
One who acts as the agent for another party to buy and sell securities and other investments; also an underwriter.
securityDefinition (Investments, Real-estate, Financial-banking)
A tradable financial implement that represents ownership, the rights to ownership or debt.
seed fundingDefinition (Investments, Financial-banking)
Money used to start a business.
selection biasDefinition (Investments, Insurance, Financial-banking)
A statistical error made when non-random data is added into a dataset.
self insuranceDefinition (Insurance, Financial-banking)
Setting aside money or assets for a potential future loss.
self-selection biasDefinition (Investments, Insurance, Financial-banking)
A selection bias that occurs when individuals join a sample group voluntarily.
seller's marketDefinition (Real-estate, Financial-banking)
Due to either low supply or high demand, the seller can expect to sell quickly with a high sale price.
service charge (SC)Definition (Financial-banking, Bank Statements)
Fees charged to customers for specific services or as a penalty for not meeting certain requirements such as insufficient funds in a chequing account.
  ➥  Bank account transaction code.
service chargeable (DS)Acronym (Bank Statements)
Servus Credit Union (SCU)Bank Est.1938, Alberta, Canada
  ➥  Alberta's largest credit union and a Canadian NHA approved mortgage lender. Offers reverse mortgages.
settlement pointsDefinition (Financial-banking)
Regional collection points in the clearing and settlement system operated by the Canadian Payments Association. Settlement points forward each bank's regional balance to the Bank of Canada in Ottawa at the end of each day to allow the central bank to adjust the banks' balances with the central bank.
share certificateDefinition (Financial-banking, Legal-contracts)
A certificate of deposit issued by a credit union that pays a specific dividend if held for a specific period. It's the credit union equivalent of a certificate of deposit. A penalty is usually assessed if all or any of the principal is withdrawn before maturity.
shared-appreciation mortgage (SAM)Definition (Investments, Mortgages, Financial-banking)
A home loan in which the lender offers a below-market interest rate in exchange for sharing in the profit when the home is sold. Usually done only with private funds/lenders.
Sharons Credit UnionBank, British Columbia, Canada
Shaunavon Credit UnionBank, Saskatchewan, Canada
Shell Employees Credit UnionBank, Alberta, Canada
short tax yearDefinition (Taxation, Financial-banking)
A tax period less than 12 months long, resulting from a business start-up or the transition to a tax year ending on a different date.
short-term capital lossDefinition (Investments, Financial-banking)
Your loss from the sale of a capital asset that you held for one year or less.
short-term liabilitiesDefinition (Financial-banking)
Money that you have to pay in less than 12 months, including wages, short-term loans, taxes, credit card balances and long-term loans.
sight draft (S/D)Acronym
simple interest loanDefinition (Financial-banking)
A method of allocating the monthly payment between interest and principal. The interest charged is determined by the unpaid principal balance on the loan, the interest rate, and the number of days since the last payment. The rest of the payment goes to the principal. Making early payments or additional payments reduces the loan's principal and cuts the total interest paid over the life of the loan.
small business online banking (SBOB)Acronym
smart cardDefinition (Financial-banking)
A card with an embedded computer chip which stores more information, performs more functions and is more secure than a credit card or debit card.
So-Use Credit UnionBank, Ontario, Canada
social insurance number (SIN)Canada
Every person who has an income or pays taxes must apply for this number, which is assigned by the Government of Canada. You must, by law, provide this number to financial institutions with which you have an interest-bearing deposit account.
  ➥  A nine-digit number that you need to work in Canada or to have access to government programs and benefits. Banks may also request your SIN for tax purposes or to verify credit checks.
Society for Worldwide Interbank Financial Telecommunication (SWIFT)Company
Global data processing system used by banks.
sole proprietorshipDefinition (Investments, Financial-banking, Legal-contracts)
A business owned by an individual where no legal distinction is made between the business and the owner.
solvencyDefinition (Investments, Financial-banking)
To be able to meet one's financial liabilities in the short or long term.
South Interlake Credit Union (SICU)Bank Est.1990, Manitoba, Canada
  ➥  Now call Sunova Credit Union.
Southwest Regional Credit Union (SRCU)Bank Est.1939, Ontario, Canada
special electronic funds transfer (SEFT)Acronym
specialized financing corporationDefinition (Financial-banking)
A term in the Bank Act referring to specialized business-management services such as making investments, negotiating mergers and acquisitions and many other services traditionally offered as merchant-banking services.
Spectra Credit UnionBank, Saskatchewan, Canada
split-funded annuityDefinition (Investments, Estate-management, Annuities, Financial-banking)
Two annuities purchased together, one with a deferred payout and the other with an immediate payout.
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Remaining TermSame Day Funds Settlement
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Sandhills Credit Union — Split-Funded Annuity
  Next Page
SpreadTax Liability

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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