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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Banking Terms

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Tax LienUnderwriting Expenses
spreadDefinition (Mortgages, Financial-banking)
The difference between the interest rate charged to borrowers and the interest rate paid to depositors.
sprinkling provisionDefinition (Estate-management, Insurance, Financial-banking)
A provision that gives a trustee the authority to distribute life insurance death benefits as he or she sees fit, and to those who need the money the most.
Spruce 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.
St. Gregor Credit UnionBank, Saskatchewan, Canada
St. Joseph's Credit UnionBank, Nova Scotia, Canada
St. Mary's (Toronto) Credit UnionBank, Ontario, Canada
St. Stanislaus - St. Casimir's Polish Parishes Credit UnionBank, Ontario, Canada
St. Thomas Prov. Civil Service Credit UnionBank, Ontario, Canada
stagflationDefinition (Investments, Financial-banking)
A time period where the unemployment rate and the rate of inflation are both relatively high.
Stakeholder Advisory Council (SAC)Acronym
standard cardDefinition (Financial-banking)
The basic card offered by issuers. Customers with higher incomes and good credit reports can qualify for the higher-limit gold and platinum cards.
Standard Corporate and Merchant Bank (SCMB)Company
standby commitmentDefinition (Mortgages, Financial-banking)
A commitment from a lender to make a loan in a specified period of time on specified terms with the understanding that the borrower will not likely draw down the funds.
standing order (SO)Acronym (Bank Statements)
  ➥  Bank account transaction code.
Starbuck Credit UnionBank, Manitoba, Canada
statementDefinition (Mortgages, Financial-banking)
A detailed record of transactions in a bank customer's account(s) for a certain period, usually each month, which shows debits, credits, transfers, payroll deposits, account balance, cheque fees, service and interest charges, ATM activity, etc.
Steel Centre Credit UnionBank, Nova Scotia, Canada
Steinbach Credit Union (SCU)Bank Est.1941, Steinbach, Manitoba, Canada
step down leaseDefinition (Real-estate, Financial-banking)
A lease providing for decreases in rental payment at specified dates.
step up leaseDefinition (Real-estate, Financial-banking)
A lease providing for increases in rental payment at specified dates.
stockDefinition (Investments, Financial-banking, Legal-contracts)
A share of the ownership of a company.
Stoughton Credit UnionBank, Saskatchewan, Canada
Strathclair Credit UnionBank, Manitoba, Canada
sub accountDefinition (Financial-banking)
A separate financial account used to keep track of a department's finances.
sub-prime borrowerDefinition (Mortgages, Financial-banking)
A borrower with a less-than-perfect credit report due to late payments or a default on debt payments.
subordinate loanDefinition (Mortgages, Financial-banking)
A mortgage whose priority is below that of another mortgage; i.e., a second or third mortgage or a home-equity loan.
Sudbury Credit Union (SCU)Bank, Ontario, Canada
Summerland & District Credit Union (SDCU)Bank Est.1944, British Columbia, Canada
Sunova Credit UnionBank, Manitoba, Canada
SunRise Credit UnionBank, Manitoba, Canada
Sunshine Coast Credit UnionBank, British Columbia, Canada
super yield money market account (SYMMA)Acronym
supervised investment bank holding companies (SIBHC)Acronym
surplusDefinition (Taxation, Financial-banking)
When an entity's income exceeds its expenses.
survival analysisDefinition (Investments, Estate-management, Annuities, Insurance, Financial-banking)
A statistical analysis of how likely someone or something will survive to a set date.
suspicious transaction report (STR)Acronym
Swan Valley Credit Union (SVCU)Bank Est.1953, Manitoba, Canada
swapDefinition (Investments, Financial-banking)
An agreement between two businesses to exchange commodities, payments or other financial products to reduce the risk of volatile market conditions or to obtain a better price or rate. For example, interest rate swaps, where floating rate interest is exchanged for fixed rate interest, protects a corporation against rises in rates or allows it to take advantage of a better rate. A cross-currency swap enables two parties to enter into an agreement in which one exchanges its currency for the other's to meet their separate requirements.
sweat equityDefinition (Mortgages, Financial-banking, Legal-contracts)
The value of the work put into a house by its owner. This can be used in place of a full down payment. Up to and including 50% of a down payment.
Sydenham Credit UnionBank, Ontario, Canada
Sydney Credit UnionBank, Nova Scotia, Canada
syndicated loansDefinition (Financial-banking)
Loans given to a company that are backed by a group of banks who share the risk of a large transaction. There is usually a lead bank and several participating banks.
Synergy Credit UnionBank, Saskatchewan, Canada
takeoverDefinition (Investments, Financial-banking, Legal-contracts)
The purchase of a company by another.
Talka Lithuanian Credit UnionBank, Ontario, Canada
tandem loanDefinition (Mortgages, Financial-banking)
When one asset, usually a house, has two loans taken out on it.
tax (TX)Definition (Taxation, Financial-banking, Bank Statements)
A levy paid by an individual or entity that is collected by a government.
tax deductionDefinition (Taxation, Financial-banking)
An expense that governments allow you to subtract from your income before computing your income tax.
tax deferralDefinition (Taxation, Financial-banking)
The postponement of taxes to a later year, usually by recognizing income or a gain at a later time. Remember, this only delays your tax liability; it doesn't eliminate it.
tax liabilityDefinition (Taxation, Financial-banking)
The total amount of tax you owe.
Previous Page
Sandhills Credit UnionSplit-Funded Annuity
 
Currently Displayed — Page 34
Spread — Tax Liability
  Next Page
Tax LienUnderwriting Expenses

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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