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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Banking Terms

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tax lienDefinition (Mortgages, Real-estate, Taxation, Financial-banking)
A claim, or obstacle, to the sale of property because of unpaid taxes. The property's title can't be transferred until liens are paid.
tax refundDefinition (Taxation, Financial-banking)
To receive money back from the government.
tax-exempt commercial paper (TECP)Acronym
tax-shelteredDefinition (Investments, Estate-management, Annuities, Taxation, Financial-banking, Legal-contracts)
A savings or investment plan that offers significant tax savings.
taxable incomeDefinition (Taxation, Financial-banking)
Income that is subject to taxation after accounting for adjustments, exemptions, and deductions.
TCU Financial GroupBank, Saskatchewan, Canada
  ➥  A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
Teachers Plus Credit Union (TPCU)Bank, Nova Scotia, Canada
Teachers' Credit Union (TCU)Acronym (Credit Unions)
  ➥  Registered business name of Hamilton Teachers' Credit Union Limited.
teaser rateDefinition (Mortgages, Financial-banking)
Often called the introductory rate, it is the below-market interest rate offered to entice customers to switch credit cards or lenders.
telephone/online banking (CW)Acronym (Bank Statements)
  ➥  Bank account transaction code.
tenantDefinition (Real-estate, Financial-banking, Legal-contracts)
One who rents property.
termDefinition (Investments, Mortgages, Insurance, Financial-banking, Legal-contracts)
The length of time you commit to repay a lender or bank at an agreed upon interest rate and payment schedule. The interest rate usually remains constant during this term unless the commitment states otherwise. For example, a five year fixed rate mortgage has a term of five years.
term deposit (TD)Definition (Investments, Financial-banking)
An investment product in which you deposit a fixed sum of money for a set period of time and are paid interest.
testimonialDefinition (Financial-banking)
A statement of support for a product or service.
Thamesville Community Credit Union (TCCU)Bank Est.1955, Ontario, Canada
The Energy Credit Union (TECU)Bank Est.1941, Toronto, Ontario, Canada
  ➥  Formerly known as The Toronto Electrical Utilities Credit Union Limited.
The Fire Department Employees Credit UnionBank, Ontario, Canada
The Police Credit Union (TPCU)Bank Est.1946, Ontario, Canada
third-party originatorDefinition (Financial-banking)
One who takes all or part of the mortgage application and transfers or sells it to a lender.
Thorold Community Credit Union (TCCU)Bank Est.1948, Thorold, Ontario, Canada
tiered money market account (TMMA)Acronym
time depositDefinition (Financial-banking)
A type of deposit account with a stated maturity at which time the account reverts to another type of account or is "rolled over" for another fixed period of time.
title loanDefinition (Automotive, Financial-banking)
A loan that uses a car as collateral.
Toronto Dominion (TD)Company, Canada
Toronto Dominion Bank Financial Group (TDBFG)Company, Canada
Toronto Dominion Canada Trust (TDCT)Company, Canada
Toronto Municipal Employees' Credit Union (TMECU)Bank Est.1940, Ontario, Canada
Toronto-Dominion Bank (TDB)Company, Canada-wide
Torquay Credit UnionBank, Saskatchewan, Canada
trade equityDefinition (Mortgages, Real-estate, Financial-banking)
A swap of property, such as real estate or a car, as part of a down payment for other real estate.
Trans Canada Credit Union (TCCU)Bank Est.1958, Alberta, Canada
transactionDefinition (Financial-banking)
Action in a bank account. It may be a deposit, withdrawal, debit card payment, service charge or interest payment.
transaction date (TRNSDATE)Definition (Financial-banking)
The date that goods or services were purchased or the date the cash advance was made.
transfer of funds (TF)Acronym (Bank Statements)
travellers' chequesDefinition (Financial-banking)
These are a safe way to carry large amounts of money if you are going on a trip. They are considered to be the same as cash, but can be replaced if they are lost or stolen. You can buy them at your bank for a small fee. If you have a special service package, you may not have to pay this fee.
treasury billsDefinition (Investments, Financial-banking)
Short-term government obligations that are payable to the bearer and sold on a discount basis; the difference between a T-bill's market or discounted price and its face or redemption value is effectively interest if the T-bill is held to maturity.
trustDefinition (Estate-management, Financial-banking)
A fund established like a will, specifying how money or property will be disbursed, lists the recipients or beneficiaries and names one or more trustees to manage the assets. An irrevocable trust can't be changed after the terms are finalized; a revocable trust has more legroom in how much can be transferred, but is usually costlier to maintain.
trust accountDefinition (Estate-management, Financial-banking)
An account used by a law firm or real estate agent to handle earnest money, funds set aside for repairs and other money that the buyer and seller put up before closing.
trust companyDefinition (Estate-management, Financial-banking, Legal-contracts)
A company that acts as a trustee (an entity that controls financial assets on the behalf of another).
trusteeDefinition (Estate-management, Financial-banking)
A person who holds and manages assets for the benefit of beneficiaries.
Turtleford Credit UnionBank, Saskatchewan, Canada
two-tier healthcareDefinition (Taxation, Insurance, Financial-banking, Legal-contracts)
A situation where public healthcare is available to all people, but private healthcare can be purchased by those who want it.
Ukrainian (St. Catharines) Credit Union (USCCU)Bank Est.1946, St. Catharines, Ontario, Canada
  ➥  See also Ukrainian Credit Union (UCU). A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
Ukrainian Credit Union (UCU)Bank Est.1944, Ontario, Canada
unaffiliated investmentsDefinition (Investments, Insurance, Financial-banking)
Investments in assets made by an insurance company where they have no control over the assets.
unauthorized electronic funds transfer (UEFT)Acronym
underpayment penaltyDefinition (Taxation, Financial-banking)
A penalty for not paying enough total estimated tax and withholding. You can avoid underpayment penalties by paying a percentage amount of last year's tax due or of the current year's expected tax due. You may pay the taxes in combined estimated and withholding tax payments.
underwriterDefinition (Investments, Mortgages, Insurance, Financial-banking)
An entity that issues and distributes financial products including equity capital, credit, mortgages, and insurance.
underwriters associationDefinition (Insurance, Financial-banking)
A group of underwriters in a specific field who join together to maintain professional standards.
underwriting expensesDefinition (Investments, Mortgages, Insurance, Financial-banking)
The expenses accumulated by an insurance company while underwriting a product.
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SpreadTax Liability
 
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Underwriting GuideWeyburn Credit Union

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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