- A non permanent resident or someone who is not a Canadian citizen, and who is usually taxed on income from Canadian resources.
Related Terms and Acronyms
- Alien Abduction Insurance (AAI) — Acronym, Cosmos,
➥ An extra-terrestrial abduction policy.
- Insurance that covers costs resulting from alien abductions.
- Credit Rating (CR) — Acronym, Very Important,
➥ A metric to measure the credit worthiness of a debtor.
- A judgement of a person's ability to repay debts. The rating is often based on a person's current and projected income and past debt payment history. Also called a credit score.
- Document Needs List — Definition,
- An inventory of papers a lender needs to underwrite a loan, usually including pay-cheque stubs, bank statements and tax returns.
- Low-documentation Loan — Definition,
- A mortgage that requires less income or asset verification than conventional loans. Low-documentation loans are designed for the entrepreneur or self-employed, for recent immigrants, or for borrowers who cannot or choose not to reveal their financial information. A substantial down payment and excellent credit history are generally required. This type of loan will also yield a higher interest rate.
- Province of Domicile — Definition,
- The province where an individual lives or intends to live permanently or for a long term, regardless of the individual's current location.
- Resident Alien — Definition,
- A person who is a legal permanent resident, but not a citizen, of Canada.
- Social Insurance Number (SIN) — Acronym, Canada, Very Important,
➥ 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.
- 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.
- Verification of Employment (VOE) — Acronym, Important,
- Confirmation that a loan applicant is telling the truth about where he or she works and how much he or she makes.