- A mortgage summary or report that is sent to the borrower at the end of each year. The statement shows the amount of taxes and interest paid on the mortgage during the year, as well as the remaining loan balance.
annual summary, yearly report, annual statement
Related Terms and Acronyms
- Amortization Schedule — Definition,
- A detailed table showing the amortization of a loan which includes the beginning principal amount, period payments, the interest portion of each payment, the principal reduction portion each payment, and the ending balance. The Canadian Equity Group has developed a mortgage rate calculator which will generate a perfect example of an amortization schedule.
- Annual Fee — Definition,
- A bank charge for use of a credit card levied each year, which can range from $15 to $300, billed directly to the customer's monthly statement. Many credit cards come without an annual fee.
- Annual Mortgage Statement — Definition, Important,
- A report sent to the borrower every year, detailing how much principal remains on the home loan and how much was paid in taxes and interest during the previous year.
- Income Statement — Definition,
- Also known as the profit and loss statement or P&L, enables you to calculate your company's pre-tax profits by subtracting total expenses from total revenues.
- Payables at Year-End (PAYE) — Acronym, Canada,
➥ Treasury Board policy.
- To ensure that liabilities existing at the fiscal year-end for work performed, goods received, services rendered, transfer payments and other items are recorded in the accounts and financial statements of Canada.
- Statement — Definition,
- 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.