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Current Mortgage RatesVariable closed: 1.65% 1 year closed: 1.64% 3 year closed: 1.59% 5 year closed: 1.69% 10 year closed: 2.84% Glossary
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GLOSSARY
Canadian Financial, Real Estate and Mortgage Glossary
How often this word is used
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50% - Moderately
50% - Moderately
Active Income
Synonyms: | cash flow, earnings, gains |
Filed Under: | financial-banking, taxation |
Tags: | banking, taxes |
Definition of active income
- active income
- 1. Active income, such as wages, tips and profits from your business that you materially participate in, and portfolio income, such as interest and dividends. Generally, you cannot offset active income with passive losses. See also "Non-passive Income."
Related Terms and Acronyms:
- earned income Money earned through wages, salaries, tips, net earnings (if self-employed), and any other income received for work or personal services. Investment income, such as dividends and interest, is not counted as earned income.
- mixed-income housing A neighbourhood whose residents earn widely varying wages and salaries.
- net income (NI) The difference between effective gross income and expenses. The term is qualified as net income before depreciation and debt.
- ordinary income Income that does not qualify as a capital gain including wages, interest, dividends, and net income from a business.
- passive activity An activity in which a person does not materially participate such as real estate rentals and limited partnerships.
- passive income Income coming in on a regular basis, with little or no maintenance.
- passive loss Loss from a passive activity. Passive loss rules limit the amount of passive loss you can deduct to the total of your other income from passive activities.
- personal disposable income Personal income minus personal income tax payments. Also called "take-home pay."
- recognized gain or loss The amount of gain or loss reported for income tax purposes. You may be able to defer recognizing gain or loss on certain property exchanges, such as like-kind exchanges.
- seasonal unemployment 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.
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Mortgage Amortization Calculator
An amortization is the amount of time scheduled to completely pay off a loan, and the amortization length you choose is important in shaping how much you'll end up paying for your home. While the Government of Canada's national housing agency caps the amortization period for high-ratio mortgages at 25 years, and that is the most popular amortization length in Canada, amortizations can range anywhere from 5 to 30 years for uninsured mortgages. Try our easy to use mortgage calculator to see how changing the amortization length affects your loan payments.
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