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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Income


Synonyms:earnings, fat stacks, gainings, proceeds, profit, revenue, yield
Filed Under: financial-banking, investments, taxation
Tags: banking, investment, taxes
 

Definition of income

income
1. The total sum of salaries, wages, profits, and any other forms of earnings received by an entity in a given time period

Related Terms and Acronyms:

  • debt-to-income ratio   The percentage of an individual's income that is used to repay debt.
  • 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.
  • gross debt service (GDS)   The total monthly mortgage (or rent) payments, property taxes, utilities and maintenance fees as a percentage of gross monthly income.
      ➥  Used by mortgage lender underwriters to determine one's ability to qualify for a mortgage loan.
  • gross overtime   Overtime pay before taxes that is averaged over two years can be considered monthly income, but it must be over the two years or it does not count.
  • loss   When expenses are larger than revenues.
  • other income/expenses   Any income or expenses earned or disbursed by a business that are not clearly associated to its core operations.
  • 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.
  • revenue   Money earned by a company from its business activities.
  • royalty income   Payment for the use and exploitation of certain kinds of property, such as artistic or literary works, patents and mineral rights.

More Related Terms and Acronyms

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