Your All-in-One Canadian Financial Dictionary
Account number
A unique number assigned to your account that identifies it and is used to send, receive, and track transactions.
Amortization
This is the schedule or method used to pay down debt. It outlines how much of each payment goes toward interest versus principal, typically shifting from more interest early on to more principal later.
Amortization period
How long it takes to fully pay off a loan if you stick to the plan. For example, a mortgage might take 25 years to pay off—even though your contract (term) is shorter and gets renewed along the way.
Annual Financial Statement
Statement the institution must send to each shareholder 21 days before the date of the annual meeting. It must include a balance sheet at the end of the financial year, a statement of income, change in financial position and changes in shareholders' equity for the financial year.
Asset
Any item of value that a person or entity owns. Assets can be tangible (physical items like property) or intangible (like patents, trademarks, or intellectual property).
Asset class
A way to group investments by how they behave. The main ones are stocks (growth), bonds (income), and cash (low risk). Mixing them helps balance risk and returns.
ATM debit or ATM (bank machine) cash withdrawal
Taking cash out of your account using a bank machine. The money comes directly from your chequing or savings account.
Automated Teller Machine (ATM)
A self-serve banking machine where you can withdraw cash, check your balance, or deposit money—no teller needed.
Automatic Savings Program (ASP)
A simple way to save without thinking. Money is automatically moved from your main account into savings on a schedule (like every payday).
Balance
The amount of money in your account or the amount you owe if it’s a credit card or loan.