Your All-in-One Canadian Financial Dictionary
Harmonized Sales Tax (HST)
A combined tax you pay on most purchases in certain provinces like Ontario. It blends federal GST and provincial tax into one rate (e.g., 13% in Ontario).
High-Interest Savings Account (HISA)
a savings account that usually pays more interest than a regular savings account. It can be a useful place to keep money for short-term goals or emergency savings while still keeping it easy to access.
Hold funds
When money is deposited into your account but isn’t available to use right away. Banks may hold it for a few days to make sure the payment clears.
Home Buyers’ Plan (HBP)
A government program that lets you use money from your RRSP to buy your first home, tax-free upfront. You’ll need to pay it back over time.
Home equity
The portion of your home you truly own. It’s the home’s value minus what you still owe on your mortgage.
Home insurance
Coverage that protects your home and belongings from things like fire, theft, or damage. Most lenders require it if you have a mortgage.