Your All-in-One Canadian Financial Dictionary

A contract where you pay regular premiums to an insurer, and in return, they pay a tax-free amount to your beneficiaries when you die. It’s designed to help cover expenses and replace lost income for the people you leave behind.

A flexible loan you can borrow from anytime, up to a set limit. You’re only charged interest on the money you borrow, not the total amount available. Example: If your limit is $10,000 and you borrow $2,000, you only pay interest on the $2,000.

Money you borrow and agree to pay back over time, with interest.