Your All-in-One Canadian Financial Dictionary
Old Age Security (OAS)
A monthly payment from the government once you turn 65. It’s based on how long you’ve lived in Canada, not how much you earned.
Online banking
Managing your money through your bank’s website. You can check balances, pay bills, and move money anytime, from your device.
Open mortgage
A mortgage that lets you pay it off faster without penalties. You get flexibility but usually at a higher interest rate.
Overdraft protection
A feature that covers you if you spend more than what’s in your account. Instead of a declined payment, the bank covers the difference but charges a small fee or interest.