Your All-in-One Canadian Financial Dictionary

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

A loan used to buy a home. The property itself is used as security, so if you don’t repay, the lender can take and sell it.

Extra payments you make on your mortgage to pay it off faster and reduce interest over time.

An investment where your money is pooled with others and managed by professionals. It spreads your money across different assets to reduce risk.

Your take-home pay, what’s left after taxes and deductions are removed from your income.

An investment you can’t cash out early. Your money stays locked in until the term ends.

An investment account that doesn’t have tax advantages, meaning you pay tax on any gains or income you earn.

A fee charged when you don’t have enough money in your account to cover a payment.

A summary from the Canada Revenue Agency after you file your taxes. It shows what you owe, what you’re getting back, and your updated tax details.

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.

Managing your money through your bank’s website. You can check balances, pay bills, and move money anytime, from your device.