Your All-in-One Canadian Financial Dictionary
Interest rate
The cost of borrowing or the reward for saving and investing.
International ATM withdrawal
Taking money out of a bank machine outside Canada. The amount is converted into Canadian dollars, often with added fees.
Investment Returns
The money you earn (or lose) from an investment over time, including interest, dividends, or price growth.
Investments
The different assets or places where your money is invested (like stocks, ETFs, or real estate).
Life insurance
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.
Line of credit
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.
Loan
Money you borrow and agree to pay back over time, with interest.
Maturity
The end date of a loan or investment. This is when it’s fully paid off or when you can access or renew your investment.
Mobile banking
Managing your money through your bank’s app like checking balances, paying bills, or sending money right from your phone.
Money order
A prepaid form of payment, similar to a cheque. Since you pay upfront, it’s guaranteed and won’t bounce. Often used when cash isn’t practical.