Your All-in-One Canadian Financial Dictionary
Non-registered investment
An investment account that doesn’t have tax advantages, meaning you pay tax on any gains or income you earn.
Non-Sufficient Funds (NSF)
A fee charged when you don’t have enough money in your account to cover a payment.
Notice of Assessment
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.
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.
Payroll deductions
Amounts taken from your paycheque before you receive it like taxes, CPP, EI, and benefits.
Pending transaction
A payment you’ve made that hasn’t fully processed yet. The money is already reserved, even if it hasn’t been officially deducted.
Pension
Income you receive in retirement, usually built up through contributions during your working years.