Your All-in-One Canadian Financial Dictionary
Retirement
The stage of life when you stop working full-time and live off savings, pensions, or investments. In Canada, many people aim for age 65 but it depends on your personal plan.
Rewards points
Points you earn when you spend with certain credit cards. You can use them for things like travel, cash back, or paying down your balance.
Salary
A fixed amount you earn from your job, usually quoted yearly but paid regularly (like biweekly or monthly).
Secure investment
An investment where your original money is protected. You’ll get it back at the end of the term, along with any promised interest.
Secured line of credit
A line of credit backed by something you own, like your home. Because it’s secured, it often comes with lower interest rates.
Service charge (S/C)
A fee charged by your bank for certain transactions or services.
Shares (Stocks)
Units of ownership in a company. When you buy shares, you own a small part of that business.
Social Insurance Number (SIN)
A unique 9-digit number issued by the Government of Canada. You need it to work, pay taxes, and access government programs.
Sole proprietorship
A business owned and run by one person. There’s no legal separation between you and the business, you keep all the profits, but you’re personally responsible for any debts or losses.
Statement
A summary of your account activity over a period of time, showing transactions, balances, and fees.