Your All-in-One Canadian Financial Dictionary
Credit history
Your track record of borrowing and repaying money over time. A strong history makes it easier to get approved for loans.
Credit limit
The maximum amount you’re allowed to borrow on a credit card or line of credit.
Credit memo
A record showing money added back to your account. For example, a refund from a store or a reversed charge.
Credit Score
A credit score is a number that reflects how you’ve managed borrowed money over time. Paying bills on time and using credit responsibly can help improve it. Lenders often use it when deciding whether to approve you for things like credit cards, loans, or mortgages.
Debit card
A card linked to your bank account. When you pay with it, the money comes out of your account right away.
Debit memo
A record showing money taken out of your account. This could be for fees, payments, or corrections.
Deposit account
A basic bank account (like chequing or savings) where you can store, deposit, and withdraw money.
Due date
The deadline to make a payment. For credit cards, it’s when you need to pay at least the minimum to avoid penalties.
Electronic Funds Transfer (EFT)
Moving money between accounts electronically, no cash or cheques needed. This includes direct deposits and bill payments.
Employment Insurance (EI)
A government program that gives you temporary income if you lose your job, get sick, or need time off for certain life events. You pay into it through your paycheque.