Your All-in-One Canadian Financial Dictionary
Home insurance
Coverage that protects your home and belongings from things like fire, theft, or damage. Most lenders require it if you have a mortgage.
Income
Money you receive, whether from your job, investments, government benefits, or other sources.
Income tax
Money you pay to the government based on how much you earn. It helps fund public services like healthcare and infrastructure.
Insurance
A way to protect yourself financially. You pay into it so you’re covered if something unexpected happens like damage, illness, or loss.
Insurance premium
The amount you pay (monthly or yearly) to keep your insurance active.
Interest rate
The cost of borrowing money or the amount you earn on savings and investments. A higher rate can mean paying more on loans, but earning more on your savings.
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.