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Canadian Financial, Real Estate and Mortgage Glossary

Words categorized under Financial-banking

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insufficient funds (ISF)Definition (Financial-banking)
When funds are not enough to satisfy the payment of a cheque or draft made on that account; also known as non-sufficient funds (NSF).
insurable interestDefinition (Investments, Insurance, Financial-banking)
Something of sufficient worth and benefit that an individual or entity would have reason to insure against its lost.
insurance cycleDefinition (Investments, Insurance, Financial-banking)
A cycle of soft and hard market conditions observed in the insurance and underwriting industry.
insurance proceedsDefinition (Taxation, Insurance, Financial-banking)
The benefits received by an individual after a claim has been verified.
insurance scoreDefinition (Insurance, Financial-banking)
A score used by those in the insurance industry to determine how likely a claim will need to be paid out for an individual or entity.
intangible assetDefinition (Taxation, Financial-banking)
Non-physical resources or rights to other assets. Patents, goodwill, permits and computer programs are examples of intangible assets.
intangible propertyDefinition (Taxation, Financial-banking)
Property that does not have value itself, but represents something else. Stocks, bonds and franchises are examples of intangible property. Business furniture and equipment are examples of tangible personal property.
interacDefinition (Financial-banking)
Canada's largest shared network of ATMs. It allows cardholders to access their accounts from any ATM on the network regardless of which financial institution owns the machine.
Interac Direct Payment (IDP)Definition (Financial-banking)
A method of paying for goods and services electronically with the funds taken immediately and directly from your bank account and transferred directly into the merchant's account. You use your banking card to do this.
interest (IN, int)Definition (Investments, Mortgages, Financial-banking, Abbreviation, Bank Statements)
Money paid for the use of borrowed funds, usually expressed as an annual percentage.
  ➥  Bank account transaction code.
interest adjustment dateDefinition (Mortgages, Financial-banking)
The date one month prior to the beginning of amortization when accrued interest computed on the monies advanced becomes due.
interest factorDefinition (Mortgages, Financial-banking)
The decimal equivalent for an interest rate on a unit amount for a period of time. Computed by interest rate divided by number of days in a basic year times the number of days accrued.
interest only paymentsDefinition (Mortgages, Financial-banking)
A payment plan where only the interest is paid off.
interest rate (IR)Definition (Investments, Mortgages, Financial-banking)
The rate a lender charges an individual to borrow money.
interest rate differential (IRD)Definition (Mortgages, Financial-banking, Legal-contracts)
The penalty one pays for breaking a mortgage.
interest-crediting methodsDefinition (Investments, Insurance, Financial-banking)
A number of methods used to establish how interest is accrued, owed and dispersed to the parties due.
interim financingDefinition (Mortgages, Financial-banking)
The availability of funds on a daily basis to assist a developer with financing for a construction project between advances made by the lender of the construction loan.
internal rate of return (IRR)Definition (Investments, Financial-banking)
That rate at which the present worth of all present and future investment costs equals the present worth of all present and future investment benefits.
international bankingDefinition (Financial-banking)
The operation of bank branches and subsidiaries located outside Canada. This area of banking also includes the supervision of correspondent banking relationships, foreign exchange trading, and trade finance.
International Chamber of Commerce (ICC)Definition (Companies-associations, Taxation, Financial-banking)
A world business organization that brings business people and experts together to formulate policies in such areas as banking, taxation and the environment.
inventoryDefinition (Insurance, Financial-banking)
Stock on hand in the form of goods ready for sale. Also includes raw material in the process of being manufactured or completed for sale.
investmentDefinition (Investments, Taxation, Financial-banking)
Something you put your money into in order to make money.
investment banking (IBK)Definition (Investments, Financial-banking)
Bank operations that manage a bank's funding position, as well as its holdings of Treasury bills, bonds and preferred and common stock.
Investment Canada Act (ICA)Est. 1985, Canada
A Canadian law that gives the government power to deny foreign investments of "significant" size if they fail to provide a "net benefit to Canada."
investment in the contractDefinition (Investments, Estate-management, Annuities, Financial-banking)
The principal that has been contributed to an annuity.
investment incomeDefinition (Investments, Taxation, Financial-banking)
Income that is earned from investments such as interest, dividends, and capital gains.
investment propertyDefinition (Investments, Mortgages, Real-estate, Financial-banking)
Property bought with the hope of it making money.
investments in affiliatesDefinition (Investments, Financial-banking)
A situation where an investor has a great deal of control over the operation and/or financial management of his or her investment.
irrevocable beneficiaryDefinition (Investments, Estate-management, Insurance, Financial-banking)
A life insurance or segregated fund beneficiary whose benefit cannot be revoked or modified in any way without his or her consent.
issuerDefinition (Investments, Insurance, Financial-banking)
A legal entity that develops, registers, and sells securities including stocks, bonds and derivatives.
joint account (J/A)Definition (Financial-banking)
A bank account owned by two or more persons who share equally in the rights and liabilities of the account.
joint creditDefinition (Mortgages, Financial-banking)
Credit that is issued to two people based their credit reports and their combined assets and incomes. The repayment of joint credit is the responsibility of both parties.
joint liabilityDefinition (Mortgages, Financial-banking, Legal-contracts)
The responsibility of two or more people to repay a debt
joint tenancyDefinition (Real-estate, Financial-banking)
When two people (typically spouses) both own an undivided interest in a property. If one joint tenant passes away, the other receives the title to the entire property.
joint ventureDefinition (Real-estate, Financial-banking)
A partnership between two or more parties for the purpose of purchasing, owning, and/or developing real estate for a specific purpose and duration.
jointly-owned propertyDefinition (Real-estate, Financial-banking)
A property held in the name of more than one person.
kickerDefinition (Mortgages, Taxation, Financial-banking)
Any benefit to a lender above ordinary fixed-interest payments such as an equity position in a property or a percentage participation in the income stream.
kidnap and ransom insuranceDefinition (Insurance, Financial-banking)
Insurance that covers expenses involved if an individual is kidnapped and ransom payments are made.
ladderingDefinition (Investments, Mortgages, Financial-banking)
Staggering deposits into investments such as CDs in order to vary and better the rate of return.
landlordDefinition (Real-estate, Financial-banking)
One who rents or leases his or her property to another person or a business.
large value transfer system (LVTS)Definition (Financial-banking)
System being created by the Canadian Payments Association that will settle large value payments, possibly $50,000 and over, at the central bank on a same-day basis.
late chargeDefinition (Mortgages, Financial-banking)
A fee imposed on a borrower for not paying on time
late paymentDefinition (Mortgages, Financial-banking)
A sum a borrower sends to a lender that is received past the date when it was due.
lead lenderDefinition (Mortgages, Financial-banking)
A financial institution which heads up a financial consortium or syndicate to provide funds for a mortgage.
lease (lse)Definition (Automotive, Financial-banking, Abbreviation)
A written agreement in which the property owner allows a tenant to use property in exchange for rent, and for a specified period. Or, a written agreement in which a car dealer allows a consumer to use a vehicle in exchange for payments for a specified period.
lease extensionDefinition (Real-estate, Financial-banking)
The continuation of an existing lease, at the original monthly payment, usually on a month-by-month basis.
lease optionDefinition (Real-estate, Financial-banking, Legal-contracts)
A written agreement in which an owner allows an individual to use a property in exchange for rent, and also gives that individual the right to buy the property for a specified price within a specified period
leasehold (l/h)Definition (Real-estate, Financial-banking, Abbreviation)
Land or property held under a lease for a term of years.
legal fees and disbursementsDefinition (Mortgages, Real-estate, Financial-banking)
Charges paid on your behalf by a solicitor that are in addition to professional costs.
lenderDefinition (Mortgages, Financial-banking)
The bank or mortgage company offering the loan.
Previous Page
Fresh StartInstitute of Canadian...
Currently Displayed — Page 9
Insufficient Funds — Lender
  Next Page
Letter of CreditMinimum Payment

Search the Glossary

Index of Financial-banking Terms

Page 1: Acceleration Clause
Annuity in Arrears
Page 2: Annuity Ladder
Book Value
Page 3: Boot
Central Bank
Page 4: Certified Cheque
Page 5: Compound Interest
Debit Bureau
Page 6: Debit Card
Employment Insurance
Page 7: Encumbrance
Page 8: Fresh Start
Institute of Canadian...
Page 9: Insufficient Funds
Page 10: Letter of Credit
Minimum Payment
Page 11: Mint Condition
Operating Cash Flow
Page 12: Operating Loan
Page 13: Posted Rate
Page 14: Rate Cap
Royalty Income
Page 15: Sale Price
Sub-prime Borrower
Page 16: Subordinate Loan
Page 17: Underwriters Association
Zero Balance

Notable Terms

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