Canadian Maple Leaf Licensing Info: Alberta Mortgage #MW-0511205,
FSCO (Ontario) #10315,
Saskatchewan Mortgage #315872, and all other provinces.
Division of

The Mortgage Group®


Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
50% - Moderately


Synonyms:estimations, fees, judgement, levy, taxes
Filed Under: legal-contracts, real-estate, taxation
Tags: contract, legal, realty, taxes

Definition of assessments

1. Local or municipal taxes that are imposed upon properties that have or will benefit from an improvement made in the area.
2. Fees applied to transactions involving credit cards used to cover operating and marketing costs. Also referred to as Dues and Assessments.

Related Terms and Acronyms:

  • appraised value   An educated opinion of how much a property is worth.
  • assessment rolls   Lists of taxable property.
  • audit   An examination of a taxpayer's income tax return or other transactions bearing tax consequences. Audits range from a simple letter from the agency to a detailed review of individual or business tax filings and records.
  • local taxes   Taxes imposed by local governments (municipalities) to pay for its services. These taxes are in addition to Federal and Provincial taxation.
  • Notice of Assessment (NOA)   A form the federal government issues when personal taxes are complete. A notice of assessment shows a breakdown of the given years income along with the balance owing or refund.
      ➥  Canada Revenue Agency's T451 tax form.
  • personal property taxes   Tax paid on real property, intangible, or tangible property. To differentiate between real property and personal property, the tax assessing official must consider the manner in which property is attached to or secured at the location. Also called property taxes.
  • property value   The worth of a piece of real estate, based on the price a buyer and seller would negotiate.
  • sales tax   Federal and / or provincial taxes that are applied to purchases.
  • tax liability   The total amount of tax you owe.
  • valuation   The estimation of a property's price value through an appraisal.

More Related Terms and Acronyms

Search the Glossary

Powerful Mortgage Calculator
Our mortgage calculator has been rebuilt in order to make it more powerful while at the same time, easier to use. Adjust mortgage rates, terms and amortizations or add lump sum payments and see how it affects your mortgage balance over time with our new custom generated charts and graphs.
Mortgage Calculator Amortization Schedule
Mortgage Rates
If you look for a mortgage online, you'll soon see that from one lender, bank, or broker to the next, the rates offered can be substantially different. Some high, some low. Compare the best mortgage rates and make sure your money isn't being wasted.
Mortgage Rates
Current Canadian Rates
For the best rate information in Canada, make use of our up to date interest rate comparison chart. Our brokers are not even remotely afraid of advertising our competitor's rates because we know how we stack up.
Best Current Rate Information