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Banking/Investments
Employment and taxes
Housing/Accommodations
Basic Definitions
100
The name of a bank loan that can be secured or unsecured, offered at different interest rates. 

Line of credit 

100

Provided you with pensions and benefits if you retire, become disabled. It is deducted from every employees paycheck. 

Canada Pension Plan ( CPP)

100

A loan specific for a house. 

Mortgage

100

When your budget works out for a time frame. 

Balanced budget

200

The government allows you to save and invest money to up a certain amount yearly, tax free. 

Tax Free Savings Account ( TFSA) Since the beginning you can have $88000 invested.

200

Can provide you with financial assistance if you lose your job through no fault of your own, while looking for work or to upgrade your skills. 

Deducted from your paycheck.

Employment Insurance (EI)

200

The initial upfront partial payment when purchasing a house. Must be at least 5% of the purchase price. 

Down payment

200
The amount of money earned per year when hours are not considered. 

Salary

300

Savings you put away for your children's future education. 

Registered Education Savings Plan ( RESP) 

300

This slip is a summary of earnings and earnings and deductions for the year. You need this information to complete your tax return. 

T4 slip 

300

Length of a closed interest rate on your mortgage. 

term

300
Expenses that cost different amount each month.

Variable expenses

400

Savings you put away for retirement and can be used to get a tax break when filing income tax. March 1st is the deadline for contribution. 

Registered Retirement Saving Plan (RRSP)

400

This slip is given by your financial institution for income tax purposes when you earn interest on your investments. 

T5 slip

You must claim all money earned to the government as an income including interest you earned.

400

The size of regular payments fluctuates as the prime interest rate changes. 

Variable rate mortgage

400

Taxes you pay when you buy a house and transfer name on deed.

Land transfer tax

500

A network of exchanges where traders and investors buy and sell shares of publicly traded companies.

Stock Market

500

You must complete this form when you start a new job. Employers use this form to determine how much tax they need to deduct from your pay.

TD1 form 


500

Provides mortgage insurance to protect the lender against risk of a default. It is a percentage of the mortgage if the buyer has less than 20% down payment. Rates are different depending on the mortgage amount and down payment.

CMHC ( Canada Mortgage and Housing Corporation)

500

The total length of your mortgage.

Amortization period