Banking/Investments
A network of exchanges where traders and investors buy and sell shares of publicly traded companies.
Stock Market
You must file this every year if you are legally employed in Canada.
Income tax
The initial upfront partial payment when purchasing a house. Must be at least 5% of the purchase price. It must be saved and cannot be borrowed
Down Payment
Expenses that are "wants" and not "needs"
Non- essential expenses.
eg. going out for dinner, new cell phone
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.
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)
The initial amount of money borrowed.
principle
It is deducted from every employees paycheck.
Provides you with pensions and benefits if you retire, from the government.
Canada Pension Plan (CPP)
Savings you put away for your children's future education.
Registered Education Savings Plan ( RESP)
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
Length of a closed interest rate on your mortgage.
term
This agency collects taxes, administers tax laws and policy and delivers benefit programs and tax credits.
Canada Revenue Agency (CRA)
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)
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.
The size of regular payments fluctuates as the prime interest rate changes.
Variable rate mortgage
Taxes you pay when you buy a house and transfer name on deed.
Land transfer tax
Line of credit
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
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)
The total length of your mortgage.
Amortization period