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Financial Services Glossary
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Grace Period The period allowed to avoid any finance charges by paying off the balance in full before the due date.
Gross Monthly Income The amount of income you earn before taxes are deducted.
Guaranteed Investment Certificate (GIC) An interest-bearing minimum deposit with a term usually from one to five years. Interest earned on a GIC is taxed.
Guarantor A person who guarantees repayment of a loan, assuming the financial responsbility of a debt if necessary.
Hedging An investment strategy used to minimize potential risks which combines different types of securities in an investment portfolio.
High Lending Charge A fee or one-off insurance premium imposed on borrowers when the amount the borrower wishes to finance is more than 90% of the property's value.
Holding Company A corporation whose only business is to own shares of other corporations. While it usually oversees the management of the other corporations, it's not actively involved in daily operations.
Home Equity Loan/Equity Loan/Second Mortgage A loan based on the difference of the amount of equity paid on a home and the home's current market value. This can be a risky loan option, as if you default on your loan, your home will likely be sold to pay off the debt.
Identity Fraud A fast-growing crime that occurs when someone uses your personal information to commit a crime or steal in your name.
Immediate Annuity An immediate annuity is designed to provide income immediately in retirement. You pay an annuity provider a lump sum in exchange for a guaranteed income stream.
Impaired Credit A term used to describe someone or an organization with a history of poor credit transactions, including late payments and/or loan defaults.
In arrears Debts not paid by the due date because someone or an organization has fallen behind in payments.
Income Multiple Mortgage When a lender uses a multiple of your annual income as an indicator of how much it's willing to lend you.
Income Tax Income tax is the tax paid on the financial income of people, corporations, or other legal entities
Indemnity An indemnity is an amount paid by A to B by way of compensation/reparation for a particular loss suffered by B.
Inflation A regular increase in the price level of goods and services.
Installment Loan A credit account in which the amount of the payment and the number of payments are predetermined or fixed.
Insurable Interest A potential beneficiary with a financial interest in the life of another person and who would suffer loss upon that person's injury, disability, or death.
Interest The cost of borrowing or lending money, usually a percentage of the amount borrowed or loaned.
Interest Rate The amount or percentage charged by a lender for borrowing money.
Interest-Only Mortgages A kind of mortgage in which its monthly payment does not include the repayment of the principal amount borrowed for a certain period of time.
Intermediary An independent third party who brings parties together (borrowers and lenders in particular) and assists in negotiating terms.
Investment Income Income derived from investments, including stocks, bonds, mutual funds, or other securities that produce income.
Investment Warrants High-risk, high-reward, transferable, quoted certificates. They tend to be more appealing for medium-term to long-term investment plans, speculators, and hedgers.
Irrevocable Trust A trust that cannot be modified or closed without the permission of the beneficiary.
 
 
 
 
 
 
 
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