Finicial Terms Flashcards
Five major banks
RBC (largest) TD Bank Back of Nova Scotia Bank of Montreal Canadian Imperial Bank of Commerce
Credit unions
A member owned finically cooperative that provides credit at competitive rates
Finance companies
A company concerned primarily w/ providing money for short-term loans.
Investment companies
Business entitles both privately and publically owned that mange and sell market funds
Money mart/cash chequeing
A place yo can got to cash your check if the bank won’t. You must pay a service fee.
Savings account
A bank account that earns interest
Cheques/chequing account
An account at a bank against which cheques can be drawn by the account depositor
Credit Cards
A card issued by the back that has a pre-determined amount loaded on it you must pay it back in 30-days to avoid fees.
Line of credit
Money extended to you based on the assets you own
House line
A line of credit linked directly to your house so that if you don’t pay they can tale your house
Personal Loans
A loan granted for bin-business used by the loaner for things like education health and other family matters
OSAP
Ontario student assistance program. Gives two types of money grants which you don’t pay back and loans which you do.
Canada Student Loans
Loans given out by the government, you must start paying them back when you finish schooling
Bursaries
An award offered to those who can’t pay full fees. Usually offered by an institution
* must do something in return
Scholarship
A grant made to a student to support students education based on academic or other achievement
