Financial Glossary

We’re on a mission to help as many people as possible with their finances, and the first step is giving you an understanding of the financial terms you need to know and how they can apply to you.


Bankruptcy is a legal process, governed by the Bankruptcy & Insolvency Act, applicable to businesses and individuals who have overwhelming

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Cash Back

Is a reward incentive program operated by credit card and debit card companies in which a percentage of the amount spent by the card holder is paid back to the card holder.

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Credit Report

A credit report is a record statement that has information about an individual’s credit history derived from numerous sources, including

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Credit Score

A credit score is a three-digit number evaluation that represents the creditworthiness of an individual. This score is typically calculated

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Escrow is a written agreement held with a third party to hold something of value and then delivered once all

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Joint Account

Is a bank account exactly the same as a regular account. The only difference is that the joint account is shared by two or more individuals with the same account privileges.

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Line of Credit

A line of credit is a borrowing option of arrangement offered by banks, financial institutions and other licensed consumer lenders

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Net Worth

Net Worth is the value of all your assets minus all liabilities.  Assets include bank account balances, the market value

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Open Mortgage

Is a mortgage with no limitations on prepayments. The interest rate on open mortgages is usually higher; however, it gives the greatest amount of flexibility to pay off the mortgage faster.

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An overdraft on a bank account is when more money is withdrawn than the account currently holds.  Overdrafts are a

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Payment Frequency

Payment Frequency is a determination of how often employees are paid. Most often employees are paid weekly, bi-weekly, semi-monthly or

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Term of Mortgages

Is the period of time an individual commits into a mortgage agreement with a lender towards a mortgage rate, and terms and conditions set by the lender.

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Wealth Manager

Offers immensely personalized services to high net worth clients. These services include financial planning, investment advice, accounting/tax services, retirement planning and legal/estate planning.

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