Terms with Category Financial Banking
- Gross Domestic Product (GDP) — Acronym,
- The total value of all the goods and services produced by the Canadian economy in a single year.
- Gross Income — Definition,
- Normal annual income including overtime that is regular or guaranteed. The income may be from more than one source. Salary is generally the principal source, but other income may qualify if it is significant and stable.
- Gross National Product (GNP) — Acronym,
- The value of all goods and services accruing to Canadians in a given year. It equals Gross Domestic Product, plus income of Canadians from foreign production, less income from Canadian production earned by non-residents (such as interest and dividends paid to foreign lenders).
- Gross Overtime — Definition,
- Overtime pay before taxes that is averaged over two years can be considered monthly income, but it must be over the two years or it does not count.
- Gross Profit Margin — Definition,
- The difference between the sales your business generates and the costs you pay out for goods.
- Guarantee — Definition,
- An enforceable warranty on the promise of quality of a product or formal promise by one person to take responsibility for the debts or obligations of another person if that person fails to meet them.
- Guaranteed Investment Certificate (GIC) — Acronym, Important,
- An investment that pays a set rate of interest over a fixed period of time.
- Guaranty — Definition,
- A promise to assume responsibility for a debt if the borrower defaults.
- Harmonized Sales Tax (HST) — Acronym, Canada,
- A sales tax used in some provinces to merge the GST and PST.
➥ Canadian consumption tax. - Health and Welfare Trust (HWT) — Acronym,
- A method for employers to offer their employees tax-free health benefits.
- Holding Period — Definition,
- The length of time a capital asset is owned. Assets held 12 months or less are short-term; those owned more than 12 months are long-term properties.
- Home Banking — Definition,
- A way to access bank accounts by phone. Typically customers can transfer funds, pay bills and make account inquiries.
- Home Buyers' Plan (HBP) — Acronym, Canada, Very Important,
- A way for a homebuyer to use part of his or her RRSP as a down payment on a mortgage.
➥ Government assistance for first-time homebuyers. - Home Equity (HE) — Acronym, Very Important,
- The part of a home's value that the mortgage borrower owns outright; the difference between the fair market value of the home and the principal balances of all mortgage loans.
- Home Equity Debt — Definition,
- Debt secured by your home.
- Home Equity Line of Credit (HELOC) — Acronym, Very Important,
- An open-ended loan, paid as revolving debt, that is backed by the equity in the property.
➥ Also known as a Home Line of Credit. - Home Equity Loan (HEL) — Acronym, Very Important,
- A loan that can replace or be an addition to the first mortgage. Typically used as a home improvement loan.
➥ Also known as an Equity Take Out (ETO). - Home Loan — Definition,
- A loan used to buy a home is referred to as a "mortgage."
- Hostile Takeover — Definition,
- When a company purchases another but the target company's management does not approve.
- Household Income (HHI) — Acronym, Important,
- The total income of all members of a household.
- Housing-equity Partnership — Definition,
- An arrangement in which one buyer lives in a home and the other has an ownership stake as an investment. The partners split the capital gain after the property is sold.
- Hybrid Annuity — Definition,
- An annuity with both fixed and variable annuity elements.
- Illiquid Asset — Definition,
- An asset that cannot be sold easily or in a timely manner for its full value.
- Immediate Payment Annuity — Definition,
- An annuity where payments to the annuitant start immediately after the annuity has been set up.
- Imports — Definition,
- Goods and services produced in other countries and sold in Canada.
- Income — Definition,
- The money earned in a specific time period.
- Income Approach — Definition,
- A step in the valuation process of an income property. The value is reached by estimating the annual income minus an allowance for vacancies and bad debts and then subtracting annual operating expenses, real estate taxes, and insurance premiums to obtain the net operating income. This is then converted by capitalization into a capital value.
- Income Property — Definition,
- Real estate developed or improved to produce income. Also referred to as "non-owner occupied property" or "rental property."
- Income Statement — Definition,
- Also known as the profit and loss statement or P&L, enables you to calculate your company's pre-tax profits by subtracting total expenses from total revenues.
- Income Tax — Definition,
- The main source of revenue for the federal government and many Provinces. The tax is based on your earned and unearned income. The amount or percentage taxed is based on the amount of income, using the governments graduated tax scale.
13.
Gross Domestic Product -
Income Property
Income Property
