Terms with Tag Banking
- 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.
- Income-splitting — Definition,
- A financial strategy used for tax purposes to reduce the overall tax burden on a family. Income is shifted from one family member to another who is in a lower tax bracket, so the income is taxed at the lower rate to save the family money.
- Incorporated Business — Definition,
- A company that exists as a corporation.
- Independent Bank — Definition,
- A locally owned bank that is operated without being affiliated with a bank holding company. Also known as a community bank.
- Index — Definition,
- A table of yields or interest rates being paid on debt (such as Treasury notes or bank deposits) that is used to determine interest-rate changes.
- Indirect Tax — Definition,
- A tax that is collected by a third party before being transferred to the government.
- Industrial Development Bank (IDB) — Acronym, Canada, ➥ See Business Development Bank of Canada (BDC).
- Inflation — Definition,
- A rise in the average level of prices in the economy.
- Informal Trust — Definition,
- Also known as in-trust account or "bare" trust, this is an investment account registered in an adult's name in trust for a child. The account is used to save/invest funds for a child, and the funds must be reserved for and used by the beneficiary child.
- Inglewood Savings & Credit Union — Company, Alberta, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Innovation Credit Union — Company, Saskatchewan, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Instabank® (IB) — Acronym, ➥ Bank account transaction code.
- Instalment — Definition,
- The regular periodic payment that a borrower agrees to make the lender.
- Instant Teller (IT) — Acronym, Canada, ➥ Registered trademark of the CIBC.
- Instant Teller Machine (ITM) — Acronym, Canada,
- A terminal activated by a magnetically encoded card that allows customers of a bank or other financial institution to conduct everyday banking tasks such as deposits, withdrawals and transfers between accounts. An interconnection of these terminals allows customers to conduct certain transactions around the nation and the world; usually subject to a surcharge fee.
➥ More commonly known as an automated teller machine (ATM). - Institute of Canadian Bankers — Company,
- An institute that provides education and training programs specific to professionals in the financial-service industry
- Insufficient Funds (ISF) — Acronym,
- When funds are not enough to satisfy the payment of a cheque or draft made on that account; also known as non-sufficient funds (NSF).
- Insurable Interest — Definition,
- Something of sufficient worth and benefit that an individual or entity would have reason to insure against its lost.
- Insurance Cycle — Definition,
- A cycle of soft and hard market conditions observed in the insurance and underwriting industry.
- Insurance Proceeds — Definition,
- The benefits received by an individual after a claim has been verified.
- Insurance Score — Definition,
- A score used by those in the insurance industry to determine how likely a claim will need to be paid out for an individual or entity.
- Insured Money Market Account (IMMA) — Acronym,
- Intangible Asset — Definition,
- Non-physical resources or rights to other assets. Patents, goodwill, permits and computer programs are examples of intangible assets.
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