Social Insurance Number

Definition

• The Government of Canada assigns Social Insurance Numbers to all individuals with an income or those who pay taxes. Individuals must apply for this number. By law, you are required to provide this number to financial institutions with which you have an interest-bearing deposit account.

Relevant Locations
Canada

Notes
A nine-digit number that you need to work in Canada or to have access to government programs and benefits. Banks may also request your SIN for tax purposes or to verify credit checks.

Acronyms
SIN

Alternate Spellings
social security number, SSN

Related Terms and Acronyms

• Creative Financing — Definition,
  • An innovative or unusual way of structuring a home loan that allows the buyer to buy the house.
• Credit Bureau (CB) — Acronym, Very Important,
  • A company that collects and sells information about how people handle credit. It issues credit reports that list how individuals manage their debts and make payments, how much untapped credit they have available and whether they have applied for any loans. The reports are made available to individuals and to creditors who profess to have a legitimate need for the information.
  ➥ Company that determines one's credit worthiness.
• Credit History — Definition,
  • A record of an individual's or company's past borrowing patterns and whether or not debts were repaid on time.
• Credit Reporting Agency (CRA) — Acronym,
  • An organization that prepares reports that are used by lenders to determine a potential borrower's credit history. The agency obtains data for these reports from a credit repository as well as from other sources.
• Document Needs List — Definition,
  • An inventory of papers a lender needs to underwrite a loan, usually including pay-cheque stubs, bank statements and tax returns.
• Non-Resident Alien (NRA) — Acronym,
  • A person who is not a permanent resident or a citizen of Canada, and who is generally taxed on income from Canadian resources.
• Resident Alien — Definition,
  • A person who is a legal permanent resident, but not a citizen, of Canada.
• Solicitor Information — Definition,
  • When you apply for a mortgage you will need a law firm with a lawyer's name and their contact information which would typically include the office location, phone number, fax number and e-mail address.
• Verification of Employment (VOE) — Acronym, Important,
  • Confirmation that a loan applicant is telling the truth about where he or she works and how much he or she makes.