GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
^
50% - Moderately

Deficit


Synonyms:shortfall
Filed Under: financial-banking, investments, taxation
Tags: banking, investment, taxes
 

Definition of deficit

deficit
1. A measure of how much expenses exceed net income, liabilities exceed assets, imports exceed exports, or losses exceed profits. For example, in government spending, a budget deficit happens when government spending exceeds tax revenue. The opposite of a deficit is a surplus.

Related Terms and Acronyms:

  • exports   Products and services produced in Canada and sold in other countries.
  • fiscal deficit   When the government spends more money than it receives in revenue over the course of one year.
  • fiscal surplus   When the government receives more in revenue than it spends over the course of the year.
  • imports   Goods and services produced in other countries and sold in Canada.
  • loss   When expenses are larger than revenues.
  • net income (NI)   The difference between effective gross income and expenses. The term is qualified as net income before depreciation and debt.
  • profit   When revenues exceed expenses.
  • surplus   When an entity's income exceeds its expenses.

Search the Glossary

Amazing Mortgage Calculator
We don't like to boast, but we think the our new mortgage calculator is amazing. It can automatically generate charts and graphs that correspond with the rates, terms and amortizations that you enter, while letting you compare two different mortgages side-by-side. And if you're feeling feisty, you can even add in lump sum payments and see how they affect your mortgage.
Amazing Mortgage Calculator
 
Best Mortgage Rates
With a lower mortgage rate, it's easier to afford a better home and what you save on interest can go directly toward paying off the principal value of your property faster. Make sure you get the best rates in Canada on your mortgage, apply today.
Mortgage Rates
 
Our 5 Year Fixed Rate Term
Starting at
1.84%*

Our five year mortgage term beats the banks' posted rate by a fair margin, so why fight for the best mortgage rates when you don't have to?