Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
50% - Moderately

Finance Canada

Finance Canada
is a registered company.

Synonyms:Department of Finance Canada, Ministère des Finances Canada
Relevant locations:Canada-wide
Filed Under: companies-associations, financial-banking, mortgages
Tags: banking, finance, mortgage
Broadly associated with: [Government of Canada]
Narrowly associated with: [Department of Finance Canada]

Definition of Finance Canada

Finance Canada
1. A Federal Department that is responsible for Canada's economic performance and the regulation of financial institutions.

Related Terms and Acronyms:

  • Bank of Canada (BC, BOC)   Canada's central bank.
      ➥  Canada's central bank.
  • Canada Deposit Insurance Corporation (CDIC)   A crown corporation that provides deposit insurance against the loss of deposits made with member financial institutions.
      ➥  Government of Canada federal crown corporation.
  • Canadian Payments Association (CPA)   This association, which is composed of several financial institutions and the Bank of Canada, operates a national clearing system for financial institution payments.
  • central bank   An institution that manages a nation's monetary policy.
  • deposit insurance   The Canada Deposit Insurance Corporation insures depositors' funds to a maximum of $60,000 per depositor, per institution, with some exceptions, in the event of the failure of a federal financial institution. Deposits in some provincial financial institutions are also covered.
  • specialized financing corporation   A term in the Bank Act referring to specialized business-management services such as making investments, negotiating mergers and acquisitions and many other services traditionally offered as merchant-banking services.

Broad and Narrow Associations

[Government of Canada]
  • Registered Retirement Savings Plan (RRSP)Canada, Very Important   A savings plan introduced by the federal government to encourage Canadians to save money for retirement. The investment and the interest earned on it is sheltered: it will not be taxed as long as it is left in the plan.
      ➥  Tax deferred investment contribution used to reduce income tax.
  • Canada Mortgage Bonds (CMB) — Est. 2001, Canada, Very Important   A fully guaranteed fixed interest rate income investment backed by CMHC (a crown corporation of the Government of Canada).
      ➥  Issued by the Canada Housing Trust (CHT).
  • Registered Education Savings Plan (RESP)Canada, Very Important   An investment vehicle used for a child's post-secondary education.
      ➥  RESPs are offered by most financial institutions in Canada.
  • Canada Mortgage and Housing Corporation (CMHC)Company Est.1946, Canada-wide, Very Important   The Canada Mortgage and Housing Corporation: this is a Federally run institution that provides banks and lenders with mortgage insurance. Not to be confused with life or property insurance. In the event of default or foreclosure CMHC assumes responsibility of the property and reimburses the bank/lender the entire mortgage amount. This insurance is required generally when you have less than 25% equity or down payment. This insurance is paid by the property owner in advance but usually added to the mortgage amount. See also "G.E. Capital."
      ➥  Insures Canadian mortgage lenders.
  • Home Buyers' Plan (HBP)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.
[Department of Finance Canada]
  • territorial formula financing (TFF) — Canada, Low Relevance   An annual unconditional transfer of money from the Government of Canada to the three territorial governments to enable them to provide a range of public services to their residents similar to those offered by provincial governments.
  • Ontario Superintendent of Financial Institutions (OSFI) — Ottawa, Ontario, Canada, Low Relevance
  • official international reserves (OIR) — Canada, Low Relevance

Search the Glossary

Mortgage Rates
Unlike the banks, you don't ever have to haggle with us over our rates. We will show you our best rates, right from the start. No fuss, no muss. Why don't you check out our mortgage rates right now?
Mortgage Rates
Current Canadian Rates
For the best rate information in Canada, make use of our up to date interest rate comparison chart. Our brokers are not even remotely afraid of advertising our competitor's rates because we know how we stack up.
Best Current Rate Information
Mortgage Amortization Calculator
An amortization is the amount of time scheduled to completely pay off a loan, and the amortization length you choose is important in shaping how much you'll end up paying for your home. While the Government of Canada's national housing agency caps the amortization period for high-ratio mortgages at 25 years, and that is the most popular amortization length in Canada, amortizations can range anywhere from 5 to 30 years for uninsured mortgages. Try our easy to use mortgage calculator to see how changing the amortization length affects your loan payments.
Mortgage Amortization Calculator