Welcome to the Education Station

Locked-in Retirement Account. Unlike a regular RRSP, the amounts in a LIRA are locked-in and can only be used for retirement income.

The Prime Lending Rate is the interest rate set by the Bank of Canada that financial institutions use to determine their interest rates.

A line of credit is a flexible loan from a financial institution, functioning similar to a credit card, but usually with a lower rate.

Net Operating Income. his is a formula that property investors use to determine the profitability of a property.

This is an organization in a community or condo that collects regular fees to pay for common area maintenance and the upkeep of facilities.

Better known as the 'sticker price,' this is the suggested price the manufacturer recommends that the retailer sell the product.

A pre-authorized debit allows the biller to withdraw money from your bank account when a payment is due.

This is the monetary measure of a country's market value of all the final goods and services produced in a specific time period.

Purchase value. This is the total agreed upon price between buyer and seller of the property that you are going to be purchasing.

A clause in your offer to purchase that gives you a period of time to confirm you are able to get a mortgage approval.

OAC: On Approved Credit. Approval for attractive monthly payments or interest rates are subject to your credit rating.

This is the legal document that provides a 'birds-eye view' drawing of your property, the boundaries and the buildings and structures on it.

T2. This is the tax form used by resident corporations to file their corporate income tax return every tax year.

Tax Installment Payment Plan This is a program that allows you to pay your property tax​ on a monthly basis instead of one payment. This...

Known as the Income Tax and Benefit Return form, this form is used by individuals to show the government how much income they earned.

Your NOA is an evaluation of your tax return that the Canada Revenue Agency (CRA) sends you every year after you file your tax return.

The CRA is the revenue service of the Government of Canada. The agency collects taxes, and administers tax law and policy.

This is the marketing database used by real estate brokers to connect home buyers with sellers.

All Conditions Met. The letter provided by the lender to indicate you met all conditions of your mortgage financing.

This is a program offered by mortgage lenders and insurers to include the cost of a renovation into your mortgage purchase.