Acronym Monday: LIRA
Locked-in Retirement Account. Unlike a regular RRSP, the amounts in a LIRA are locked-in and can only be used for retirement income.
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Brett Roessel
Sep 26, 2021
Acronym Monday: PLR
The Prime Lending Rate is the interest rate set by the Bank of Canada that financial institutions use to determine their interest rates.
Brett Roessel
Sep 12, 2021
Acronym Monday: LOC
A line of credit is a flexible loan from a financial institution, functioning similar to a credit card, but usually with a lower rate.
Brett Roessel
Aug 29, 2021
Acronym Monday: NOI
Net Operating Income. his is a formula that property investors use to determine the profitability of a property.
Brett Roessel
Aug 16, 2021
Acronym Monday: HOA
This is an organization in a community or condo that collects regular fees to pay for common area maintenance and the upkeep of facilities.
Brett Roessel
Aug 2, 2021
Acronym Monday: MSRP
Better known as the 'sticker price,' this is the suggested price the manufacturer recommends that the retailer sell the product.
Brett Roessel
Jul 19, 2021
Acronym Monday: PAD
A pre-authorized debit allows the biller to withdraw money from your bank account when a payment is due.
Brett Roessel
Jul 5, 2021
Acronym Monday: GDP
This is the monetary measure of a country's market value of all the final goods and services produced in a specific time period.
Brett Roessel
Jun 21, 2021
Acronym Monday: PV
Purchase value. This is the total agreed upon price between buyer and seller of the property that you are going to be purchasing.
Brett Roessel
Jun 7, 2021
Acronym Monday: COF
A clause in your offer to purchase that gives you a period of time to confirm you are able to get a mortgage approval.
Brett Roessel
May 30, 2021
Acronym Monday: OAC
OAC: On Approved Credit. Approval for attractive monthly payments or interest rates are subject to your credit rating.
Brett Roessel
May 17, 2021
Acronym Monday: RPR
This is the legal document that provides a 'birds-eye view' drawing of your property, the boundaries and the buildings and structures on it.
Brett Roessel
May 3, 2021
Acronym Monday: T2
T2. This is the tax form used by resident corporations to file their corporate income tax return every tax year.
Brett Roessel
Apr 19, 2021
Acronym Monday: TIPP
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...
Brett Roessel
Apr 4, 2021
Acronym Monday: T1
Known as the Income Tax and Benefit Return form, this form is used by individuals to show the government how much income they earned.
Brett Roessel
Mar 21, 2021
Acronym Monday: NOA
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.
Brett Roessel
Mar 8, 2021
Acronym Monday: CRA
The CRA is the revenue service of the Government of Canada. The agency collects taxes, and administers tax law and policy.
Brett Roessel
Feb 22, 2021
Acronym Monday: MLS
This is the marketing database used by real estate brokers to connect home buyers with sellers.
Brett Roessel
Feb 8, 2021
Acronym Monday: ACM
All Conditions Met. The letter provided by the lender to indicate you met all conditions of your mortgage financing.
Brett Roessel
Jan 25, 2021
Acronym Monday: PPI
This is a program offered by mortgage lenders and insurers to include the cost of a renovation into your mortgage purchase.
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