Welcome to the Education Station

Making financial concepts simple.

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.

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.

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.

Acronym Monday: NOI

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

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.

Acronym Monday: MSRP

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

Acronym Monday: PAD

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

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.

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.