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Real Estate / Mortgage Glossary : C
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Call Option
A clause in a mortgage that gives the lender the right to request the balance at any time.
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Canada Deposit Insurance Corporation (CDIC)
A crown corporation that provides deposit insurance against the loss of deposits made with member financial institutions.
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Canada Education Savings Grant
Program recently introduced by the federal government whereby it will invest, in the form of grants, along-side parents who save for their children's education through RESPs. The government will top up contributions made to an RESP by 20% up to a yearly maximum of $400 per beneficiary.
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Canada Savings Bonds (CSBs)
A secure way for Canadians to save. The bonds, which are a form of debt issued by the Canadian government, are cashable, with proper identification, at any time at most Canadian financial institutions.
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Canadian Bankers Association (CBA)
Professional industry association that provides information, research, advocacy, education and operational support services primarily to the banking industry.
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Canadian Depository for Securities Limited (CDS)
Agency responsible for the automatic processing and clearing of all securities transactions in Canada.
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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.
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Cancellation Clause
A provision in a lease or other contract that spells out under what conditions the parties can call off the deal.
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Cap
The top limit on the amount the interest rate can increase during a single time period of an adjustable-rate mortgage. Every ARM has two caps: a periodic cap, which limits the periodic changes to the interest allowed in the loan agreement, and a lifetime cap, which governs the total increase that can be imposed during the life of the loan.
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Capital
Money that is used to make money; for example, to buy rental property or a business.
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Capital Adequacy Ratio
A ratio of total capital divided by risk-weighted assets and risk-weighted off-balance sheet items. A bank is expected to meet a minimum capital ratio of 8.0% unless a higher ratio has been specifically prescribed by the Superintendent of Financial Institutions.
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Capital Asset
An item that you own for investment or personal purposes, such as stocks, bonds or stamp collections. When you sell a capital asset, depending on the price you earn a capital gain or a capital loss. Gains are taxed at a special rate, and losses can be used in many cases to reduce the amount that is taxed. See also "Capital Gain" or "Capital Loss."
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