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Canadian Real Estate / Mortgage Glossary : I

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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z All

 Illegal View (Quebec)
The existence of any exterior openings in a building which creates an illegal view of adjoining lands.

Goods and services produced in other countries and sold in Canada.

 Income Approach (To Value)
One of the steps in the valuation process of an income property. The estimate of value is reached by estimating the annual income less an allowance for vacancies and bad debts and subtracting annual operating expenses, real estate taxes and insurance premiums to obtain the net operating income. This is then converted by capitalization into a capital value.

 Income Property
Real estate developed or improved to produce income. Also referred to as "non-owner occupied property" or "rental property."

A financial strategy for tax purposes. Splitting income refers to the process of shifting income from the hands of one family member to another, who is in a lower tax bracket and will therefore pay tax at a lower rate. This helps reduce your family’s overall tax burden.

 Income Statement
Also known as the profit & loss statement or P&L, enables you to calculate your company’s pre-tax profits by subtracting total expenses from total revenues.

 Income Tax
The main source of revenue for the federal government and many Provinces. The tax is based on your earned and unearned income. The amount or percentage taxed is based on the amount of income, using the governments graduated tax scale.

That which cannot be forfeited or done away with. Indemnity Protection or exemption from loss or damage.

 Independent Bank
A bank that is locally owned and operated, and not associated with a bank holding company. Also referred to as a community bank.

A table of yields or interest rates being paid on debt (such as Treasury notes or bank deposits) that is used to determine interest-rate changes.

A rise in the average level of prices in the economy.

 Informal Trust
Also known as in-trust account or "bare" trust, this is an investment account registered in an adult's name in trust for a child. The account is used to save/invest funds for a child, and the funds must be reserved for and used by the beneficiary child.

Basic installations that a community needs, such as schools, roads, water and electrical lines, power plants and communications systems.

 Initial Interest Rate
The introductory interest rate on an adjustable-rate mortgage (ARM), which usually changes at a predetermined time.

An order of a court of equity prohibiting an act or compelling an act to be done.

 Inspection Report
The documentation of a thorough examination of a house's visible structural parts and systems, conducted before purchase.

The regular periodic payment that a borrower agrees to make the lender.

 Institute of Canadian Bankers (ICB)
Educational institute that provides career-oriented education and training programs to financial-services professionals.

 Insufficient Funds (NSF)
When funds are not enough to satisfy the payment of a cheque or draft made on that account; also known as non-sufficient funds (NSF).

 Insurable Title
Title that a title insurance company is willing to insure.

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