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| | Canadian Real Estate / Mortgage Glossary : P| Results found: 67 | Page: 1 of 4 |
Parking
A term that refers to depositing, or “parking,” cash in a high-yield money market account until you need to move it to a chequing account to pay bills.
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Passbook
A book in which all the transactions in a bank account are noted. This book may list the transaction codes and the customer's responsibilities.
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Passive Activity
An activity in which you do not materially participate. Real estate rentals and limited partnerships are examples of passive activities.
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Passive Loss
Loss from a passive activity. Passive loss rules limit the amount of passive loss you can deduct to the total of your other income from passive activities.
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Payee
The name of the person to whom the money in a cheque is to go.
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Payment Adjustment Period
The time during which payments on an adjustable-rate mortgage (ARM) may go up or down.
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Payment Cap
A contractual limit on the size of the monthly payment of an adjustable-rate mortgage or other variable rate loan.
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Payroll Taxes
A tax based on wages, tips and salaries paid. The tax is deducted from the employees pay.
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PC Banking
A service that allows a bank customer to obtain account information and perform certain bank transactions through a personal computer.
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Penalty
A mortgage penalty is a set rate or length of time the penalty will be charges based on remaining mortgage amount. Usually three months interest or interest rate differential. Penalty –- A mortgage penalty is a set rate or length of time the penalty will be charges based on remaining mortgage amount. Usually three months interest or interest rate differential.
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Penalty Rate
Several percentage points higher than a card's current annual percentage rate, which goes into effect after two late payments. On some cards, a single late payment triggers a penalty rate.
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Per-diem Interest
Interest that is charged daily; usually refers to the partial month's interest that the buyer pays on the mortgage covering the period from the day of closing to the end of the month.
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Per Item Charge
The fee charged to an account holder who has exceeded the number of free transactions allotted to the described account and/or the balance in the account did not meet the average monthly balance required to waive the fee.
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Periodic Rate
The interest rate described in relation to a specific amount of time. The monthly periodic rate, for example, is the cost of credit per month; the daily periodic rate is the cost of credit per day.
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Periodic Rate Cap
In an adjustable-rate mortgage (ARM), it limits how much an interest rate can increase or decrease from one adjustment period to the next.
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Personal Consumption Spending
What households collectively spend on goods and services.
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Personal Disposable Income
Personal income minus personal income tax payments. Also called "take-home pay."
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Personal Finance Manager
Specialized computer programs that help customers carry out a variety of personal finance activities. These programs typically allow consumers to do much of their work off-line, then dial in to complete their bank transactions.
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Personal Identification Number (PIN)
A unique, confidential number or pass code, usually consisting of four to six digits, entered by a customer when using an Automated Teller Machine (ATM) or Interac Direct Payment, that gives the customer access to his or her account.
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Personal Loan
A loan made for personal, family, or household use as opposed to a business-type loan or a long-term mortgage loan to finance real estate.
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