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Canadian Real Estate / Mortgage Glossary : P

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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

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.

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.

 Passive Activity
An activity in which you do not materially participate. Real estate rentals and limited partnerships are examples of passive activities.

 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.

The name of the person to whom the money in a cheque is to go.

 Payment Adjustment Period
The time during which payments on an adjustable-rate mortgage (ARM) may go up or down.

 Payment Cap
A contractual limit on the size of the monthly payment of an adjustable-rate mortgage or other variable rate loan.

 Payroll Taxes
A tax based on wages, tips and salaries paid. The tax is deducted from the employees pay.

 PC Banking
A service that allows a bank customer to obtain account information and perform certain bank transactions through a personal computer.

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.

 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.

 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.

 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.

 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.

 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.

 Personal Consumption Spending
What households collectively spend on goods and services.

 Personal Disposable Income
Personal income minus personal income tax payments. Also called "take-home pay."

 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.

 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.

 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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