Canadian Mortgage, Insurance and Financial Glossary

i owe you (IOU) — Acronym

  ➥  Informal document stating that you owe something to someone.

IG Investment Management (IGIM) — Company, Canada-wide

  ➥  A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.

illegal view — Definition

The existence of any exterior openings in a building which creates an illegal view of adjoining lands.

illiquid asset — Definition

An asset that cannot be sold easily or in a timely manner for its full value.

immediate life annuity (ILA) — Acronym

immediate payment annuity — Definition

An annuity where payments to the annuitant start immediately after the annuity has been set up.

Immigration and Refugee Board (IRB) — Company, Canada

impaired insurer — Definition

An insurance company that is financially insolvent or illiquid and in risk of being unable to pay insurance claims.

imports — Definition

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

income — Definition

The money earned in a specific time period.

income & expense (I&E) — Acronym

income approach — Definition

A step in the valuation process of an income property. The value is reached by estimating the annual income minus an allowance for vacancies and bad debts and then 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 — Definition

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

income protection (IP) — Acronym

income protection insurance (IPI) — Acronym

  ➥  Insurance policy.

income statement — Definition

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

income tax — Definition

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.

Income Tax Act (ITA) — Canada

An income tax shall be paid, as required by this Act, on the taxable income for each taxation year of every person resident in Canada at any time in the year.

income-splitting — Definition

A financial strategy used for tax purposes to reduce the overall tax burden on a family. Income is shifted from one family member to another who is in a lower tax bracket, so the income is taxed at the lower rate to save the family money.

incontestability clause — Definition

A clause that places a time limit on how long an insurer has to void a policy due to a policyholder's accidental misstatement in his or her life insurance application.

incorporated business — Definition

A company that exists as a corporation.

indefeasible — Definition

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

indemnity — Definition

An arrangement where one party assumes liability for another party.

indemnity insurance — Definition

A class of insurance that covers liability for damages, which includes insurance types such as malpractice insurance and errors and omissions insurance.

independent bank — Definition

A locally owned bank that is operated without being affiliated with a bank holding company. Also known as a community bank.

Independent Fee Appraiser Senior (IFAS) — Canada

Independent Financial Brokers of Canada (IFBC) — Company, Canada

  ➥  Non-profit organization representing independent insurance, mutual fund and other financial service professionals.

Independent Insurance Brokers Association of Alberta (IIBAA) — Company, Alberta, Canada

independent living (IL) — Acronym

independent living program (ILP) — Acronym