Glossary of terms
Income Tax: That part of taxable income which a person or corporation is
required to forward to Revenue Canada Periodically.
Interest Adjustment: The process of calculating compound interest payable on
the amount borrowed between the day the monies are advanced and the day
amortization period starts.
Interest Only Loan: A loan which is serviced by interest-only payments. At the
end of the term the full principal plus interest for the last payment period of the
loan is still owing.
Interest Rate: The percentage rate that represents the cost of borrowing or
the benefit of lending money.