deed
A deed is a legal document that proves you are the owner of a specific piece of land (real estate).
preauthorized debit
A preauthorized debit is when you give permission to your bank to automatically pay a person or business out of your account on a certain date. For example, you might pay your phone bill or car loan through a preauthorized debit. A preauthorized debit is sometimes called a preauthorized payment. It can also be used to refer to post-dated...
personal information
Personal information is any facts about you that identify you as a unique individual. Examples of personal information are your name, contact information, social insurance number, birth date, and address. It also includes facts about your race, religion, beliefs, age, sex, marital status, health or criminal history, education, and more.
pension
A pension is a type of regular payment a person gets. Usually, someone gets a pension because they are retired or disabled. Pensions are paid by organizations like the government, a person’s previous employer, or from personal investments. Pensions are a type of income.
minor
In Ontario, a minor is anyone under the age of 18. Minors are not legally responsible for some things that they do. For example, you usually can’t enforce a contract against a minor to collect money from them.
lump-sum payment
A lump-sum payment is when you pay something in one single payment, instead of paying in many smaller payments over a period of time. For example, if you repay your entire car loan at once instead of making monthly payments, it is a lump sum payment.
identity theft
Identity theft is when someone uses your identity without your permission. For example, an identity thief may use your SIN number, credit cards, or name and personal information. Often, identity theft is used to steal money, buy things, or open accounts in your name. There are many ways that your identity can be stolen.
consolidation loan
A consolidation loan is when you combine most or all of your debts into a single, new loan. Consolidation loans almost always have a lower monthly payment, lower interest rate, or both, than credit cards or payday loans. Banks and credit unions usually offer these loans.
collection agency
A collection agency is a business that tries to collect unpaid debts for creditors. If you aren’t paying back money that you owe, the person or business you owe the money to may hire a collection agency to try to get you to pay the money back.