True Income

Canada Revenue Agency. The federal tax authority that collects income tax and administers benefits.

Example: You file taxes with the CRA and receive a Notice of Assessment.

Social Insurance Number. Required to work, file taxes, and access government programs.

Example: Employers need your SIN to issue your T4.

Registered Retirement Savings Plan. Contributions reduce taxable income and growth is tax deferred.

Example: A $5,000 RRSP contribution can lower taxable income by $5,000.

Tax-Free Savings Account. Investment growth and withdrawals are tax free.

Example: You can withdraw TFSA gains without paying capital gains tax.

First Home Savings Account. Contributions are tax deductible and withdrawals for a first home are tax free.

Example: Use FHSA funds for your down payment without tax on withdrawal.

Canada Pension Plan. Payroll deduction that funds retirement benefits.

Example: CPP is withheld from each paycheck.

Employment Insurance. Payroll contribution that can provide income during unemployment.

Example: EI premiums are shown on your pay stub.

Goods and Services Tax / Harmonized Sales Tax added to most purchases.

Example: In Ontario, HST adds 13% to your purchase.

Annual tax slip from your employer showing earnings and payroll deductions.

Example: You need your T4 to file taxes.

Statement from the CRA confirming your tax return and showing your balance or refund.

Example: Lenders often request your latest NOA.

Score that summarizes your credit history and affects loan rates.

Example: A higher score can qualify you for better mortgage rates.

Upfront cash paid toward a home purchase.

Example: Putting 20% down avoids CMHC insurance.

Mortgage default insurance required when down payment is under 20%.

Example: CMHC insurance is added to your mortgage balance.

Qualification test that uses a higher rate to ensure affordability.

Example: You qualify at the benchmark or contract rate + 2%.

Total length of time to pay off a mortgage, often 25-30 years.

Example: A longer amortization lowers payments but increases interest.

Fixed rates stay the same, while variable rates move with the market.

Example: Variable payments can change when prime rate moves.

Immigration, Refugees and Citizenship Canada. Federal department for visas and immigration.

Example: Application fees are paid to IRCC.

Acknowledgment of Receipt. Confirmation that IRCC received your application.

Example: Processing timelines often start from the AOR date.

Electronic Confirmation of Permanent Residence issued through the PR Portal.

Example: You download your eCOPR after confirming your address.

Confirmation of Permanent Residence, a key document to become a PR.

Example: COPR details appear on your eCOPR.

Online portal to confirm address and photo for PR card issuance.

Example: You submit your photo in the PR Portal.

Permanent Resident card used as travel document to return to Canada.

Example: Airlines ask for your PR card when boarding.

Invitation to Apply for permanent residence in Express Entry.

Example: After an ITA, you have a deadline to submit documents.

Comprehensive Ranking System score used to rank Express Entry profiles.

Example: A higher CRS score improves your chance of an ITA.

Provincial Nominee Program that lets provinces nominate candidates.

Example: A PNP nomination adds points to Express Entry.

Labour Market Impact Assessment required for many employer-sponsored jobs.

Example: Some work permits require a positive LMIA.

Post-Graduation Work Permit for eligible international graduates.

Example: PGWP lets you work after completing a Canadian program.

Temporary Resident Visa required to travel to Canada for some nationals.

Example: TRV is different from a study or work permit.

Minimum settlement funds required for some immigration programs.

Example: Proof of funds must be shown with bank statements.