Words you'll hear

Canada Child Benefit (CCB)

A tax-free monthly payment for families with children under 18, based on family income. Module 2 →

Canada Education Savings GrantCESG

The government adds 20% of what you put into an RESP, up to $500 a year and $7,200 per child. Module 4 →

Canada Groceries and Essentials Benefit

A tax-free quarterly payment for people with low and modest incomes. It was called the GST/HST credit before July 2026. Module 2 →

Canada Learning BondCLB

RESP money for lower-income families that doesn't require you to put anything in: up to $2,000 per child. Module 4 →

Canada Pension PlanCPP

A public pension built from contributions taken from your paycheque when you work. Module 7 →

Contribution room

The amount you're allowed to put into a TFSA, FHSA, or RRSP. Module 5 →

CRACanada Revenue Agency

The government department for taxes and many benefits. Module 2 →

CRA My Account

The CRA's secure online service where you can see your benefits, tax returns, and contribution room. Module 2 →

Credit bureau

A company that tracks your credit history. Canada has two: Equifax and TransUnion. Module 3 →

Credit score

A number from 300 to 900 that shows lenders how reliably you repay. Higher is better. Module 3 →

Credit utilization

How much of your credit limit you're using; lower is better. Try to stay under about 30%. Module 3 →

Emergency fund

Savings kept separate for surprises, so an unexpected cost doesn't become debt. Module 6 →

ETF / index fund

An investment that holds many companies at once, usually at low cost. Module 5 →

FHSAFirst Home Savings Account

An account for saving toward your first home in Canada: tax deduction going in, no tax coming out for your first home. Module 5 →

Guaranteed Income SupplementGIS

Extra monthly support for seniors with low incomes who receive OAS. Module 7 →

Home Buyers' Plan

Lets you borrow up to $60,000 from your RRSP toward a first home. Module 5 →

Net income

Your income after certain deductions; used to calculate many benefits. Module 2 →

Notice of Assessment

The letter the CRA sends after you file taxes, which shows your RRSP room. Module 2 →

Old Age SecurityOAS

A monthly payment from age 65, based on how many years you've lived in Canada after 18. Module 7 →

RC66 / RC151

Forms newcomers use to apply for the Canada Child Benefit (RC66) and the Groceries and Essentials Benefit (RC151). Module 2 →

RESPRegistered Education Savings Plan

A savings and investment account for a child's education after high school, with government grants added. Module 4 →

RRSPRegistered Retirement Savings Plan

A retirement account: tax deduction when you put money in, taxed when you take it out. Module 5 →

Secured credit card

A credit card where you give a deposit that becomes your limit. A good way to start building credit. Module 3 →

SINSocial Insurance Number

Your 9-digit number for work, taxes, and benefits. Keep it private. Module 1 →

Social security agreement

An agreement between Canada and another country that can help you qualify for pensions using time in both. Module 7 →

T1135

A tax form you must file if your property and investments outside Canada cost more than $100,000 in total. Module 2 →

Tenant insurance

Insurance that protects your belongings and covers you if you accidentally damage your building. Module 6 →

TFSATax-Free Savings Account

An account where savings and investments grow and can be withdrawn without tax. $7,000 of room in 2026. Module 5 →