Canadian banking terms explained, with Chinese translations
Canadian banks use terms that differ from those in Hong Kong and mainland China: a chequing account is your everyday account, a GIC is a fixed-term deposit, and an Interac e-Transfer is how people send money to each other. This page lists the terms newcomers meet most often, in plain English with Traditional and Simplified Chinese.
Accounts
Chequing account (支票戶口 / 支票账户): the everyday account for pay, bills, debit card purchases and transfers. Often has a monthly fee.
Savings account (儲蓄戶口 / 储蓄账户): pays interest on money you are not spending yet. A high-interest savings account (HISA, 高息儲蓄戶口 / 高息储蓄账户) pays a higher rate.
GIC, guaranteed investment certificate (定期存款): a deposit locked in for a fixed term at a guaranteed rate.
Joint account (聯名戶口 / 联名账户): an account owned by two or more people, such as spouses.
Moving money
Interac e-Transfer (電子轉賬 / 电子转账): sends money between Canadian bank accounts using an email address or mobile number.
Direct deposit (直接存款): your employer or the government pays straight into your account.
Pre-authorized debit, PAD (預先授權扣款 / 预授权扣款): a company takes a regular bill payment from your account automatically.
Void cheque (作廢支票 / 作废支票): a cheque marked VOID that shows your account details, used to set up direct deposit or PAD. Online banking offers a direct deposit form that does the same job.
Transit, institution and account numbers (分行號碼、銀行代號、戶口號碼 / 分行号、银行代码、账号): a 5-digit branch number, a 3-digit bank number and your account number, which together identify your account.
Wire transfer (電匯 / 电汇): a bank-to-bank transfer, usually international, that uses a SWIFT code.
Hold (存款暫扣 / 存款冻结期): the bank may make you wait several business days before you can use all the money from a deposited cheque.
NSF, non-sufficient funds (存款不足): a payment bounced because the account was short. Federally regulated banks cannot charge more than $10 for it.
Registered accounts
TFSA, Tax-Free Savings Account (免稅儲蓄戶口 / 免税储蓄账户): growth and withdrawals are tax-free. The 2026 limit is $7,000.
RRSP, Registered Retirement Savings Plan (註冊退休儲蓄計劃 / 注册退休储蓄计划): contributions reduce your taxable income now, and withdrawals are taxed later.
FHSA, First Home Savings Account (首次置業儲蓄戶口 / 首次购房储蓄账户): for first-time home buyers, up to $8,000 a year and $40,000 in a lifetime.
RESP, Registered Education Savings Plan (註冊教育儲蓄計劃 / 注册教育储蓄计划): savings for a child's education with a government grant, up to $50,000 per child in a lifetime.
Credit and mortgages
Credit score (信貸評分 / 信用评分): a number from 300 to 900 kept by Equifax and TransUnion that lenders use to judge you.
Minimum payment (最低還款額 / 最低还款额): the least you must pay on a credit card bill. Paying only this amount means you pay interest on the rest.
Prime rate (最優惠利率 / 最优惠利率): the base rate banks use to set variable mortgage and line of credit rates.
Down payment (首期 / 首付): the part of a home price you pay up front.
Amortization and term (攤還期與按揭年期 / 摊还期与贷款期限): amortization is the total time to pay off the mortgage, such as 25 years; the term is the length of your current rate contract, such as 5 years.
Pre-approval (按揭預先批核 / 房贷预批): a lender tells you how much you may borrow, and may hold a rate, before you buy.
Protection and ID
CDIC, Canada Deposit Insurance Corporation (加拿大存款保險公司 / 加拿大存款保险公司): insures eligible deposits at member banks up to $100,000 per insured category.
SIN, Social Insurance Number (社會保險號碼 / 社会保险号): the 9-digit number you need to work, file taxes and open accounts that earn interest.
Is a GIC the same as 定期存款?
Yes. GIC is the name Canadian banks use for a fixed-term deposit.
What is a void cheque and where do I get one?
It is a blank cheque with VOID written across it, used only to share your account details. If you have no cheques, download the direct deposit or pre-authorized debit form from your online banking instead.
What is the difference between amortization and term?
Amortization is how long it takes to pay off the whole mortgage, often 25 years. The term is how long your current rate and contract last, often 5 years, after which you renew.
Official sources
- Financial Consumer Agency of Canada: chequing accounts
- Financial Consumer Agency of Canada: savings accounts
- Financial Consumer Agency of Canada: cashing a cheque
- Financial Consumer Agency of Canada: new NSF fee regulations (March 2026)
- CDIC: what's covered
- Canada Revenue Agency: before you contribute to a TFSA
- Canada Revenue Agency: participating in your FHSAs
- Canada Revenue Agency: Registered Education Savings Plans
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