Glossary

An asset that has a physical form such as machinery, buildings and land.

Tax is an enforced contribution exacted pursuant to legislative authority in order to raise revenue for a public purpose.

The length of time during which a mortgage loan is in force. The term could vary from a few months to many years.

A lot, with the exception of a corner lot, that has frontage on two public streets.

Nature of the surface of land; topography may be level, rolling, mountainous. Variation in earth's surface.

A specified or limited but very large area of land. Piece of land for future development.

The expressions "transferor" and "transferee" include their heirs, successors, assigns, executors and administrators and any other legal representative.

A short-term debt instrument issued by a government in large denominations and sold at a discount. The difference between the issue price of the treasury bill and its par value (i.e., the principal amount stated on the face of the bill and redeemable at maturity) represents the investor's return in lieu of interest.

The Tribunal administratif du Québec was established under the Act respecting administrative justice. It has jurisdiction to make determinations in respect of proceedings brought against administrative decisions rendered by public authorities such as government departments, boards, commissions, municipalities, health care establishments, etc. The Tribunal consists of four divisions. The Social Affairs Division is chiefly responsible for proceedings in such matters as income security, welfare and family allowances, the protection of patients with mental illnesses, health and social services, immigration, pension plans and certain compensation plans. The Immovable Property Division hears cases involving municipal property evaluations, rental value, and compensation following expropriation. The Territory and Environment Division hears proceedings relating to the preservation of agricultural land and environmental protection. Last, the Economic Affairs Division rules on proceedings relating to permits and authorizations under various economic, industrial, professional or commercial Acts.

A trust results from an act whereby a person, the settlor, transfers property from his patrimony to another patrimony constituted by him which he appropriates to a particular purpose and which a trustee undertakes, by his acceptance, to hold and administer. The trust patrimony, consisting of the property transferred in trust, constitutes a patrimony by appropriation, autonomous and distinct from that of the settlor, trustee or beneficiary and in which none of them has any real right.