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RRSP, Mutual Funds, Group Insurance, Life Insurance, Home Insurance, Car
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GLOSSARY:
World
Wide Acceptance >>>TOP
Nominated children may use the proceeds of their RESP to help fund their
education in Eligible Institutions in countries World Wide. (definition of
Eligible Institution below)
Eligible Institutions: "any educational institution
that qualifies as "Post-Secondary Educational Institutions" under the
Tax Act. Generally, this includes all universities, colleges, or other
Post-Secondary Educational Instituions in Canada and those outside Canada
providing courses of at least 13 consecutive weeks and certain occupational
training institutions in Canada." (This definition is only for Optional and
Millennium Plans. Older Plans must also meet the specific requirements of the
Plan.)
Securities
Commission (Quebec) >>>TOP
A body created by Provincial Law whose aims are to protect the free flow of
capital and protection of the Province's Investors.
RESP
Certificate >>>TOP
Social
Insurance Number >>>TOP
To have your plan registered and to qualify for the CESG your child must have a
Social Insurance Number (SIN) on file with your RESP provider, thus it is
important to apply for it immediately.
To obtain your child's SIN, you must apply to Human Resources Development Canada
(HRDC). For the location of your local HRDC office, please refer to the blue
pages of your telephone book or online at http://www.hrdc-drhc.gc.ca/sin.
Compound
Interest >>>TOP
Interest paid on capital and its accumulated interest.
*Interest earned on an annual investment of $1000
compounded annually.
The Rule of 72: The Rule of 72 is a way of estimating how
long it will take to double your investment. In order to calculate this, take 72
and divide it by the rate of return you expect to earn on your interest. For
example, if you expect to earn 12% on your investment, you can expect to double
your money in 6 years.
Rule of 40
>>>TOP
The Rule of 40 is a way of estimating the number of years it takes for
management expenses to consume 1/3 of your investment. In order to calculate
this, take 40 and divide it by your mutual fund's Management Expense Ratio (MER).
For example, if you have chosen a Mutual Fund with a 2.1% MER (the Canadian
Average), in 19 years 1/3 of your investment will have been lost to fees.
Choosing a fund with a higher MER, such as 3% will only take 13 years to lose
1/3 of your investment.
Tax-Sheltered
Investment >>>TOP
Investment income earned by your RESP conributions accumulates tax-free until it
is withdrawn from your plan.
*The amount of interest earned on your investment in Units
may vary from year to year. Past performance is not necessarily indicative of
future performance.
Guaranteed
Investment Certificates (GICs) >>>TOP
Certificates offered by banks and trust companies, that have a guaranteed
interest rate for the term of the investment and investments up to five year
duration may be guaranteed by the Canada Deposit Insurance Corporation.
Government
Bonds >>>TOP
Obligations of the Canadian government, regarded as the highest grade bond
issued domestically.
Insured
NHA Mortgage >>>TOP
First Mortgages, the majority of which are insured under the National Housing
Act or by an insurance company licensed under the Canadian and British Insured
Companies Act (Canada). The geographic diversification and insurance coverage on
our overall portfolio is such that any risk that may be associated with any
single mortgage investment is minimal. When you couple this fact with the
concept of pooling all individual Plan funds together and investing some in all
of the asset classes, the risk on any one Planholder's investment is negligible.
Treasury
Bills >>>TOP
Short-term government paper with no stated interest rate. It is sold at a
discount in competitive bidding and reaches maturity in ninety days or less.
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