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Financial Services Information

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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.

NEWFOUNDLAND
http://www.gov.nf.ca/gsl/cca/s/

PRINCE EDWARD ISLAND
http://www.gov.pe.ca/oag/ccaid-info/index.php3

NOVA SCOTIA
http://www.gov.ns.ca/nssc/aboutthenssc/aboutnssc.htm

NEW BRUNSWICK
http://www.gov.nb.ca/justice/

QUEBEC
http://www.bsf-qc.com

ONTARIO
http://www.osc.gov.on.ca
MANITOBA
http://www.msc.gov.mb.ca/

SASKATCHEWAN
http://www.saskjustice.gov.sk.ca/branches/Securities/securities.htm

ALBERTA
http://albertasecurities.com

BRITISH COLUMBIA
http://www.bcsc.bc.ca

NORTHWEST TERRITORIES
no website listed

NUNAVUT
no website listed

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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