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Major financial concepts & Terms you shall know if you are in…
Major
financial concepts & Terms you shall know
if you are in Ontario
Investment
Drivers ✇
GICs
Bonds
Shares
Mutual Funds
Seg. Funds
Investment
Vehicles :car:
Registered Plans :lock:
TFSAs - Tax Free Savings Account
🧿 Example of Tax Advantaged
RRSP - Registered Retired
Savings Plan - 🧿 Example of Tax Deferred
RRIF - Registered Retirement Income Funds
RIs - Registered Investments
RESP - Registered Education Savings Plans
RDSPs - Registered Disability Savings Plans
FHSA - First Home savings Account
RPPs - Registered Pension Plans
LIRA - Locked in Retirement Account
Non Registered Plans :unlock:
Conventional accounts - e.g. ETF etc.
🛎️No limits, open to all asset classes.
📌Cons
investment gained are taxable
contributions are not tax deductible
tax consequences if you transfer from non-registered to registered plans
Risks in Investing
Interest Rate Risk
Inflation Risk
Liquidity Risk
Market Risk
Credit Risk
Federal Plans
e.g. (Service Canada)
CPP - Canada Pension Plan
OAS - Old Age Security
GIS - Guaranteed Income Supplement
EI - employment Insurance
Employer Provided
Plans
Employer Provided
Retirement Pension Plans 👴🏼
PRP - Pooled Registered
Pension Plans
DBPP - Defined benefit
pension plan
DCPP - Defined contribution
pension plans
DPSP - Deferred Profit
sharing plan
Employer Provided
Savings Plans 💰
GRRSP - Group Registered Retirement Savings Plans
DPSP - Deferred Profit Sharing Plan
Financial risk management
strategies
Risk Avoidance
Risk Reduction
Risk Retention
Risk Transfer
Basic Financial concepts
Power of Compounding -
Compound interest
Rule of 72
X-Curve
Power of time
Dollar cost Averaging
High Cost of waiting
Considering inflation
Fund differences
How much to allocate
to emergency funds?
the impact of losses
Income types
Single handed income
Salary
Commissions
Margin
Multi handed income
Royalty
dividends
capital Gain
Provincial Plans
e.g. (Service Ontario)
Healthcare plans
Workers compensation
benefits plans
No Fault automobile insurance