An individual retirement account (IRA) in the United States is a form of "individual retirement plan", provided by many financial institutions, that provides tax advantages for retirement savings. An individual retirement account is a type of "individual retirement arrangement" as described in IRS Publication 590, individual retirement arrangements (IRAs). The term IRA, used to describe both individual retirement accounts and the broader category of individual retirement arrangements, encompasses an individual retirement account; a trust or custodial account set up for the exclusive benefit of taxpayers or their beneficiaries; and an individual retirement annuity, by which the taxpayers purchase an annuity contract or an endowment contract from a life insurance company.
A registered retirement savings plan (RRSP), or retirement savings plan (RSP), is a type of financial account in Canada for holding savings and investment assets. RRSPs have various tax advantages compared to investing outside of tax-preferred accounts. They were introduced in 1957 to promote savings for retirement by employees and self-employed people.
James Michael Flaherty, was a Canadian politician who served as Canada's federal Minister of Finance (2006–2014) and a provincial Minister of Finance for Ontario (2001–2002). From 1995 until 2005, he was the Member of Provincial Parliament for Whitby—Ajax, and a member of the Ontario Progressive Conservative Party caucus and unsuccessfully sought the leadership of the provincial party on two occasions.
An accredited or sophisticated investor is an investor with a special status under financial regulation laws. The definition of an accredited investor, and the consequences of being classified as such, vary between countries. Generally, accredited investors include high-net-worth individuals, banks, financial institutions and other large corporations, who have access to complex and higher-risk investments such as venture capital, hedge funds and angel investments.
The Canada Deposit Insurance Corporation is a Canadian federal Crown Corporation created by Parliament in 1967 to provide deposit insurance to depositors in Canadian commercial banks and savings institutions. CDIC insures Canadians' deposits held at Canadian banks up to C$100,000 in case of a bank failure. CDIC automatically insures many types of savings against the failure of a financial institution. However, the bank must be a CDIC member and not all savings are insured. CDIC is also Canada's resolution authority for banks, federally regulated credit unions, trust and loan companies as well as associations governed by the Cooperative Credit Associations Act that take deposits.
Deposit insurance is a measure implemented in many countries to protect bank depositors, in full or in part, from losses caused by a bank's inability to pay its debts when due. Deposit insurance systems are one component of a financial system safety net that promotes financial stability.
The Securities Investor Protection Corporation is a federally mandated, non-profit, member-funded, United States corporation created under the Securities Investor Protection Act (SIPA) of 1970 that mandates membership of most US-registered broker-dealers. Although created by federal legislation and overseen by the Securities and Exchange Commission, the SIPC is neither a government agency nor a regulator of broker-dealers. The purpose of the SIPC is to expedite the recovery and return of missing customer cash and assets during the liquidation of a failed investment firm.
A qualified institutional buyer (QIB), in United States law and finance, is a purchaser of securities that is deemed financially sophisticated and is legally recognized by securities market regulators to need less protection from issuers than most public investors. Typically, the qualifications for this designation are based on an investor's total assets under management and specific legal conditions in the country where the fund is located. Rule 144A requires an institution to manage at least $100 million in securities from issuers not affiliated with the institution to be considered a QIB. If the institution is a bank or savings and loans thrift they must have a net worth of at least $25 million. If the institution is a registered dealer acting for its own account it must in the aggregate own and invest on a discretionary basis at least $10 million of securities of issuers not affiliated with the dealer.
A segregated fund or seg fund is a type of investment fund administered by Canadian insurance companies in the form of individual, variable life insurance contracts offering certain guarantees to the policyholder such as reimbursement of capital upon death. As required by law, these funds are fully segregated from the company's general investment funds, hence the name. A segregated fund is analogous to the U.S. insurance industry "separate account" and related insurance and annuity products.
Superannuation in Australia are the arrangements put in place by the Government of Australia to encourage people in Australia to accumulate funds to provide them with an income stream when they retire. A type of employment funded pension, superannuation in Australia is partly compulsory, and is further encouraged by tax benefits. The government has set minimum standards for contributions by employees as well as for the management of superannuation funds. It is compulsory for employers to make superannuation contributions for their employees on top of the employees' wages and salaries. The employer contribution rate has been 9.5% since 1 July 2014, and as of 2015, was planned to increase gradually from 2021 to 12% in 2025. People are also encouraged to supplement compulsory superannuation contributions with voluntary contributions, including diverting their wages or salary income into superannuation contributions under so-called salary sacrifice arrangements.
A registered retirement income fund (RRIF) is a tax-deferred retirement plan under Canadian tax law. Individuals use an RRIF to generate income from the savings accumulated under their registered retirement savings plan. As with an RRSP, an RRIF account is registered with the Canada Revenue Agency.
Requires updating to reflect the current Income Tax Act and the growth of MICs that trade on the TSX.
Since its election to power on January 23, 2006, the Conservative Party of Canada led by Prime Minister Stephen Harper adopted several positions and policies in regard to the economic issues of Canada, including various tax cuts, exemptions and credits as well as discussing the issue of fiscal imbalance among provinces and measures to cope with more troubled sectors of the Canadian economy.
A tax-free savings account is an account available in Canada that provides tax benefits for saving. Investment income, including capital gains and dividends, earned in a TFSA is not taxed in most cases, even when withdrawn. Contributions to a TFSA are not deductible for income tax purposes, unlike contributions to a registered retirement savings plan (RRSP).
The Saskatchewan Pension Plan (SPP) is a voluntary money purchase defined contribution pension plan created by the Government of Saskatchewan. The SPP was created through The Saskatchewan Pension Plan Act . Oversight of the plan rests with the Saskatchewan Pension Plan Board of Trustees. The plan is also open to both residents of Saskatchewan and other provinces. Saskatchewan is the only province in Canada that operates a pension plan open to the general public. The plan has assets of $450 million and over 33,000 members. The maximum annual individual contribution is $6,200, which will increase annually according to the Year's Maximum Pensionable Earnings.
The Canadian federal budget for the 2008-2009 fiscal year was presented to the House of Commons of Canada by Finance Minister Jim Flaherty on February 26, 2008.
Tangerine Bank, operating as Tangerine, is a Canadian direct bank and a subsidiary of Scotiabank. It offers no-fee chequing and savings accounts, Guaranteed Investment Certificates (GIC), mortgages, and mutual funds. Many savings and investment products are eligible for registration under a Tax-Free Savings Account (TFSA), Registered Retirement Savings Plan (RRSP), or Registered Retirement Income Fund (RRIF). Despite being a subsidiary of Scotiabank, it retains its former separate Institution Number 614.
Invest Financial Corporation was an American full-service broker/dealer, registered with the Financial Industry Regulatory Authority (FINRA), the Securities Investor Protection Corporation, the U.S. Securities and Exchange Commission (SEC) and state insurance agencies in all 50 states. Invest supervises and supports both financial institutions and independent registered representatives who offer advisory services, investment and insurance products. Invest was formed in 1982 under Dan McConnell and was the first firm to offer securities inside a bank lobby.
BMO SmartFolio is a digital investment management service offered by Canada’s Bank of Montreal. Broadly referred to as a robo-advisor, the service allows investors to answer a series of questions online about their investment goals, time horizon and risk tolerance, then are recommended a model portfolio made up of index-tracking exchange-traded funds based on the investor’s profile, managed by financial professionals with BMO Global Asset Management and BMO Nesbitt Burns.
Credential Qtrade Securities is a stockbrokerage firm based in Vancouver, Canada. It provides investing services to clients of credit unions and banks across Canada, and runs the online investment platform Qtrade Investor. As of November 2016, it claimed to have $11.5 billion in assets and partnerships with over 150 Canadian credit unions as well as insurance companies including Sun Life and Great West Life. Like all brokerages and investment dealers, they are members of Investment Industry Regulatory Organization of Canada (IIROC) and as such, the Canadian Investor Protection Fund (CIPF) protects investors should the brokerage become insolvent. Like most brokerages, it also has a collection of commission-free exchange-traded funds. as well as offering GICs and TFSA accounts.
