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Age Amount Deduction

The age amount deduction is a federal tax reduction offered to seniors aged 65 and older who have an income below a certain threshold. Individuals who are not eligible for the deduction may transfer the benefit to their spouse or common law partner.

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Canadian Pension Plan (CPP)

The Canada Pension Plan (CPP) is a public pension plan designed to provide contributors and their beneficiaries with partial replacement of earnings upon retirement. It was created in 1965 in response to a growing number of retirees living below the poverty line.

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Dividend Tax Credit

The dividend tax credit is the amount that an individual is permitted to apply against his or her tax liability on the grossed-up portion of dividends paid out by corporations.

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Dollar Cost Averaging (DCA)

Dollar-Cost Averaging is an investment approach that involves buying a fixed dollar amount of an investment on a regular basis, regardless of the then-current price. When prices fall, more units are purchased. On the other hand, less units are purchased when prices rise.

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FANG Stocks

FANG is an acronym for four technology stocks listed on the NASDAQ exchange. It includes Facebook, Amazon, Netflix, and Google (now Alphabet Inc.).

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Management Expense Ratio (MER)

A Management Expense Ratio (MER) is an expense passed on to mutual fund investors in order to cover the costs associated with operating a mutual fund. The MER is calculated on an annual basis by dividing the fund’s operating expenses by the average dollar value of its assets under management.

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Old Age Security (OAS)

Old Age Security (OAS) is the largest pension program in Canada, funded by the Government of Canada’s general revenues. Therefore, unlike Canada Pension Plan (CPP), you do not pay into the program. It is available to eligible seniors aged 65 and older.

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Registered Retirement Income Fund (RRIF)

A Registered Retirement Income Fund (RRIF) is an investment account registered with the federal government, designed to provide retired individuals with a steady flow of cash. A RRIF is straightforward to open and involves transferring funds from an RRSP account.

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Registered Retirement Savings Plan (RRSP)

A Registered Retirement Savings Plan (RRSP) is an investment vehicle used to save for retirement. Any contribution lowers tax owing, meaning a contributor can deduct contributions against their income. This allows contributors to reduce their tax bill during their working years.

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