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20 Cards in this Set
- Front
- Back
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Registered Retirement Savings Plan (RRSP) |
A tax-advantaged retirement account where you can contribute pre-tax income to save for retirement. |
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Tax-Free Savings Account (TFSA) |
A savings account where contributions and investment growth are tax-free, making it another option for retirement savings. |
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Canada Pension Plan (CPP) |
A government-run pension plan that provides retirement, disability, and survivor benefits based on your contributions during your working years. |
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Old Age Security (OAS) |
A government program that provides a monthly pension to eligible Canadian seniors. |
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Guaranteed Income Supplement (GIS) |
Retirement benefits provided by employers to their employees after retirement. |
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Canadian Retirement Income Calculator (CRIC) |
A tool provided by the government to estimate your retirement income from various sources. |
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Annuities |
Financial products that provide a stream of income during retirement. |
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Canada's Retirement Age |
The age at which you can start receiving CPP and OAS benefits (usually 65, but can be deferred or taken earlier with reduced amounts). |
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Employer Pension Plan |
A retirement plan provided by some employers that offers benefits based on your salary and years of service. |
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Locked-In Retirement Account (LIRA) or Locked-In Retirement Savings Plan (LRSP) |
A retirement account that holds pension funds transferred from a former employer's pension plan, with restricted withdrawal options until retirement age. |
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Spousal RRSP |
A type of RRSP where one spouse contributes to the plan of the other spouse, providing potential tax advantages during retirement. |
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Inflation-Protected Investments |
Investments designed to safeguard against the impact of inflation on purchasing power during retirement. |
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Annuity |
A financial product that provides a series of regular payments in exchange for a lump-sum investment, often used as a source of retirement income. |
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RRIF (Registered Retirement Income Fund) |
A tax-advantaged account into which you can transfer funds from your RRSP to generate income during retirement. |
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GIC (Guaranteed Investment Certificate): |
A low-risk investment with a fixed term and interest rate, commonly used for retirement savings. |
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ETF (Exchange-Traded Fund): |
An investment fund that trades on stock exchanges, providing diversification and exposure to various asset classes. |
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Mutual Fund |
An investment vehicle that pools money from multiple investors to invest in a diversified portfolio of securities. |
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Financial Advisor |
A professional who provides advice on retirement planning, investments, and financial goals. |
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Estate Planning |
Creating a plan to distribute your assets and wealth after your passing, including wills and beneficiaries. |
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Long-Term Care Insurance |
Insurance that covers the cost of long-term care services if needed later in life. |
