Abbreviations
Government benefits
The 90's
Insurance
Tax Facts
100

CPP

What is the Canada Pension Plan?

100

You can start receiving these benefits as early as age 60 or defer them to age 70.

What is CPP?

100

This team won 6 NBA Championships during the 90's.

Who are the Chicago Bulls?

100

Once the expiration date has come, the policy is no longer inforce.

What is a term life policy?

100

If you earn more than $86,912, this government benefit will start to be reduced.  If you earn more than $143,965, full benefit amount would be lost.

What is OAS?

200

RRSP

What is a Registered Retirement Savings Plan?

200

You can receive a 20% grant of your contribution in this account.

What is an RESP?

200

This dance craze made it all the way to the Democratic National Convention.

What is the Macarena?

200

Flexible in terms of premiums and death benefits.

What is a Universal Life Insurance Policy?

200

When you contribute to this account, your taxable income amount is lowered.

What is an RRSP?

300

TFSA

What is a Tax Free Savings Account?

300

If you make less than $28,752 of annual income (as a couple), then you may receive this government benefit.

What is GIS (Guaranteed Income Supplement)?

300

His infidelity captured attention world wide with specific details involving a blue dress. 

Who is Bill Clinton?

300

Provides a lump-sum payment if the policyholder is diagnosed with specified serious illness.

What is critical illness insurance?

300

On June 25, 2024, this exemption for qualified small business corporation shares, farm, and fishing property increased from $1.02 million to $1.25 million.

What is the Lifetime Capital Gains Exemption (LCGE)?

400

OAS

What is Old Age Security?

400

You will receive the full benefit amount of this government if you have resided in Canada for 40 consecutive years.

What is OAS?

400

This video game system made its debut.

What is Nintendo?

400

This type of insurance now covers mental illness.

What is disability insurance?

400

This account can be transferred to a spouse upon death regardless of contribution room with no tax implications.

What is a TFSA?

500

RRIF

What is a Registered Retirement Income Fund?

500

A savings program designed to help parents and others save for the long-term financial security of a person with a disability.  The government provides matching grants and bonds depending on the contributor's income.

What is an RDSP (Registered Disability Savings Plan)?

500

Her iconic hair do was what every girl wanted.

Who is Jennifer Anniston?  The Rachel Haircut.

500

This type of insurance pays dividends that will accumulate in the policy.

What is a whole life policy?

500

On June 25, 2024, this tax increased from 50% to 2/3 (66.67%) inclusion rate exceeding $250,000 annually.

What is the capital gains inclusion rate?

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