Abbreviations
CPP
What is the Canada Pension Plan?
You can start receiving these benefits as early as age 60 or defer them to age 70.
What is CPP?
This team won 6 NBA Championships during the 90's.
Who are the Chicago Bulls?
Once the expiration date has come, the policy is no longer inforce.
What is a term life policy?
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?
RRSP
What is a Registered Retirement Savings Plan?
You can receive a 20% grant of your contribution in this account.
What is an RESP?
This dance craze made it all the way to the Democratic National Convention.
What is the Macarena?
Flexible in terms of premiums and death benefits.
What is a Universal Life Insurance Policy?
When you contribute to this account, your taxable income amount is lowered.
What is an RRSP?
TFSA
What is a Tax Free Savings Account?
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)?
His infidelity captured attention world wide with specific details involving a blue dress.
Who is Bill Clinton?
Provides a lump-sum payment if the policyholder is diagnosed with specified serious illness.
What is critical illness insurance?
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)?
OAS
What is Old Age Security?
You will receive the full benefit amount of this government if you have resided in Canada for 40 consecutive years.
What is OAS?
This video game system made its debut.
What is Nintendo?
This type of insurance now covers mental illness.
What is disability insurance?
This account can be transferred to a spouse upon death regardless of contribution room with no tax implications.
What is a TFSA?
RRIF
What is a Registered Retirement Income Fund?
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)?
Her iconic hair do was what every girl wanted.
Who is Jennifer Anniston? The Rachel Haircut.
This type of insurance pays dividends that will accumulate in the policy.
What is a whole life policy?
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?