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megram - Index

megram - 55JulOttawa - Index

Fiscal glossary
Basic Investment and Planning Terms and What They Mean
Assets: The total value of what you own.
Balance sheet: A list of what you own and what you owe.
Carry-forward: If you were unable to make your full RRSP contribution for any year since 1991, you may
carry the unused contribution room forward into future years.
Deferred income taxes: Income tax that would be payable immediately unless placed in a deferred planning
product such as a Registered Retirement Savings Plan (RRSP)
Diversification: Investment diversification lessens your exposure to risk, and gives your portfolio an opportunity
to grow.
Fixed asset: A tangible long-term asset such as a house or other property.
Goal setting: Your financial goals should be specific, measurable, achievable and reviewed annually.
Estate planning: Gives you the opportunity to provide, on an orderly basis, for the distribution of your assets
and payment of your debts upon death.
Leveraging: Borrowing money for investments by using assets such as your home as security.
Liquidity:This is the ease with which you can access your money.Your financial advisor will recommend that
easy-to-get-to short-term money be set aside to cover emergencies and expenses.
Risk tolerance: Most investments rise and fall in value. How much volatility can you handle?
RRSP: A tax deferred plan in which you place investment products such as mutual funds.The tax on RRSP
contribution and earnings is deferred until the money is withdrawn.
Spousal RRSP: A plan to balance the retirement income of both partners by allowing the higher income
spouse to contribute to the RRSP of his or her spouse.
Bill McCormick, Sales Representative
613 282-2708
bill@the-real-estate-guy.ca
Joseph Forte, Broker
613 850-7142
Joseph@the-real-estate-guy.ca
Top 5% of sales for Royal LePage Canada
Call “The Real Estate Guy”
Office: 613-725-1171
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July/August 2008 • Ottawa 31 • Fifty-Five Plus Magazine
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