A list of financial terms and their meanings. Comment if you’d like any added or clarified!
- GIC – guaranteed investment certificate, a type of investment product
- HBP – home buyers’ plan: a federal program allowing you to withdraw funds form your RRSP when purchasing a home
- LIRA – locked-in retirement account: when leaving a company prior to retirement, you might convert your company pension plan into a LIRA, accessible only at retirement
- LLP – lifelong learning plan: a federal program allowing you to withdraw funds from your RRSP to pursue post-secondary education
- LRSP – locked-in retirement savings plan: quite similar to LIRA above
- RSP – retirement savings plan: most often refers to an RRSP, but the implied first R is dropped for brevity
- RRSP – registered retirement savings plan: an investment account registered with the federal government offering tax deductibility of contributions, and tax sheltered growth among other benefits