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