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2020-WME > ACRONYMS > Flashcards

ACRONYMS Flashcards

1
Q

MVP

A

Minimum Variance Portfolio - farthest left spot on efficient frontier

An EFFICIENT PORTFOIO with LEAST RISK

efficient portfolio =’s EITHER max return for risk OR min risk for return

Graph - expected return up L-side and risk along bottom

  • best portfolio == most expected return for least risk
  • line connecting all the best portfolios = Efficient frontier
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2
Q

1990 (after 1989) annuity rule change

A
  • interest must be reported in te year earned
  • prior - could defer up to 3 years (i.e. reort every 3rd year)
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3
Q
  1. Bump
  2. Pipeline
  3. Loss Carry-back
A
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4
Q

55 and 55

A

CHIP- camera home income plan

55yrs

55% appraised value max

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5
Q

A Tax Payers Dream

Transferrable non-refundable tax credits

A

A- age credit

T- Tuition creit

P- pension credit

D- Disability credit

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6
Q
  1. ABS
  2. ACB
  3. ADS
  4. AIP
  5. ATS
A
  1. Asset-Backed Securities
  2. Adjusted Cost Base
  3. American Depository Share
  4. Accumulated Interest Payments - RESPs
  5. Alternative Trading System
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7
Q

AIP

A

Accumulated Interest Payment

  • from unused RESP
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8
Q

Annuity Terms

  1. Annuitant
  2. Prescribed
  3. Non-prescribed
A
  1. Annuiant - person who’s life contract is based on
  2. Tax pread evenly over payout phase
  3. Tax payer pays tax on interst portion received each year - more interest early years less later - like paying down mortgage in reverse
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9
Q

Assuris coverge rules

1) GMWBS during accumulation phase

A
  1. higher of - $60K per contract or 85% guaren teed witdrawal balance
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10
Q

Beta

A

0 = risk free

1= same as market risk

  • market index- will ALWAYS =1
  • a multiplier:
    1. 5 = will move 1.5 times marke movement
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11
Q

Bond ladder - a bond maturing each year

Barbell - concentrated securities (bond) on short and long end

BULLET - all bod positions share same maturity date

  • bulleet bond - toal repayment 1X vs amortizing - little payme ts all along
A
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12
Q

CAPM

A

Capital Asset Pricing Model

  • gives expected return on portfolio given varibles:
  1. portfolio beta
  2. risk-free rate of return
  3. return of market portfolio
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13
Q

CCPC

A

Canadian controlled private Corporation

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14
Q

Capital Gains and Attributiion Rules - mnemonic

A

Capital Gains stay with the

Children &

Grandchildren

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15
Q

Cohabitation Agreement

A
  • people living together

deals with break-up issues

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16
Q

Coin JARS

“Listed personal property”

A

C- coins

J- jewlery

A- artwork

R-rare manuscripts/books

S- stamps

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17
Q

CSA

A

Canadian securities Administrators

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18
Q

Death and Taxes

  1. Letter of Probate also called ?
  2. % charged for probate
  3. Personal Care POA (protection Mandate, QC) vs Enduring/Continuing Power of Attorny
  4. Executor in QC called ?
  5. The 3 acceptable forms of Wills
  6. QC- Patrimony means?
A
  1. Certificate of Appointment of Estae Trustee
  2. 1-2% of fair market value of estate - dets registered against real property
  3. Personal Care POA- can make life decisions
    • General POA - fin affairs ONLY if you are competant
    • Endure/Cont - only financial afairs- if mentally capable AND in capable
  4. Liquidator
  5. a-Conventional, b- Holographic, c- QC-notarial
  6. Mortis Causa - quasi will - deathbed gift
  7. Whole of a persons rights and obligations that have an economic value (assets/liabilities) - transfers to ‘legatees’/heirs
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19
Q

FATCA - Fat Cats

A

Foreign account tax compliance act - aimed at reducing tax evasion

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20
Q

Full service brokerage (FSB)

A
  • semi-integrated services with some HNW services - dominated by bank owned dealers
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21
Q

GAAR vs IFRS

A
  • NEW- international finance reporting standards
  • OLD - Generally accepted accounting
    *
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22
Q

Get Extra Marks Learning Directional!

A

Major Hedge Fund Strategies by Market Event

DIRECTIONAL STRATEGIS =

G-global macro

E- emerging markets

M- managed futures

L- long/short equity

D-dedicated short bias

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23
Q

GMWBs

A

guaranteed minimum withdrawal benefit contract

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24
Q

Great

Tax

Credits

Now

A

Determining tax on Dividends

G- grossed up by 38% - 1.38

T- tax owing on grossed up amount

minus

C- credit 15.02% - 15.02 of grossed up

N- Net tax payable

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25
Harley-Davidson Motorcycles were Driven to the Event
Major Hedge Fund Strategies by Market Exposure ## Footnote H- high-yeild bonds D-distressed securities M- merger or at risk arbitrage D-driven, E-event --- Event Driven strategies
26
Interest Mortgage Tests LowerFinacial Difficulties
Interest rate Mortgage stress test Term & Amortization Loan-to-Value Ratio (LTV) Fees Debt Service Ratios (GDS & TDS)
27
Inver vivos vs
28
IPS
Investment Policy Statement
29
IVICs
Individual Ivstment Insurance Contracts
30
List Of Various Ratios
L-liquidity O- operating V- value R- risk analysis
31
LTV stands for?
Loan to Value - max 80% or CMHC insurance needed - loan amount / home value
32
Marriage Contrct
- are about to be married - protcting unequal assets going in PRE-NUP - stated how assets divided if divorce - similar to cohab
33
MD and A
Managers Discussion and Analysid
34
MFCS
Mutual fund dealers association of Canada
35
Mortis Causa
death bed gift - quasi will
36
Mutual Fund legislation
MFDA- mutual fund dealers Association
37
Returns To Be Prepared
1. Rights and things - thins not yet paid/received when you die * amounts declared NOT accrued (those go on 1st) 1. Tetamentary Trust 2. Business Returns 3. Personal Tax return
38
PA vs PSPA
PA - pension amount- from prior year *(alphabetically 1st- 1st in equation)* PSPA- past service pension adjustment * (retroactive contribution to your plan* * - bigger/longer- use current year)*
39
participating annuity's similar concept to participating preffered shares
- gives investors ccess to extra dividends
40
PCMLTFA
proceeds of crime money laundering and terrorist financing ACT
41
PIPEDA
Personal information protection and electronic documents act
42
Private investment Council (PIC)
Mono- line Pick of the litter - HNW only - only discretionary - outside PMW channel
43
PSB
Personal service business
44
PWM- private wealth management includes what services?
P- private banking W- personal trust services M- investment counseling Fully integrated comprehensive services
45
QDT
Qualifyied Disability Trust (?Henson Trust?) - GRE - graduated rate estate
46
R I S K
Most Risky .... Common shares Prefered Shares Capital Securities Unsecured ceditors Secured Creditors First Mortgage bonds/ Asset-backe Securities ...Least Risky
47
RCS
What time is compensation agreement
48
Returns To Be Prepared
R- Rigts or things T- Testamentary trust B- Business returns P- Personal Tax return
49
Right vs Right Ethical Dilemmas F- fairness I- Integrity G- Goal-based S- Societal
F- Justic vs Mercy I- Truth vs Loyalty G- short vs long-tem S- individual vs group
50
RRBs
Real Return Bonds
51
* Henson Trust also called? RULES: - ncome type? - reporting requirement - set-up timeline - quaalified benefiiaary - Taxed?
* QDT- Qualified Disability Trust - Fully discretionary trust 1. Can only receive CAN income 2. Must make joint election in it's T3 return 3. can be st up pre/post death 4. Beneficiary must have DTC NOTE: provides/uses graduated taxes - exception to 2016 tax rule ending this for trusts
52
RVs are Family Camping Equipment
_Major Hedge Fund Strategies by Market Exposure_ ## Footnote R- relative V- value strategis: F-fixed income arbitrage C- convertable arbitrage E- equity market neutral
53
Are your investment returns in SINC with your benchmark?
_4 Classes of Benchmark portfolio's_ 1. Sharpe bench marks 2. Investment-style benchmarks 3. Normal portfolios 4. Composite market indexes
54
Separation Agreement
- between MARRIED people - outlies: 1. division of property 2. custody/access & child support payments 3. spousal support paymeys
55
SERP
Supplemental executive retirement plans
56
T1135- T3- TRUST T4- JOB T4A- PENSION T5- INVESTED T5-8- SALES
T1135- Foreign Income Verification 3- Statement of Trust Income Alloctions & Designations 4- Statement o Renumerations Paid 4A- Statement of Pension, Rretirement, Annuity & Other Income 5- Statement of Investment Income 5008- Statement of Securities Transactions
57
TAA
Tactical asset allocation
58
The major occupational groups of the high net worth client segment include:
Entrepreneurs Retirees Professional service provider Senior business executives Inherited wealth Celebrities Wealthy immigrants
59
Trends shaping the future of wealth Management ACT
Aging - changing demographics Competition increasing Technology advances
60
USURFRUCT
61
Why Really Rich Athletes Retire Sooner
Sources of EARNED INCOME W- wages R- rental income R- royalties A- alimony received ( deduct if paying) R- research grants S- supplemental UI/EI benefits

2020-WME (13 decks)

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