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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
Q

Harley-Davidson Motorcycles were Driven to the Event

A

Major Hedge Fund Strategies by Market Exposure

H- high-yeild bonds

D-distressed securities

M- merger or at risk arbitrage

D-driven, E-event — Event Driven strategies

26
Q

Interest

Mortgage

Tests

LowerFinacial

Difficulties

A

Interest rate

Mortgage stress test

Term & Amortization

Loan-to-Value Ratio (LTV)

Fees

Debt Service Ratios (GDS & TDS)

27
Q

Inver vivos

vs

A
28
Q

IPS

A

Investment Policy Statement

29
Q

IVICs

A

Individual Ivstment Insurance Contracts

30
Q

List Of Various Ratios

A

L-liquidity

O- operating

V- value

R- risk analysis

31
Q

LTV stands for?

A

Loan to Value - max 80% or CMHC insurance needed - loan amount / home value

32
Q

Marriage Contrct

A
  • are about to be married
  • protcting unequal assets going in

PRE-NUP

  • stated how assets divided if divorce
  • similar to cohab
33
Q

MD and A

A

Managers Discussion and Analysid

34
Q

MFCS

A

Mutual fund dealers association of Canada

35
Q

Mortis Causa

A

death bed gift

  • quasi will
36
Q

Mutual Fund legislation

A

MFDA- mutual fund dealers Association

37
Q

Returns To Be Prepared

A
  1. Rights and things - thins not yet paid/received when you die
    * amounts declared NOT accrued (those go on 1st)
  2. Tetamentary Trust
  3. Business Returns
  4. Personal Tax return
38
Q

PA vs PSPA

A

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
Q

participating annuity’s similar concept to participating preffered shares

A
  • gives investors ccess to extra dividends
40
Q

PCMLTFA

A

proceeds of crime money laundering and terrorist financing ACT

41
Q

PIPEDA

A

Personal information protection and electronic documents act

42
Q

Private investment Council (PIC)

A

Mono- line Pick of the litter - HNW only - only discretionary - outside PMW channel

43
Q

PSB

A

Personal service business

44
Q

PWM- private wealth management includes what services?

A

P- private banking W- personal trust services M- investment counseling Fully integrated comprehensive services

45
Q

QDT

A

Qualifyied Disability Trust (?Henson Trust?)

  • GRE - graduated rate estate
46
Q

R

I

S

K

A

Most Risky ….

Common shares

Prefered Shares

Capital Securities

Unsecured ceditors

Secured Creditors

First Mortgage bonds/ Asset-backe Securities

…Least Risky

47
Q

RCS

A

What time is compensation agreement

48
Q

Returns To Be Prepared

A

R- Rigts or things

T- Testamentary trust

B- Business returns

P- Personal Tax return

49
Q

Right vs Right Ethical Dilemmas

F- fairness

I- Integrity

G- Goal-based

S- Societal

A

F- Justic vs Mercy

I- Truth vs Loyalty

G- short vs long-tem

S- individual vs group

50
Q

RRBs

A

Real Return Bonds

51
Q
  • Henson Trust also called?

RULES:

  • ncome type?
  • reporting requirement
  • set-up timeline
  • quaalified benefiiaary
  • Taxed?
A
  • 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
Q

RVs are Family Camping Equipment

A

Major Hedge Fund Strategies by Market Exposure

R- relative V- value strategis:

F-fixed income arbitrage

C- convertable arbitrage

E- equity market neutral

53
Q

Are your investment returns in SINC with your benchmark?

A

4 Classes of Benchmark portfolio’s

  1. Sharpe bench marks
  2. Investment-style benchmarks
  3. Normal portfolios
  4. Composite market indexes
54
Q

Separation Agreement

A
  • between MARRIED people - outlies:
  1. division of property
  2. custody/access & child support payments
  3. spousal support paymeys
55
Q

SERP

A

Supplemental executive retirement plans

56
Q

T1135-

T3- TRUST

T4- JOB

T4A- PENSION

T5- INVESTED

T5-8- SALES

A

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
Q

TAA

A

Tactical asset allocation

58
Q

The major occupational groups of the high net worth client segment include:

A

Entrepreneurs Retirees Professional service provider Senior business executives Inherited wealth Celebrities Wealthy immigrants

59
Q

Trends shaping the future of wealth Management ACT

A

Aging - changing demographics Competition increasing Technology advances

60
Q

USURFRUCT

A
61
Q

Why Really Rich Athletes Retire Sooner

A

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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