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Home > Learning Center > Glossaries > Economic & Finance Terms Glossary
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Economic, Finance & Revenue Canada Explained!
 
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Confused By The Economic, Finance & Revenue Canada Terms and Definitions? Get The Answers Here!
 
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Labour Force - Labour Market - Labour Market Program - Labour Productivity - Labour Sponsored Venture Capital Corporation - Large Corporations Tax - Lease - Life and Health Insurance Company - Life Income Fund - Life Insurance - Line of Credit - Liquidity - Loan Company - Locked-In Registered Retirement Savings Plan - Long-Term Interest Rate - Loss Carry-Over - Low-Fee Account
 
Labour Force
The number of people in the country 15 years of age or over who either have a job or are actively looking for one.
 
Labour Market
The market that determines wages and the number of jobs based on the supply and demand for workers.
 
Labour Market Program
Labour market programs are government programs designed to improve the functioning of the labour market, such as those that assist in job finding, upgrading work skills and improving worker mobility. For more information, visit Human Resources Development Canada's Programs & Services Web page.
 
Labour Productivity
A measure of how much output our economy produces per worker (i.e. gross domestic product per worker). A number of factors can cause labour productivity to change. For example, better education, training, management, equipment and technology will all tend to increase production per worker.
 
Labour Sponsored Venture Capital Corporation (LSVCC)
Fund sponsored by a labour organization in which individuals pool their money to invest in small businesses. Individuals who invest in the shares of an LSVCC receive a 15-per-cent federal tax credit based on the cost of acquiring these shares, up to a maximum credit of $750. LSVCC shares are qualified investments for registered retirement savings plans.
 
Large Corporations Tax (LCT)
A tax levied on the amount by which a corporation's taxable capital employed in Canada exceeds $10 million. Members of a related group of corporations must share the $10-million threshold. Companies can reduce their LCT liability to the extent of the Canadian portion of their corporate surtax.
 
Lease
An agreement to rent for a period of time at an agreed price.
 
Life and Health Insurance Company
A financial institution that offers life and health insurance products and a range of other financial products and services, such as annuities and Registered Retirement Savings Plans. The federal and provincial governments share jurisdiction over life and health insurers. In general, the provinces regulate licensing and marketing, while the Office of the Superintendent of Financial Institutions conducts prudential reviews of the companies to determine their financial soundness. Federal supervision covers Canadian-owned insurers and branches of foreign companies that hold more than 90% of industry assets.
 
Life Income Fund (LIF)
Similar to a registered retirement income fund (RRIF), except a LIF receives funds from a locked-in registered retirement savings plan. The RRIF minimum withdrawal requirements also apply to a LIF. In addition, the provincial pension benefit acts and the federal Pension Benefits Standards Act impose limits on the maximum amount that can be withdrawn from a LIF in a year.
 
Life insurance
An insurance policy that pays a set amount to those named in the policy (the "beneficiaries") when the policy-holder dies.
 
Line of credit
A type of loan in which a borrower draws down funds as needed, up to a specified maximum.
 
Liquidity
The ease with which assets or investments can be converted into cash — that is, made "liquid." Liquid investments include savings accounts, Canada Savings Bonds, Treasury bills and money market mutual funds. In contrast, a home is not considered a liquid investment because it cannot be easily transformed into cash.
 
Loan company
A financial institution that operates under either provincial or federal legislation and conducts lending activities similar to those of a bank.
 
Locked-In Registered Retirement Savings Plan (RRSP)
RRSP set up to receive funds transferred from a registered pension plan on the condition that it be used solely for retirement income purposes. For more information, visit the Canada Customs and Revenue Agency Registered Retirement Savings Plans Web page.
 
Long-Term Interest Rate
Interest rate applying on money lent for a period of 10 years or more. Typically, long-term rates are higher than short-term rates because lenders want a higher return for tying up their money for a lengthy period.
 
Loss Carry-Over
Business or investment loss incurred in one year that may be used as a deduction from taxable income in another year.
 
Low-fee account
Eight banks in Canada have each signed a memorandum of understanding (MOU) with the federal government, agreeing to offer a standard low-fee account to their customers. The names and features of the accounts differ by bank, but the accounts all meet certain standards, including: a low monthly fee; the availability of some in-branch transactions; no charge for deposits; and a free monthly statement or passbook. Negotiating MOUs with the banks is an approach the government has taken to ensure that Canadians have access to an account at an affordable price. The eight banks are the Bank of Montreal, Royal Bank of Canada, National Bank of Canada, HSBC Bank Canada, Laurentian Bank of Canada, Canadian Imperial Bank of Commerce, Bank of Nova Scotia and TD Canada Trust.
 
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