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The percentage of the population 15 years of age and older that is in the labour force. In some cases the phrase "participation rate" may simply refer to the extent of participation in any initiative.
A series of clearing and settlement systems that enables cheques and other methods of payment to be used in transactions throughout the economy. This financial network includes the cheques clearing system, the Visa and MasterCard credit card systems, the automated banking machine and debit card networks of Interac, and the separate clearing systems for debt and equities and for mutual funds. The Canadian Payments Association, established in 1980 under the Canadian Payments Association Act operates the major clearing and settlement systems. Membership in the Canadian Payments Association is open to banks, trust companies, government savings institutions, credit unions, life insurance companies, securities dealers and money market mutual funds.
Pension Income Credit
A tax credit available on up to $1,000 of certain forms of pension income. The unused portion of the credit may be transferred to a spouse.
Per person. Economic measures such as gross domestic product (GDP) provide additional information when they are measured per capita. If GDP grows but the population grows faster, average GDP actually declines.
Personal Identification Number (PIN)
A secret code intended for the sole use of its user. For example, the PIN is used in conjunction with a debit card to confirm the identity of the cardholder and to authorize debit card transactions.
Income received by individuals from all possible sources.
Personal Income Tax
Tax on personal income in Canada includes both federal and provincial personal income taxes. For more general information, visit the Canada Customs and Revenue Agency Individuals Web page.
Personal Line of Credit (PLC)
A revolving source of credit with a pre-established limit. The individual accesses the funds only as needed, and any amount paid back becomes accessible to him or her again. Unlike a personal loan, a PLC permits the individual to write cheques and make bank machine withdrawals, and requires him or her to pay interest only on the funds actually used.
A bank machine network outside Canada, across the U.S. and internationally. Customers who use a bank machine with a 'PLUS' symbol may be charged a fee.
Point of Sale (POS)
The terminal at which a customer uses his/her debit card to make a direct payment transaction. See also Interac Direct Payment.
An individual or organization with an insurance policy.
A withdrawal from an account made by a company with the written authority of the account holder. A convenient substitute for issuing cheques to pay the same bill every week or month.
Payment made at fixed intervals for an insurance policy.
A level of price increase that is so small it protects the purchasing power of the dollar.
The interest rate banks charge to their most credit-worthy (low-risk) customers. It is based on the rate established by the Bank of Canada.
The transfer of government ownership of Crown corporations or public assets to the private sector. Privatization can improve efficiency, enhance competition and create investment opportunities for Canadians.
Productivity or Total Factor Productivity
The efficiency with which people and capital are combined in the output of the economy. Productivity gains lead to improvements in the standard of living, because as labour, capital, etc. produce more, they generate greater income.
Property and Casualty (P&C) Insurance
Also known as "general" insurance because it provides insurance protection for risks other than those related to life or health. Examples include home, automobile, travel and liability insurance.
Property and Casualty Insurance Company
A company that provides insurance coverage for risks other than life and health. The P&C insurance industry provides insurance protection for most homes, motor vehicles and commercial enterprises throughout the country.
Property and Casualty Insurance Compensation Corporation (PACICC)
An industry funded, non-profit corporation that, in the event of the collapse of a property and casualty (P&C) insurer in Canada, will respond to claims of policyholders under most policies issued by P&C insurance companies. All property and casualty insurers licensed in a province or territory of Canada are required to be members of PACICC, except for insurers licensed to sell only specialty lines of insurance such as surety, fidelity, marine and aviation, as well as auto insurers in British Columbia, Manitoba, and Saskatchewan. Consult the PACICC Web site for further information.
Provincially Regulated Financial Institution
A financial institution regulated at the provincial level. Includes all securities dealers, credit unions and caisses populaires, and all provincially incorporated or registered insurance, trust and loan companies, and fraternal benefit societies.
A document required by securities laws to be filed and made available to potential investors in the context of a public securities offering. The prospectus must contain full, clear and plain disclosure of all material facts about the securities and the issuer.
The use of government policies to protect domestic industries from foreign competition. Advocates of protectionism argue that it preserves domestic jobs and wage levels or gives fledgling domestic industries the opportunity to grow to a competitive size. Opponents maintain that protectionism hurts jobs and industries by supporting inefficient industries that are not competitive, which in turn reduces standards of living by making products more expensive. A tariff, which is essentially a tax applied to imported goods to make them more expensive relative to domestic products, is a protectionist measure. Other measures include non-tariff barriers to trade, such as import restrictions including quotas or prohibitions, and government policies of buying goods and services only from domestic suppliers.
Exercising shrewdness, caution, skill and good judgment in the management of business matters.