Terms & Definitions - O
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Odd lot: Any number of securities that represents less than a board lot.
Office of the Superintendent of Financial Institutions Canada (OSFI) - www.osfi-bsif.gc.ca: The federal agency responsible for regulating and supervising banks, insurance, trust, loan and investment companies, federally-regulated pension plans, and co-operative credit associations that are licensed or regulated by the federal government. The federal Minister of Finance oversees OSFI.
Office of the Superintendent of Insurance: This is a provincial agency established to administer the province’s insurance laws and regulations. While most provinces call this agency the Office of the Superintendent of Insurance, Ontario replaced this agency with the Ontario Insurance Commission in 1990 and then with the Financial Services Commission of Ontario (FSCO) in 1998. The director of the Office of the Superintendent of Insurance is known as the Superintendent of Insurance.
OAS - Old Age Security: Considered the foundation of Canada’s retirement income system, Old Age Security provides a modest pension to all Canadians if they have lived in Canada for at least 10 years. The program is universal and is not dependent on work history, but payments can be reduced for people who did not reside in Canada long enough during their lives. Payments typically begin at age 65. Retirees with higher incomes can have part or all of their OAS payments reduced or “clawed back.”
Open-end fund: An open-end mutual fund continuously issues and redeems units, so the number of units outstanding varies from day to day. Most mutual funds are open-ended.
Option: The right or obligation to buy or sell a specific quantity of a security at a specific price within a stipulated period of time.
Over-the-counter market: A securities market that exists for securities not listed on stock exchanges. Bonds, money market securities and many stocks are traded on the over-the-counter market.
Overcontribution allowance: The amount of excess contribution permitted to RRSPs to provide a margin for error without incurring the overcontribution penalty of 1 percent per month. The 1995 federal budget reduced this allowance from $8,000 to $2,000, from 1996 forward.
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