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Office of the Superintendent of Financial Institutions (OSFI) (Bureau du surintendant des institutions financières (BSIF)).

A federal agency established under the Financial Institutions and Deposit Insurance System Amendment Act to supervise all federally regulated financial institutions. These include all banks, all federally incorporated or registered insurance, trust, and loan companies, co-operative credit associations, and fraternal benefit societies. OSFI is also responsible for monitoring federally regulated pension plans. For more information, visit the Office of the Superintendent of Financial Institutions Web site.

Old Age Security (OAS) (Sécurité de la vieillesse (SV)).

A monthly payment to Canadians age 65 and over. OAS payments are taxable and are reduced for individuals with net income in excess of $55,309. For more information, visit the Old Age Security Program Web site.

Ombudsman for Banking Services and Investments (OBSI) (L’Ombudsman des services bancaires et d’investissement (OSBI)).

An independent, industry-sponsored organization that investigates complaints from individuals and small businesses about banking services. Its goal is to provide fair, impartial and prompt resolution of complaints, based on good business and banking practices. For more information, visit the Ombudsman for Banking Services Web site

operating balance (solde de fonctionnement).

For the federal government, the balance or difference between revenues and program spending, which includes all budgetary spending except interest on the public debt.

Organisation for Economic Co-operation and Development (OECD) (Organisation de coopération et de développement économiques (OCDE)).

A Paris-based organization with a membership of 29 industrialized countries responsible for study of and co-operation on broad range of economic, trade, scientific and educational issues. Canada has been a member since the organization was founded in 1961. For more information, visit the OECD Web site.

overcontribution allowance (marge de tolérance).

An amount (up to $2,000) of excess contributions permitted to a registered retirement savings plan (RRSP) to provide a margin of error for overcontributions without incurring a penalty tax of 1% a month. For more information, visit the Canada Revenue Agency Registered Retirement Savings Plans Web page.

overnight financing rate (taux de financement à un jour).

The overnight financing rate is the rate at which investment dealers and other financial market participants borrow and lend funds for one business day. This is the rate over which the Bank of Canada has the most control. Through its daily operations the Bank affects the level of settlement balances in the financial system in order to influence the overnight interest rate. For example, if a commercial bank needs funds to cover the transactions at its branches during the day, it can borrow from the Bank of Canada at the bank rate, or on the overnight financing market from a participant that has excess funds. The rate charged for a one-day loan is the overnight rate. For more information on the Bank of Canada, visit the Bank of Canada Web site.

ownership restriction (restriction à la propriété).

Ownership restrictions limit the ownership by certain purchasers or of certain assets. An example would be limits on the number of shares an individual investor may own.