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O
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.
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