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Clients Want to Know: “What Are the Different Types of Investments?”

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Clients Want to Know: “What Are the Different Types of Investments?” Clients want to know: “What are the different types of investments?” After reading this, you should understand: The different types of investments from which your client can choose The Right Investment Account Before investing can begin, an account must be opened to which the investor deposits the money he or she has earmarked for investment. There are two types of accounts in which investments can be made. You have been introduced to registered accounts earlier in this module, and will learn about them in depth in the Retirement module. It is important to know that contributions to registered accounts are strictly limited, and overcontribution results in harsh penalties. When an investor has maximized his or her registered plan contributions, he or she will turn to non-registered accounts for investing. All categories of investments are available on a non-registered basis. The investor with non- registered investments will declare all interest, dividends, and capital gains or losses every year in his or her income-tax return. However, the non-registered account owner has one advantage not available to the registered plan owner: he or she can deduct from income tax any interest charged on a loan acquired in order to invest. Scott borrowed $25,000 last year to buy shares in his brother’s company. He is able to deduct the interest on the loan charged during the year on his income- tax return for the year. Copyright © 2011 Oliver Publishing Inc. All rights reserved. 249 LLQP Types of Investments There are several categories of investments available, each with its own risk- return characteristics. These categories are: Cash; Debt investments; Equity investments; Managed investments; Annuities. Each investment category is comprised of securities that share many similarities. However, it is their differences that form the basis for the concept of diversification, or asset allocation. Diversification simply means not putting ―all of your eggs in one basket.‖ Diversifying savings across types of investments lessens risk. Guaranteed Cash Investment The most conservative category of investments is cash. Cash includes all short- Certificates (GICs) Interest-paying term interest-bearing investments, such as savings accounts, Guaranteed investments in which principal and interest Investment Certificates (GICs), and term deposits. are guaranteed Term deposit Short-term investments are generally considered to be investments that are held A term deposit is a deposit to a savings for three years or less. account for a set period of time. Savings accounts are provided by banks and trust companies. Deposits earn interest at the rate posted by the institution. The rate will move up and down according to the general economic climate. Of course, one of the great advantages of savings accounts is the speed and ease with which withdrawals can be made (liquidity). Bank savings accounts can be accessed at any time, either personally at a bank branch, electronically through an ATM, or online by means of a computer account. Guaranteed Investment Certificates (GICs) and term deposits are certificates of deposit. GICs guarantee principal and interest. The interest rate is fixed for the term of the Equity securities Stock, both common GIC (up to 10 years), unless a portion of the return is linked to either a Canadian and preferred or global stock market index. This form of GIC is called an index-linked GIC. It combines the safety of a deposit with the growth potential of an equity security. 250 Copyright © 2011 Oliver Publishing Inc. All rights reserved. Types of Investments GICs are available from insurance companies, banks, and trust companies as Redeemable A redeemable redeemable and non-redeemable investments. Non-redeemable GICs cannot investment can be be cashed before maturity, unless the owner suffers extreme financial hardship converted to cash. or dies. Sometimes banks will allow a client to cash a GIC or term deposit for a fee, which is often presented in the form of a lower interest rate. Both redeemable and non-redeemable GICs are transferable. GICs are RRSP-eligible, and they can be used as collateral for a loan. The return on all GICs is considered interest income for tax purposes. Compound-interest GICs and term deposits normally cannot be redeemed until the expiration of the term. An index-linked GIC will have a portion of its return linked to a stock-market index. That portion of the Fixed-income return is variable. securities An investor makes a lump sum investment in a fixed-income security and typically What is not a key difference between “redeemable” and “non-redeemable” deposits? receives interest (an income stream) and, at the end of a A Capital liquidity specified term (the B Contractual rate of return maturity date) they C Premature redemption fees receive the principal D Capital guarantee (the maturity value). Treasury bills Short-term Debt Investments investments issued by the federal Debt investments are known as fixed-income securities. The most common government. fixed-income securities are: Bonds Canada Savings Bonds; Represent a debt of a government or Treasury bills; and corporation to the bondholder. Bonds. Copyright © 2011 Oliver Publishing Inc. All rights reserved. 251 LLQP A fixed-income security is like holding an IOU. There is a borrower and a lender, and the investor is the lender. The borrower is called the issuer. The issuer of the security promises to repay the lender the principal on a specified date, and to pay interest at set amounts and on set dates. Issuers of fixed-income securities include governments at all levels within Canada, foreign governments, and corporations. Canada Savings Bonds (CSBs) Canada Savings Bonds (CSBs) are issued by the federal government. They may be purchased (at capped limits) by individuals, estates, and certain trusts, and offer regular or compound interest. A minimum interest rate is guaranteed for one or more years, depending on the issue. Some issues have higher interest rates in the initial year(s) than in the later years, but the interest rate for later years can be set higher by the government. CSBs are available in denominations from $100 (for a compound interest bond) to $10,000. They can be cashed at any bank at any time. They do not rise or fall in price and may always be cashed at their full par value, plus interest. Purchasers must be Canadian residents with a Canadian address. CSBs can be used as collateral. CSBs are on sale from October to April. If a CSB is cashed within three months of its issue date, the holder receives face value without interest. If cashed after three months of issue, the holder receives interest for each fully elapsed month from the issue date. Canada Savings Bonds are available for purchase via payroll deduction, as well as through financial institutions. CSBs are attractive in uncertain markets because of competitive interest rates and their liquidity. They are available for purchase by cash or payroll deduction. 252 Copyright © 2011 Oliver Publishing Inc. All rights reserved. Types of Investments Regular-interest CSBs pay interest annually, either by cheque or deposit, on each annual anniversary. Compound-interest CSBs accumulate simple and compound interest that is paid at redemption or on maturity. Both compound-interest bonds and regular-interest bonds may be exchanged for each other under specified conditions. Canada Savings Bonds can be redeemed in person at any bank or trust company on any regular business day. See: www.csb.gc.ca Treasury Bills (T-bills) Treasury bills (T-bills) are also issued by the federal government. They are short- term investments — say, terms of 91 or 182 days and a maximum of 365 days — issued in multiples of $1,000. Treasury bills pay no interest, but are sold at a discount below the par, or face, Par Par is the face value, and mature at par. The return is the difference between the issue price and value of a treasury par at maturity. This return is taxable as income. bill or bond. Treasury bills can be redeemed on any business day. Canada Savings Bonds (CSB) and government-issued Treasury bills (T-bills) are often equated with cash. Which security offers the best liquidity? A CSBs B T-bills C CSBs can be redeemed at any financial institution; T-bills have to be sold through a stockbroker or mutual fund dealer. D There’s no appreciable difference. Bonds Bonds are issued by: All three levels of Canadian government (federal, provincial, and municipal); Corporations. Government Bonds The federal government is the largest issuer of bonds in Canada. Federal government bonds are available in multiples of $1,000. Bonds either have coupons attached, which can be detached and cashed, or have interest paid by cheque. When the coupons have been removed from the bond, it is called a stripped bond. Copyright © 2011 Oliver Publishing Inc. All rights reserved. 253 LLQP The maturity dates for bonds are specified as money-market (due in less than 1 year), short-term (5 years to maturity), medium-term (5 to 10 years to maturity), and long-term (more than 10 years to maturity). N.B. The government guarantees payment of the principal and interest on a government bond by its power of taxation. Government of Canada Real Return Bonds are linked to the Consumer Price Index (CPI). Semi-annual interest and the final redemption value are calculated by an inflation compensation component. This means that the interest payment is calculated on the face amount of the bond, plus CPI since issue (or the last interest payment). The redemption value at maturity is the original face amount, plus inflation from issue date. Government expenses, such as military spending, are supported by the issue of government bonds. Canadian government bonds are amongst the safest bonds issued anywhere in the world.
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