1. Provincial savings bonds - are issued by provincial governments and are generally cashable twice a year without penalty. All provinces except Nova Scotia, New Brunswick and Newfoundland currently have outstanding issues of provincial savings bonds.
  2. Private mortgages - are residential and commercial mortgages extended by individuals and unincorporated businesses as opposed to financial institutions.
  3. Personal loans - consist of all personal loans at banks, trust companies, mortgage loan companies, credit unions and caisses populaires, life insurance companies (which issue policy loans), sales fi nance and consumer loan companies, asset-backed securities issuers and non-financial private corporations. These loans are used to fi nance a wide range of consumer purchases, including consumer durables, and include RSP loans and investment loans, credit card loans and personal lines of credit.
  4. Personal lines of credit - revolving credit facilities extended to individuals which may be secured (collateralized) or unsecured. The maximum borrowing limit on an unsecured personal line of credit is determined based on the credit worthiness of the individual borrower. The maximum borrowing limit on a secured personal line of credit also accounts for credit worthiness, but is typically based on a fixed percentage of the assessed value of the underlying collateral. Once a maximum loan balance is established, the individual may draw on the line of credit at his or her discretion. Interest is charged for utilized balances using a predetermined, variable rate of interest.
  5. Packaged fund wraps (PFW) - allow the investor to choose from a fixed number of predetermined fund portfolios. An investor will own the underlying units of each individual fund rather than a unitized value of the portfolio. Examples include Mackenzie STAR and Bank of Montreal MatchMaker. This category includes only those packaged fund wraps with a minimum investment below $25,000.
  6. Pooled funds - a category that takes in all forms of unitized investments in the Private Investment Counsel (PIC) channel. Included here are traditional pooled funds, as well as special share classes of mutual funds used for high net worth (HNW) investors. The target customers are affluent and HNW individuals and households. Typically, pooled funds require a minimum investment in the $250,000 range, though some firms go as low as $100,000.