- Total Assets - represent the sum of real assets and financial assets.
- Total liabilities - encompass the total financial obligations of Canadian households.
- Total financial assets - the sum of all discretionary and non-discretionary financial asset claims owned by the household sector.
- Transaction-based assets - the component of the financial wealth where the revenue stream is derived from commissions on the purchase or disposal of the instrument. Included here are short-term paper, bonds, and equities in transaction-based accounts.
- Trust - a legal arrangement in which one person (the settlor) transfers legal title of property or assets to a trustee (a fiduciary) to manage the assets for the benefit of persons called beneficiaries.
True trust -
where independent decision-making powers and responsibilities relating to the management and administration of the trust are given to the trust. On the other hand, in cases where the powers and responsibilities to manage and/or dispose of the trust assets are reserved to the beneficial owner, the trust is a bare trust. The bare trustee does not have any independent power or discretion pertaining to the trust assets.
There are two main types of true personal trusts: inter vivos and testamentary. Inter vivos trusts are those that take effect during the lifetime of the settlor. Testamentary trusts are created by a will that only takes effect after the death of the settlor.