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safeguard (sauvegarde).
The term refers to action in the form of additional duties or import quotas
on fairly traded imports that cause or threaten to cause serious injury
to domestic producers. Article XIX of the General
Agreement on Tariffs and Trade – Emergency
Action on Imports of Particular Products – permits
World Trade Organization (WTO)
members to take such action.
savings rate (taux
d'épargne).
Personal savings expressed as a percentage of disposable income
- the income remaining after income taxes and payroll taxes are
accounted for.
Schedule I bank (banque
de l'annexe I).
A federally regulated Canadian bank.
Note -- Under Bill C-8, which was
implemented on October 24, 2001, Schedule I and II bank structures are
replaced with a new size-based ownership regime. Under this regime,
banks with equity greater than $5 billion are required to be widely
held, with no person owing more than 20 per cent of voting shares or 30
per cent of non-voting shares. Banks with $1 billion to $5 billion in
equity are allowed to be closely held, subject to a public float of 35
per cent of voting shares, while banks with less than $1 billion in
equity have no ownership restriction other than a fit and proper test.
For further information, consult the February
7, 2001 press release 2001-14 and related documents.
Schedule II bank (banque
de l'annexe II).
A federally regulated foreign bank.
Note -- Under Bill C-8, which was implemented on
October 24, 2001, Schedule I and II bank structures are replaced with a
new size-based ownership regime. Under this regime, banks with equity
greater than $5 billion are required to be widely held, with no person
owing more than 20 per cent of voting shares or 30 per cent of
non-voting shares. Banks with $1 billion to $5 billion in equity are
allowed to be closely held, subject to a public float of 35 per cent of
voting shares, while banks with less than $1 billion in equity have no
ownership restriction other than a fit and proper test.
For further information, consult the February
7, 2001 press release 2001-14 and related documents.
Schedule III bank (banque
de l'annexe III).
A
federally regulated foreign bank branch (lending and full service).
scientific research and experimental development
investment (SR&ED) tax credit (crédit
d'impôt pour la recherche scientifique et le développement expérimental
(RS&DE)).
SR&ED tax credits may be used to reduce federal income
taxes otherwise payable or to obtain cash refunds. There are currently
two rates of tax credit for SR&ED: a general rate of 20 per cent,
and an enhanced rate of 35 per cent for certain small businesses. For
more information, visit the Canada Revenue Agency Scientific
Research and Experimental Development (SR&ED) Program Web page.
seasonal adjustment (désaisonnalisation
ou correction des variations
saisonnières).
A statistical technique used to remove the effect of normal
seasonal fluctuations in data so underlying trends become more evident.
The seasonally adjusted unemployment
rate smoothes out the changes in unemployment
due to the typical seasonal hiring in the summer and layoffs in the
winter for workers in industries such as agriculture and construction.
secondary market (marché
secondaire).
Market where securities are bought and sold subsequently to
original issuance, which took place in the primary
market. For more information, visit the Department of Finance Government
of Canada Securities Web page.
secured loan (emprunt
garanti).
A loan that is backed by collateral.
securitization (titrisation).
Most commonly refers to the conversion of various sorts of loans
into marketable securities, for subsequent sale to investors, by
packaging the loans into pools.
segregated fund (caisse
séparée).
A pooled investment fund, much
like a mutual fund, that is established by an insurance
company and segregated from the general capital of the company.
Its chief distinction from a mutual fund is its guarantee that,
regardless of fund performance, at least a minimum percentage of the
investor's payments into the fund will be returned when the fund
matures. The Insurance Companies Act governs segregated funds.
self-dealing (régime
des opérations avec apparentés).
Refers to transactions between a financial
institution and persons who are in positions of influence over, or
in control of, the institution. A key part of the 1992 financial sector
reform was the implementation of comprehensive controls on such
transactions.
short-term interest rate (taux
d'intérêt à court terme).
Interest rate applying on
money lent for a period of less than three years.
See also long-term interest rate.
small business deduction (SBD) (déduction
accordée aux petites entreprises).
Canadian-controlled private corporations (CCPCs) are eligible for a
tax-rate reduction known as the SBD. This deduction
lowers the basic federal tax rate on the first $200,000 of active
business income of CCPCs from 28
per cent to 12 per cent. CCPCs with more than $15 million of taxable
capital employed in Canada are not eligible for the SBD while CCPCs
with between $10 million and $15 million of taxable capital employed
in Canada have reduced access to it. For more information on small
business taxation, visit the Canada Revenue Agency Small
Business page.
social assistance (assistance
ou aide sociale).
Payments made to Canadians on the basis of need by provinces and
municipalities, supported by federal contributions provided under the Canada
Social Transfer.
social security (sécurité
sociale).
Society's commitment to take care of its most vulnerable citizens
– e.g., people without work, lone parents with limited means
struggling to raise a family, children in poverty, and people who face
barriers to employment due to
disability or chronic illness. The "social safety net"
comprises a wide range of federal, provincial and joint
federal-provincial programs. Click on the following programs to learn
more about Old
Age Security, the Guaranteed
Income Supplement, the Canada
Pension Plan, employment
insurance, the Canada
Child Tax Benefit and the National
Child Benefit.
sovereign market (marché
garanti par l'État).
Market for the debt issued by a government.
spare capacity or excess capacity
(capacité excédentaire ou excédent
de capacité ou surcapacité).
- The amount of available plant and equipment not in use. When
producers have spare capacity, they tend to reduce prices or
minimize price increases in order to increase sales. Thus, the
greater the spare capacity, the greater the downward pressure on the
inflation rate.
Special Import Measures Act (SIMA)
(Loi sur les mesures spéciales
d'importation).
The Canadian legislation that provides for the imposition of anti-dumping
and countervailing duties when
dumped or subsidized goods injure Canadian producers. Revenue Canada
investigates whether there has been dumping
or subsidization of goods resulting in a reasonable indication of
injury, retardation or a threat of injury. The Canadian
International Trade Tribunal conducts the definitive inquiry into
the question of injury.
special operating agency (SOA) (organisme
de service spécial (OSS)).
A federal government organization that has increased management
flexibility in order to improve performance. Objectives include better
overall management, improved operational results and greater focus on
demand.
spouse's allowance (allocation
au conjoint).
A non-taxable monthly benefit paid to low-income
individuals aged 60 to 64 who are spouses of Old
Age Security pensioners or are widow(er)s. Benefits are fully
phased out by about $16,000 of net
income for widowed recipients and about $26,800 of net family
income for spouses of seniors. For more information, visit Human
Resources Social Development Canada's Spouse's
Allowance Web page.
strategic alliance (alliance
stratégique).
Alliance between companies, primarily for the purpose of
achieving cost efficiencies, and to allow them to become more
competitive in the face of rapid changes and pressures in the market.
structural change (changement
structurel).
A basic and permanent change in the way the economy generates employment
and wealth. Within a country, this may include changes in the relative
importance of industries, in the economic strength of regions, or in the
mix of skills and occupations in the labour
force. The government may assist the economy in adapting to
structural changes by altering its policies. Technological advancement,
changes in consumer behaviour, the emergence of new competitors and trade
liberalization cause structural changes in the economy.
structural policy (politique
structurelle).
A policy that addresses permanent market conditions. While fiscal
and monetary policies smooth out cyclical swings in economic activity,
structural policies change the conditions under which the economy
operates. Examples include tax incentives, labour
market policies and social programs. Structural policies include
those relating to inter-provincial and international trade, training,
regulations (such as the rules governing the financial sector), tax
policies, and support for technical research and development.
See also fiscal policy; monetary
policy.
structural unemployment
(chômage structurel).
Where workers are unable to fill available jobs because they
lack the necessary skills, do not live where jobs are available or are
unwilling to work at the wage rate offered in the market.
subsidiary (filiale).
A company that is legally controlled by another company.
subsidy (subvention).
An economic benefit granted by a government to producers of goods,
often to strengthen their competitive position. The subsidy may be
direct (i.e. a cash grant) or indirect (e.g. low-interest export credits
guaranteed by a government agency).
surplus (excédent).
The amount by which government revenue exceeds budgetary
spending in any given year.
surtax (surtaxe).
- Surtax on imports is a tariff
in addition to an existing tariff, often used as an emergency safeguard
measure.
- Surtax on income is an
additional tax levied as a percentage of income tax. Corporations
may pay surtaxes in addition to their base amount of federal tax.
The surtax on individuals was eliminated on January 1, 2001 as part
of the government's five-year tax reduction plan.
sustainable development (développement
durable).
Long-term sustainable economic growth
based on environmentally sound policies and practices. Environmental
degradation at the local, national and international level undermines
prospects for continued economic development. Ultimately, sustainable
development means meeting the needs of the present without compromising
our ability to meet the needs of future generations. Sustainable
development requires that public policy account for economic,
environmental and social objectives at the earliest possible stages of
policy development.
swap (swap
ou échange financier).
An agreement that exchanges one type of return for another (e.g. a
fixed for a floating rate of
interest).
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