Age Structure:
the distribution of population by age.
Baby Boom Echo Generation:
children of baby boomers, born during the period from 1982 to 1996.
Baby Boom Generation:
people born during the period following World War II, from 1946 to 1965, a period marked by a significant increase in fertility rates and in the number of births.
Canada Pension Plan (CPP):
a mandatory, publicly administered, defined benefit pension plan that provide a basic level of earnings replacement for workers. The CPP applies to workers in all provinces and territories other than Quebec. The CPP is funded by employer and employee contributions and investment earnings.
Capital Stock:
the dollar value of existing capital including buildings, engineering construction and machinery and equipment.
Capital Tax:
a tax levied on a corporation’s taxable capital comprising capital stock, surpluses, indebtedness and reserves.
Cash Transfer:
a cash payment made from one level of government to another.
Cohort:
a group of people who have experienced a specific demographic event during a given period, which can be a year. For example, the birth cohort of 1966 consists of the number of persons born in that year.
Constant Dollar:
a notional dollar whose purchasing power remains the same every year, unaffected by price inflation. It is calculated by dividing the actual dollar price of something by a price index, which estimates the change in price from a base year.
Consumer Price Index (CPI):
a measure of consumer prices, the Canadian CPI is produced by Statistics Canada on a monthly basis. The CPI measures the retail prices of a shopping basket of about 300 goods and services including food, housing, transportation, clothing and recreation. The index is weighted to reflect typical household spending patterns. The change in a price index such as the CPI is a measure of inflation. Increases in the CPI are also referred to as increases in the cost of living.
Debt-to-GDP Ratio:
a measurement of the government’s debt as a percentage of the gross domestic product (GDP). It is a measure of the debt in relation to the economy and its capacity to carry and repay debt.
Deficit:
a negative fiscal balance.
Defined Benefit (DB) Plan:
a pension plan that provides its members with a predetermined pension on retirement, usually based on a flat dollar benefit per year of service or a percentage of salary/earnings and length of service.
Defined Contribution (DC) Plan:
a pension plan in which contributions are predetermined, but the level of pension is unspecified. 
Fiscal Balance:
for past fiscal years, the fiscal balance is equal to total revenue minus total expense; for current and future fiscal years, a reserve is generally included in the forecast, in which case the fiscal balance is equal to total revenue minus the sum of total expense and the reserve.
Fiscal Year:
the time period used for budgeting and financial reporting. The Province of Ontario’s fiscal year runs from April 1 to March 31.
Global Value Chain:
an “unbundling” of the production process into activities (e.g., R&D, design and assembly) performed in various parts of the world. Each adds value to the goods or services being produced.
Greater Golden Horseshoe:
an Ontario geographic region encompassing the Greater Toronto Area and a large part of Central Ontario including Peterborough, Waterloo, Niagara and Simcoe.
Greater Toronto and Hamilton Area (GTHA):
the metropolitan region encompassing the City of Toronto, the four surrounding Regional Municipalities (Durham, Halton, Peel and York) and the City of Hamilton.
Greater Toronto Area (GTA):
a geographical area consisting of the city of Toronto and the regional municipalities of Durham, York, Peel and Halton.
Gross Domestic Product (GDP):
the dollar value of all the goods and services produced within the economy in a year.
Guaranteed Income Supplement (GIS):
a federal income support program that provides money in addition to OAS to low-income seniors.
Knowledge-Based Industries:
industries that are relatively intensive in their inputs of research and development, advanced technology and highly skilled human capital. According to the Organisation for Economic Co-operation and Development, these industries include “high-technology” manufacturing (e.g., aerospace, electronic equipment) and knowledge-intensive services (e.g., information and culture, financial services) in the market economy.
Labour Productivity:
the ratio of output to labour input. It is typically calculated as real GDP per hour worked.
Life Expectancy:
a statistical measure derived from the average number of years of life remaining for a person at a specific age if that person were to experience during his or her life the age-specific mortality rates observed in a given year.
Management Expense Ratio (MER):
the management fees and operating expenses of a mutual fund, expressed as a per cent of the dollar value of the fund’s assets.
Marginal Effective Tax Rate (METR):
a comprehensive measure of the tax that applies to an incremental dollar of income from new capital investment. It reflects the combined effect of federal and provincial corporate income taxes, rules related to depreciation, investment tax credits, and capital and sales taxes.
Median Age:
the age at which exactly one-half of the population is older and the other half is younger. This measure is often used to compare age structures between jurisdictions.
Multifactor Productivity:
a “residual” in GDP growth accounting that reflects hard-to-measure factors such as technological improvement and innovation, firm size and turnover, entrepreneurial “know-how,” management quality, public infrastructure, regulatory impediments, intangible capital and so on.
Mutual Fund:
a type of professionally managed investment product that pools money from many investors to purchase stocks, bonds and other securities, and sold as units or shares.
Natural Increase:
the annual number of births minus the number of deaths.
Net Migration (Ontario):
the difference between the number of people entering and the number of people leaving the province both from other countries and other provinces.
Nominal:
an amount expressed in dollar terms without adjusting for changes in prices (inflation or deflation).
Old Age Security (OAS):
a monthly benefit available to most Canadians 65 years of age or older who meet the Canadian legal status and residence requirements, funded from federal government revenues.
Participation Rate:
the share of the population that is in the labour force, whether employed or unemployed and looking for a job.
Pensionable Earnings (CPP):
the amount of earnings subject to CPP contributions each year.
Population Aging:
in demographic terms, refers to an increasing share of seniors (ages 65+) in the population.
Potential Output:
the highest level of output that an economy can produce when it is at full capacity.
Productivity:
the relationship between output and inputs or factors of production.
Program Expense:
total expense excluding interest on debt expense.
Real GDP:
a way to express gross domestic product or economic activity in volume terms so that the effects of changing prices are removed.
Registered Retirement Savings Plans (RRSPs):
tax-assisted savings plans designed to encourage Canadians to accumulate additional savings for retirement.
Reserve:
an amount included in the fiscal plan to protect the plan against adverse changes in the economic outlook, Provincial revenue or Provincial expense.
Surplus:
a positive fiscal balance.
Surtax:
a tax levied on another tax or a second tax levied on an amount that is already subject to tax.
Total Debt:
the Province’s total borrowings outstanding without taking into consideration any of the Province’s assets.
Total Expense:
the expense related to operating and capital programs and interest on debt expense.
Unit Labour Costs:
measures the average cost of labour per unit of output or production. It is calculated as the ratio of total labour cost (or compensation) to real output.