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	GAAP See Generally Accepted Accounting Principles GATS See General Agreement on Trade in Services GATT See General Agreement on Tariffs and Trade GDP See Gross Domestic Product GNP See Gross National Product GST See Goods and Services Tax GENERAL AGREEMENT ON TARIFFS AND TRADE (GATT) Established in 1947, GATT is a multilateral institution that was created by the United Nations to oversee the global trading system. It set out rights and obligations aimed at eliminating barriers that would normally deter world trade. GATT was replaced by the World Trade Organization in January 1995. GENERAL AGREEMENT ON TRADE IN SERVICES (GATS) A set of multilaterally agreed and legally enforceable rules and disciplines negotiated under the auspices of the World Trade Organization to cover international trade in services. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) Conventions, rules and procedures that define accepted accounting practices in Canada. GIC See Guaranteed Investment Certificates GIS See Guaranteed Income Supplement GLOBALIZATION The integration of international markets as a result of advances in communications and transportation, the liberalization of trade, and the emergence of new competitors in the developing world. GOING PUBLIC When a corporation makes an initial public offering (IPO) of its common stock. GOLD STANDARD A monetary system that backs its currency with a reserve of gold and allows currency holders to convert their currency into gold. GOODS AND SERVICES TAX (GST) A value-added-tax levied on all goods and services sold in Canada. Goods and services are currently taxed at a rate of 7 per cent of their cost. GOODWILL An intangible asset, generally understood to represent a competitive advantage, such as a strong brand, reputation or high employee morale. Goodwill appears on the balance sheet as an intangible asset. GOVERNMENT OF CANADA SECURITY A financial instrument issued by the Government of Canada. Government of Canada securities include: fixed-coupon marketable bonds, medium term notes, Treasury bills, retail debt (primarily Canada Savings Bonds), real return bonds and Canada bills. GROSS DOMESTIC PRODUCT (GDP) The total value of all goods and services produced within a country during a given year and is a measure of that country’s economic output for that fiscal year. It is a measure of the income generated by production within the country. GDP includes only final goods and services to prevent counting the same output more than once. GROSS FEDERAL DEBT The total amount the federal government owes. It includes both market debt in the form of outstanding securities such as Treasury bills and Canada Savings Bonds, and internal debt owed mainly to the pension fund of government employees. GROSS INCOME Revenue from all sources before any deductions. GROSS NATIONAL PRODUCT (GNP) Value of all goods and services produced by a country’s corporations whether at home or in another foreign market. Essentially, it is the GDP plus the income accruing to domestic residents as a result of investments abroad, minus the income earned in domestic markets accruing to foreigners abroad. GROSS PROFIT A company's net sales minus its cost of goods. GROUP OF SEVEN (G-7) Made up of world's seven largest industrial market economies: the United States, Japan, Germany, France, Britain, Italy and Canada. The leaders of these countries meet annually to discuss political and economic issues of mutual concern. In addition, G-7 finance ministers meet several times a year to discuss economic policy. G-8 G-7 + Russia. See Group of Seven GROWTH OR ECONOMIC GROWTH An increase in the production of goods and services over a given period. There is nominal growth, which is the increase including changes in prices and there is also real growth, which is the increase excluding changes in prices. Economists have developed a concept called constant dollars to help in excluding price changes from measures of growth. GROWTH AND INCOME FUND An investment fund that seeks both capital appreciation and current income by investing in dividend-paying and growth stocks for capital appreciation and bonds for current income. A growth and income fund combines long-term capital gains with steady income. Investors in growth and income funds usually find growth funds too risky because they depend on income produced by their investments. GROWTH FUND An investment fund that invests in growth stocks. Investors who want high capital appreciation tend to invest in growth stocks, which are less conservative than income funds. Growth stocks are usually purchased as a long-term holding, with the expectation that their price per share will appreciate (and perhaps pay dividends) in the future. GROWTH INVESTING A growth style investor’s prime objective is capital appreciation, over the medium to long-term. While asset preservation is accomplished through maintaining high quality investments, a typical growth portfolio is not defensive in nature. The primary characteristics of a growth stock include: above-average earnings or cash flow growth (vs. the market and industry peer group); increasing market share vs. competition; actual unit volume growth, as opposed to price dependency; proprietary products, licenses, or distinct ‘branded’ franchise; superior retained return-onequity (low dividend payout, if any); and a valuation which approximates the market or peer multiples, or is somewhat below. A superior balance sheet with the ability to finance growth internally is preferred. Also, while superior organic growth is ideal, a clear credible acquisition program to accelerate growth is considered a positive. Growth stock investing generally provides superior returns in uptrending equity markets. GROWTH STOCK Common shares of a company that has earnings growth that is faster than its industry’s peers or the overall market. These companies usually pay little or no dividends due to their preference to use the income they generate to finance further expansion instead GST See Goods and Services Tax GUARANTEED INVESTMENT CERTIFICATES (GIC) A deposit certificate usually issued by a trust company or other financial institution and covering a specific period. It is an interest-paying investment in which the investor commits for a specified term at a specified rate of interest, usually anywhere from one to five years.