Glossary – Letter Y

Year’s Maximum Pensionable Earnings (YMPE)

The earnings on which Canada Pension Plan / Quebec Pension Plan contributions and benefits are calculated. The YMPE changes each year according to a formula using average wage levels. The YMPE is set annually by the Canada Revenue Agency and is available on the CRA Web site at

Year-over-year growth rate

A percentage rate of change measured by calculating the difference between the level of a variable in one period and the level of the same variable for the same period a year earlier.

Note: When the quarter is the basis for comparison, the terms year-over-year growth rateĀ and four-quarter growth rate are interchangeable; when the period used for comparison is a month, the terms year-over-year growth rate and twelve-month growth rate can be used interchangeably.


This is the measure of the return on an investment and is shown as a percentage. A stock yield is calculated by dividing the annual dividend by the current market price of the stock. For example, a stock selling at $50 and with an annual dividend of $5.00 per share yields 10%. A bond yield is a more complicated calculation, involving annual interest payments plus amortizing the difference between its current market price and par value over the life of the bond.

Yield curve

A graphic representation of the relationship among yields of bonds of the same quality, but with different maturities.

Yield to maturity

The rate of return an investor receives if a fixed-income security is held to maturity.

YTD return%

The Year to Date (YTD) percentage total return is the amount an investment has earned during the current calendar year, beginning on January 1st.