Ontario Barrister and Solicitor Practice Exam

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What does GRIP stand for?

  1. General Regulatory Income Pool

  2. General Rate Income Pool

  3. Gross Receipts Income Pool

  4. Gross Rate Income Policy

The correct answer is: General Rate Income Pool

GRIP stands for General Rate Income Pool. This is a type of income pool used in Canada for investment purposes. Option A, General Regulatory Income Pool, is incorrect as it refers to a regulatory pool rather than an income pool. Option C, Gross Receipts Income Pool, is incorrect as it refers to a pool based on receipts rather than rates. Option D, Gross Rate Income Policy, is incorrect as it refers to a policy rather than a pool. It is important to pay attention to the key words in the question, in this case "GRIP", in order to select the correct answer.

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