Funds in excess of immediate need are to be invested with skill, prudence and diligence, with the primary objective of safeguarding the principal of the funds while meeting the Library's liquidity needs to fund its ongoing operations.
Permitted investment vehicles include the following:
- Savings accounts and GICs held by or guaranteed by a Schedule 1 Canadian bank with a senior long-term credit rating by Standard & Poors of at least A, or the equivalent rating by Moody’s Investor Service or DBRS, or guaranteed by a federal or provincial government
- Federal, provincial or municipal government, or any government agency, short-term debt securities with a maximum term of up to 90 days
- Commercial paper of Canadian banks which meet the criteria outlined above for a maximum term of 30 days
- Money market funds where the majority of investments include those outlined above to a maximum term of 30 days