A Canadian equity index fund is a type of mutual fund that invests in a basket of Canadian stocks that track the performance of a market index, such as the S&P/TSX Composite Index. A Canadian equity index fund can be a tax-efficient option for a non-registered account, because it can generate capital gains and eligible dividends, which are taxed at lower rates than interest income or foreign dividends. A bond fund, on the other hand, would produce mostly interest income, which is fully taxed at the marginal rate. An asset allocation fund or a target date fund would have a mix of different asset classes, such as bonds, stocks, and cash, and may not be as tax-efficient as a pure equity fund123 References = web search results from search_web(query="tax-efficient investment options in Canada")123 and Canadian Investment Funds Course (CIFC) - Module 2: Investment Products - Section 2.2: Mutual Funds4
4: https://www.ifse.ca/wp-content/uploads/2021/08/CIFC-Module-2.pdf

Underwriting is the process through which an individual or institution takes on financial risk for a fee. This risk most typically involves loans, insurance, or investments. In the case of securities, underwriting involves conducting research and assessing the degree of risk each applicant or entity brings to the table before assuming that risk. During the underwriting process, investment bankers raise investment capital from investors on behalf of corporations and governments issuing securities. They also help determine the company's underlying value compared to the risk of funding its IPO. References: Underwriting: Definition and How the Various Types Work - Investopedia, The future of insurance underwriting | Deloitte Insights

The right of withdrawal is a statutory right that allows investors to cancel their purchase order of mutual funds within a specified period of time and receive a refund of the amount they paid. The right of withdrawal is also known as the cooling-off period or the rescission right. The right of withdrawal for investors can be different depending on which province (or territory) the fund was purchased within, as each jurisdiction has its own securities legislation and regulations that govern the mutual fund industry. For example, in Ontario, the right of withdrawal is two business days after receiving the simplified prospectus or the fund facts document, whichever is later1. In Quebec, theright of withdrawal is two business days after receiving the simplified prospectus or confirmation of purchase, whichever is later2. In British Columbia, the right of withdrawal is 48 hours after receiving confirmation of purchase3. Therefore, Mariana may still be able to exercise her right of withdrawal, depending on where she bought her mutual funds and when she received the required documents. References:
* Canadian Investment Funds Course (CIFC) Study Guide, Chapter 3: The Regulatory Environment, Section 3.2: The Right of Withdrawal, page 3-54
* Ontario Securities Commission - Mutual Funds - Buying and Selling1
* Autorite des marches financiers - Mutual Funds - Buying and Selling2
* British Columbia Securities Commission - Mutual Funds - Buying and Selling3

Comprehensive and Detailed Explanation From Exact Extract:
A mutual fund dealing representative must complete a training program within 90 days of starting to act in that role and be closely supervised for six months. The feedback from the document states:
"All mutual fund dealing representatives are required to complete a training program within 90 days from the day that they first start acting as a dealing representative and must be closely supervised for six months." Reference:Chapter 17 - Mutual Fund Dealer RegulationLearning Domain:Ethics, Compliance and Mutual Fund Regulations

Orel's goal is to build emergency savings, which means he needs a flexible and accessible account that does not penalize withdrawals. A TFSA is more suitable for this purpose, as it allows tax-free withdrawals at any time and does not affect other income-tested benefits. An RRSP, on the other hand, is designed for long-term retirement savings, and withdrawals are subject to income tax and withholding tax. Moreover, RRSP withdrawals reduce the contribution room permanently, and may affect eligibility for government benefits such as the Canada Child Benefit or the Guaranteed Income Supplement.
References = Canadian Investment Funds Course (CIFC) - Module 3: Registered Plans - Section 3.1:
Registered Retirement Savings Plan (RRSP)1 and Section 3.2: Tax-Free Savings Account (TFSA)2
1: https://www.ifse.ca/wp-content/uploads/2021/08/CIFC-Module-3.pdf 2: https://www.ifse.ca/wp-content
/uploads/2021/08/CIFC-Module-3.pdf