T-bills in a nutshell:

- Issued by the **federal government** (not provincial — rules out D)
- **No coupon** — sold at discount, mature at face value (rules out A)
- Terms of approximately **3 months, 6 months, and 1 year** (rules out B)
- Return is taxed as **income**, not capital gains — this is a specific exam fact worth remembering
- Auctioned every **two weeks** by the Ministry of Finance through the Bank of Canada