Pay Stubs & Tax Filing
This abbreviation means the total sum of money earned from January 1st up until that paystub was issued.
What is YTD (Year to Date)?
In Canada, your credit score is a value between these two numbers.
What are 300 & 900?
This investment type has the lowest risk and the highest liquidity.
What are savings accounts?
True or False: The more that you spend on a vehicle, the more at risk you are for having a negative return.
What is true?
If you have to pay a significantly large sum for your tuition or other school items, banks may offer this loan option as it has a larger credit limit and flexible access.
What is a line of credit?
This is the governing body to which you report your income and taxes to in Canada.
Who is the Canada Revenue Agency (CRA)?
The 3 types of Lines of Credit are as follows...
What are...
1. HELOC (Home Equity Line of Credit)
2. Business
3. Postsecondary
This vocabulary term means the overall level of variance of an investment's price over time; how frequently price increases and/or decreases.
What is volatility?
State 4 types of insurance that the majority of citizens purchase.
What are...
Life, Health/Medical/Dental, Pet, Travel, Home, Vehicle
State 6 examples of course materials that may need to be purchased in postsecondary education.
What are...
Textbooks, software licenses, lab coats & lab equipment, calculators, laptops, clickers, school uniforms?
This is the name of the tax form that summarizes all of your employment information for that respective tax year, including taxes paid and deductions such as CPP & RRSP contributions.
What is a T4?
State 3 reasons to use a credit card over a debit account.
What are...
1. Convenience
2. Building a Credit History
3. Emergencies
4. Large Purchases
The process of gaining investments, and the determining factor of if you choose to be in the acquisition or prevention phase of portfolio building, is dependent on a client's...
What is time horizon?
State 4 factors when determining which vehicle to purchase.
What are...
License, New VS Used, Registration Fees, Fuel, Maintenance & Documentation?
State 4 factors that impact the cost of tuition in postsecondary education.
What are...
Program of study, school choice, location, residency status, class type, full VS part time employment?
These are funds subtracted from your total income BEFORE tax is calculated.
What are tax deductions?
State 4 ways to increase your credit score.
What are...
1. Use <30% of your credit limit.
2. Do not close credit cards that you are not using.
3. Pay on time.
4. Keep balances low.
This process allows clients to mitigate risk by spreading investments over various methods.
What is diversification?
State the 4 considerations when assessing the value of real estate.
What are...
1. Financial Readiness
2. Location & Lifestyle
3. Property Condition & Maintenance
4. Property Type
This is the name of the student discount card that you can purchase in Ontario for discounts on categories such as fast food, clothing, technology, and travel.
What is an SPC card?
This governing body utilizes the taxes paid by its citizens for education, social services, healthcare, and judicial sectors.
What is the provincial government?
This country assesses their credit scores from 0-1200, and has Equifax and Experian as its main credit reporting bodies.
Where is Australia?
This specific portfolio phase is best used by younger individuals to gain wealth.
What is the accumulation phase?
State 3 examples of documentation needed to apply for a mortgage.
What are...
1. Proof of Income & Notice of Assessment
2. Proof of Assets
3. Debt Details
4. Down Payment Proof
If you are living off-campus, and someone is attempting to discriminate against signing a rental agreement with you, this law protects you on the grounds of race & origin, personal life, background and belief systems.
What is the Ontario Human Rights Code?