Earnings
Paid bi-weekly gives you this many pay cheques a year.
26
The definition of a budget.
A written plan to balance income, spending and savings within a time frame
A card you can get with a bank account charging you high interest to buy now and pay later.
Credit card
Mortgage
Pay based by a percentage of the amount you sell.
Commission
The meaning of being in the "red" on your budget sheet.
Overspending/more than you make
The name of a bank loan that can be secured or unsecured, offered at different interest rates.
Line of credit
The initial amount of money borrowed.
Principle
The money you make after tax deductions.
Net income
Expenses that cost the SAME every month ( ie. rent, car insurance etc)
Fixed expenses
Savings you put away for retirement and is used as a tax break when filing income tax. March 1st is the deadline for contribution.
Registered Retirement Savings Plan (RRSP)
You get a tax break when contributing, but when you retire and begin to cash out RRSP's the government taxes you since it is a form of income.
The initial upfront partial payment when purchasing a house. Must be at least 5% of purchase price.
Down payment
Amount of money earned per year when hours are not considered.
Salary
Money you have left over when your budget is balanced and you also included savings in your budget.
Disposable income
Savings you put away for your children's post secondary education.
Registered Education Savings Plan (RESP)
The government will give a grant up to $500 per year and up to a maximum of $7200 up to the age of 18
The length of your closed interest rate on your mortgage.
term
The name of the slip your employer gives you to file your income tax.
T4 slip
Expenses that cost different every month ( ie. groceries, gas in car, entertainment)
Variable expenses
The government allows you to save and invest money in this type of account up to a certain amount tax free.
Tax Free Savings Account ( TFSA)
Since inception, Canadians are allowed to have invested up to $88000 including 2023 which was $6500 allotment.
Total length of your mortgage.
Ammoritization