house/rent
what is a mortgage
a loan that you use to purchase a property
what does bi-weekly pay mean?
paid every 2 weeks
what is a want vs a need? give 2 examples of each.
(examples)
what is a credit card
a card where you borrow money and pay interest on that amount
when is the tax deadline in CANADA
April 30
what is rent
what is a regular payment to a landlord for the use of property or land.
What does a salary where you earn "commission" mean?
what is money you make yearly
what is a flexible expense? give an example.
an expense that changes month to month. (example)
what is a debit card
money directly comes out of your bank account
What does CRA stand for?
Canada Revenue Agency
what is a loan
money you borrow from a bank and pay back with interest
what is gross pay
what is the amount you make before taxes are taken and other coast are taken out
what is a fixed expense? give 2 examples.
an expense that stays the same month to month. (2 examples)
what is a credit card good for
it helps build up your credit score, it allows you to purchase things if you don't have the actual funds
What is a T4?
a document provided by your employer that is needed to complete your tax return. It lists your income
what are some factors that might make rent MORE expensive?
location, number of rooms, size of space, other amenities
what is net pay
what is the money you actually get to take
why is making a budget a good idea?
(differing answers)
why do you need to be careful with a credit card?
because of the high INTEREST rate
What are 2 examples of things that could give you tax deductions?
charitable donations, childcare payments, moving costs, medical expenses, student loan interest
What does the term "down payment" mean?
a sum of money that a buyer pays upfront when purchasing a property (or a car). It represents a percentage of the total cost
Name 3 pieces of information found on a pay stub
how many hours you worked, what you earned, how much you paid in taxes and other costs, OT pay, rate of pay, dates of pay period
How could you prepare for unexpected expenses on a budget? What would examples of that be?
(differing responses)
What is the difference between a checkings and a savings account?
a checkings account you use for everyday expenses, a savings account *ideally* you save money and do not make a lot of withdrawals from it
List how you would go about filing your taxes once you get your first job.
-gather all the documents (T4, other receipts)
-make an account on CRA
-make sure I have my SIN
-use a program like TurboTax
-ensure that I have direct deposit set up