A
What is a 'Loonie' and a 'Toonie'
One dollar coin, Two dollar coin
What is the largest denomination of Canadian currency currently in circulation?
$100 bill
What is the official currency of Canada?
The Canadian Dollar (CAD).
What is the credit score range in Canada?
300 to 900
T/F: Having a clear budget for your expenses should be a good idea
True
What is credit?
A tool to borrow money or access goods and services with the promise of paying for them later
What is the importance of credit score?
a. For credits
b. Houses
c. Rent
d. Buy properties
What is the nine-digit number that acts as your social security number in Canada?
Social Insurance Number (SIN)
T/F: Paying only the minimum payment will help you pay your debt faster.
False
How to create a budget?
a. Chat GPT
b. Excel
c. On hand with a list
d. Apps
What are some tips for building credit?
a. Having a secured credit card
b. Keep your credit utilization low
c. monitor your credit report regularly
What are some of the top rated credit cards for low income earners/ students in Canada?
1. BMO CashBack Mastercard for Students(Cash back rate of 5% on groceries in the first 3 months)
2. RBC Cash Back Mastercard
3. CIBC Aeroplan Visa Card for Student
Low-fee credit cards:
1. Tangerine Money-Back Credit Card
2. Scotiabank Scene+ Visa Card
3. MBNA Smart Cash Platinum Plus Mastercard
What financial term describes the process of spreading investments among various financial instruments to reduce risk?
Diversification
What is the importance of having a budget?
Know our income and our expenses
What are the factors that determine your credit score?
Payment history, credit utilization, credit history length, credit mix, recent credit inquiries
What is the Student discount card offered by the SSU called?
Student Price Card
What is Credit utilization?
This is the amount of credit you are using compared to the amount of credit you have available.
What Canadian account lets your contributions and earnings grow tax-free, up to a certain limit?
Tax-Free Savings Account (TFSA)
What is a good range for Credit Utilization in order to maintain a good credit score?
20% or under and avoid using more than 30%.
If you're earning income in Canada, you'll likely receive a what form each year to file your taxes?
T4 slip (for employment income)
What federal government agency offers resources and tools for Canadians?
Financial Consumer Agency of Canada (FCAC)
What are some resources Sheridan and the SSU offers for financial wellness?
a. Financial fitness by Sheridan https://www.sheridancollege.ca/admissions/fees-and-finances/financial-fitness-series
b. SSU blog article about Financial wellness. https://www.thessu.ca/blog/ways-to-support-your-financial-wellness
What is the term for the minimum amount of money required to open a Tax-Free Savings Account (TFSA) in Canada?
There is no minimum amount required to open a TFSA.
What are some good practices when it comes to recurring purchases?
1. Pay with credit cards which offer high points/ cash back earned from recurring payments
2. Don't be afraid to call your internet or phone provider and negotiate a better rate. They often have student plans or discounts you might not be aware of.
3. Set up autopay services to avoid missing payments
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