Show:
Numbers and "interest"ing facts
D is for Debt
PTF and Poverty
Mixed Bag
Financial Literacy Lingo
100
What is the longest amortization period allowed for a Canadian mortgage?
25 years
100
What is the most 'expensive' form of debt in Canada?
Pay Day Loans
100
Who are the two co-chairs of the Guelph Wellington Poverty Task Force?
Stuart Beumer and Sarah Haanstrah
100
Which month is Financial Literacy month in Canada?
November
100
An extension of credit from a lending institution when your account reaches zero is known as what?
Overdraft
200
What is the percentage of Canadians who are NOT financially preparing for their retirement?
33%
200
Provide an example of a situation where a creditor can pursue you for money for a car that you don't own/drive?
In the instance where you cosign on a car loan for your friend and they declare bankruptcy.
200
What is the term used to describe the hourly rate at which two adults in a household, working full time hours, can meet their basic needs?
Living Wage
200
What is considered an usurious interest rate?
Annual interest charged in excess of 60% is an usurious or criminal interest rate according to section 347 of the Criminal Code of Canada.
200
What does NSF stand for?
Non-Sufficient Funds A term which indicates that a demand for payment (a cheque) cannot be honored because insufficient funds are available in the account on which the cheque was written for.
300
What is the percentage of Canadians who consider themselves "very knowledgeable" regarding financial matters?
5 - 12 %
300
According to a study conducted by a large Ontario bankruptcy trustee company examining 7,000 insolvency filings from debtors between 2011 to 2012, what was the average age of the debtor?
43
300
What is the living wage for Guelph - Wellington as determined by Guelph - Wellington Poverty Task Force?
$15.95/hour
300
Who was the first Financial Literacy Leader appointed in Canada in 2014?
Jane Rooney
300
With respect to student loans, what does "RAP" stand for?
Repayment Assistance Program
400
What is the numerical scale used to show your credit rating?
Scale of 0 to 9
400
According to the Collection Agencies Act of Ontario, a collector is not allowed to contact a consumer more than how many times in a 7 day period without consent.
Once the agency has actually spoken to the consumer, they are only permitted to contact them a maximum of 3 times during a 7 day period.
400
What is the percentage of Canadian children who live in poverty?
15.1% (Conference Board of Canada, January 2013)
400
How many Canadians are assisted by food banks each month?
900 000
400
What does MER stand for?
The Management Expense Ratio (MER) is the fee that an investment fund company charges an individual to manage the money invested in a mutual fund.
500
In October 2014 Stephen Harper announced the Family Tax Cut also referred to as "income splitting" effective for the 2014 tax year. What is the maximum amount of money allowed to be transferred from a higher income spouse to a spouse in a lower tax bracket?
$50 000
500
Which of the following is NOT a protected asset under bankruptcy? Most Pension Plans Most RRSPs Tax Free Savings Accounts (TFSAs) Car under $5650 Tools of the trade under $11 300
Tax Free Savings Accounts are not protected if you declare bankruptcy
500
In December 2014 the Ontario Trillium Foundation announced a grant of $267,000 to which Guelph - Wellington Poverty Task Force project?
The Seed Community Food Hub
500
What is the maximum penalty if a lender is found guilty of charging a criminal rate of interest (an usurious interest rate) to a borrower?
Imprisonment for a term of up to 5 years and/or a fine of up to $25,000
500
What does the term "Judgment Proof" mean?
The term judgment proof is most commonly used to refer to defendants who are financially insolvent (have no assets). If you're judgment proof, creditors can do virtually nothing legally to obtain money or property from you.