Taxes
What does HST stand for & what are it's parts?
Harmonized Sales Tax
Made up of GST and PST
(Goods & Services Tax, Provincial Sales Tax)
Calculate the Unit Price for a 12 bottle pack of Dr. Pepper Soda that costs $10.99 per pack
Unit Price = Price / # of Units
$10.99 / 12 bottles = 0.91583333333
Nearest whole - $1 for each bottle
Nearest hundredth = $0.92 for each bottle
Define Credit in your own words and provide an example
Definition: Money that you borrow with a promise to pay back.
Example
If I borrowed $100 on a credit card, then I have to pay it back within a certain number of days. If not, the bank will start to charge interest.
What is a budget? Give an example using $100
Budget: a plan related to money
Example
$100
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$30 for electricity
$40 for groceries
$20 for transportation
$10 for wants (e.g. snacks)
What is the difference between a need and a want? Give two examples for each
Needs: Things we must have to survive and live comfortably (e.g., food, housing)
Wants: Things that are nice to have but not absolutely necessary (e.g., movies, games)
Which level of Government does the GST & PST go towards?
PST - Provincial Sales Tax is collected by the PROVINCIAL/TERRITORIAL governments (like Ontario)
Kayan's Store sells 10 basketballs for $120.
Shahzaib's Store sells 12 basketballs for $140. Plus students in the 5A Club get an additional 10% discount.
Which store offers the best buy?
Find Kayan's price per basketball
$120 ÷ 10 = $12 per basketball
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Find Shahzaib's discount
10% of $140 = $14
Discounted price:
$140 − $14 = $126
Find price per basketball
$126 ÷ 12 = $10.50 per basketball
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Therefore Shahzaib's store offer is the best buy!
True or False - Everyone can get credit
False - Not everyone can use credit. Some families cannot borrow money because they don’t have a steady job or things they could promise to give the bank if they can’t pay the money back.
Describe two realistic scenarios in which a budget would be useful
Multiple Examples
Some acceptable ones include:
Unplanned medical expenses - someone gets sick in the family and you'd have to budget your incomePlanning monthly expenses – A family uses a budget to decide how much money goes toward rent, groceries, transportation, and savings each month.
Saving for something expensive – A student creates a budget to save money from their allowance or part-time job to buy a new phone or video game.
Managing income from a job – Someone who works part-time budgets their pay so they can cover needs, save some money, and still have money for wants.
What is a credit score? What influences the score, or what determines if one gets a "good" vs "bad" score?
Credit Score
A credit score is like a trust score (e.g. tallies you win, library books you borrow) for being responsible with credit and paying back credit on time.
If you pay on time and don’t use too much credit = good score
If you use too much credit (e.g. more than 20% of the credit limit), don’t pay on time = bad score
Zidan goes to a shopping trip and buys the follow items.
Milk Bag - $5.98
Avacadoes - $3.99
Whole Wheat Bread - 2 for $6
Help him calculate his subtotal and then his final total including HST
subtotal = $5.98 + $3.99 + $6
subtotal = $15.97
tax = $15.97 * 1.13
= $18.0461
Round to nearest whole number or nearest hundreth ($18 or $18.05)
Shreya, Nicole, and Fatima are opening beauty salons at the annual Barondale Marketplace event.
Each salon charges a different price for a hairstyle and HST is also added to their service cost.
Salon & Price for One Hairstyle
Shreya’s Snip-Snip Salon- $8
Nicole’s Glam Jam Salon - $9
Fatima’s Fabulous Hair Salon - $7.50
Which salon offers the best price?
Shreya
13% of $8 = $1.04
$8 + $1.04 = $9.04
Nicole
13% of $9 = $1.17
$9 + $1.17 = $10.17
Fatima
13% of $7.50 = $0.98 (rounded)
$7.50 + $0.98 = $8.48
✔ Best buy: Fatima’s salon ($8.48 total)
Ethan has $1000 in debt from various credit cards and loans. Imagine you are a trust advisor and provide 3 realistic strategies for getting him out of debt
Multiple answers
Some acceptable Answers
Create a budget – Plan how much money you earn and spend so you can put money toward paying off your debt.
Pay more than the minimum payment – Paying extra helps reduce the debt faster and lowers interest.
Spend less or cut unnecessary expenses – Avoid buying things you don’t need so more money can go toward paying off the debt.
Wade wants to buy a collector’s edition Dog Man book series for $250.
He saves $10 from his allowance each week.
How many weeks will it take Wade to reach his goal?
About how many months is that?
$250 ÷ $10 = 25 weeks
So it will take 25 weeks.
If there are 52 weeks in a year, 25 weeks is approximately 6 months.
Explain how money has changed over time
First was bartering with goods (e.g. cowrie shells, valuable spices/minerals, etc) and services (e.g. fur trade)
Then coins (silver/gold)
Then paper bills
Then plastic bills and plastic cards (credit/debit cards)
The province of Ontario charges 13% HST on certain goods and services
The province of Alberta charges 5% GST only
Assuming Rafi went on a roadtrip to Alberta and bought $50 worth of goods there that are taxable, how much less tax did Rafi pay in Alberta compared to what he would have paid if he bought the same items in Ontario?
Show your work
Step 1: Tax in Ontario
13% of $50 = 0.13 × 50 = $6.50
Step 2: Tax in Alberta
5% of $50 = 0.05 × 50 = $2.50
Step 3: Difference
$6.50 − $2.50 = $4.00
✔ Rafi paid $4 less tax in Alberta than in Ontario.
Murtaza and Siham are preparing for a dinner party at the Barondale Marketplace. They want to buy cookware and are comparing prices at two leading stores in the neighborhood.
Option 1: Danial’s Divine Cookware sells 3 saucepans for $72.
Option 2: Uzair’s “U Can Count on Us” Cookware sells 4 saucepans for $96.
Which store's offer is the better deal? Remember HST is also added
Step 1: Add 13% HST
Danial’s Divine Cookware: $72 × 0.13 = $9.36 → Total = $72 + $9.36 = $81.36
Uzair’s “U Can Trust Me” Cookware: $96 × 0.13 = $12.48 → Total = $96 + $12.48 = $108.48
Step 2: Price per saucepan
Danial’s: $81.36 ÷ 3 = $27.12 per saucepan
Uzair’s: $108.48 ÷ 4 = $27.12 per saucepan
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Therefore, both stores cost the same per saucepan after tax.
Sofia and Manaswi took out a loan to buy a brand new car.
The loan amount is $1,000.
The loan charges 12% interest per month.
What would their total loan balance be after 1 year if the interest is added every month?
Step 1: Find the monthly interest
12% of $1,000 = 0.12 × 1,000 = $120 per month
Step 2: Multiply by 12 months
$120 × 12 = $1,440
Step 3: Add the original loan
$1,000 + $1,440 = $2,440
✔ After 1 year, they would owe $2,440.
Advik and Pravesh both want to buy the same video game, which costs $120.
Advik saves $15 per week from his allowance.
Pravesh saves $20 every two weeks from his allowance.
Who will have enough money to buy the game first, and how many weeks will it take each student? Show your work.
Step 1: Figure out Advik’s savings per week
Advik saves $15 per week
Cost of game = $120
Weeks needed = 120 ÷ 15 = 8 weeks
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Step 2: Figure out Pravesh’s savings per week
Pravesh saves $20 every 2 weeks → $20 ÷ 2 = $10 per week
Weeks needed = 120 ÷ 10 = 12 weeks
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Step 3: Compare
Advik: 8 weeks
Pravesh: 12 weeks
✔ Advik will buy the game first after 8 weeks.
Round the following numbers to the nearest hundredths
- $101.1394
- $25.6688- $4.1120
$101.1394 → $101.14
$25.6688 → $25.67
$4.1120 → $4.11
Leina and Vedaant both want the same restaurant meal.
Leina goes to the restaurant to eat. Her meal costs $35, and the restaurant charges 13% tax. She also decides to give a $5 tip to the waitress.
Vedaant orders the same meal through delivery because the restaurant is 10 km away. The delivery service charges $1.50 per kilometer as a delivery fee. There is no tax for delivery.
Questions
How much does Leina pay in total, including tax and tips?
How much does Vedaant pay in total, including delivery fees?
Who has the higher total bill, and by how much?
Step 1: Calculate Leina’s tax
13% of $35 = 0.13 × 35 = $4.55
Step 2: Total cost for Leina including taxes and tip
35 + 4.55 + 5 = $44.55
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Step 3: Calculate Vedaant’s tax
13% of $35 = 0.13 × 35 = $4.55
Step 4: Calculate Vedaant’s delivery fee
10 km × $1.50 per km = $15.00
Step 5: Total cost for Vedaant
35 + 4.55 + 15 = $54.55
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Step 6: Compare total bills
Leina: $44.55
Vedaant: $54.55
✔ Vedaant spends $10.00 more than Leina
Anisha and Darvya want to buy boxes of chocolate for a school fundraiser. Each box costs $6.
Anisha saves $50 per month at Crooky Lala Bank, which gives a 5% bonus after 1 month.
Darvya saves $40 per month at Vibe Vault, which gives an 8% bonus after 1 month.
1. How much money will Anisha have after 1 month, including the bank bonus?
2. How much money will Darvya have after 1 month, including the bank bonus?
3. How many boxes of chocolate can each student buy after 1 month and who can buy more chocolate first?
Step 1: Calculate total savings after 1 month (without bonus)
Anisha: $50
Darvya: $40
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Step 2: Add bank bonus
Anisha (5% bonus): 50 × 1.05 = $52.50
Darvya (8% bonus): 40 × 1.08 = $43.20
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Step 3: Calculate how many boxes each can buy
Anisha: 52.50 ÷ 6 ≈ 8 boxes
Darvya: 43.20 ÷ 6 ≈ 7 boxes
✔ Anisha can buy more boxes first because her savings plus bonus gives her more money.
Gabriel wants to buy a giant box of 50 mangoes for $100.
He has already saved $40 from his allowance.
To buy the mangoes, he decides to borrow the rest from a friend, with a 5% interest loan.
Gabriel plans to pay back the loan in 2 weeks.
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1. How much money does Gabriel need to borrow?
2. How much interest will he pay on the loan?
3. What is the total amount Gabriel must repay after 2 weeks?
Step 1: Calculate amount to borrow
Price of mangoes = $100
Gabriel’s savings = $40
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Amount to borrow = 100 − 40 = $60
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Step 2: Calculate interest
5% of $60 = 0.05 × 60 = $3
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Step 3: Total repayment
Borrowed amount + interest = 60 + 3 = $63
✔ Gabriel must repay $63 total after 2 weeks.
Emmanuel, Adeele, Maddox, and Tiffany are planning a trip to Ms. Arora’s Paradise this summer. They need to plan their budget carefully since they want to visit all the coolest spots:
Bollywood Beach – the entrance fee is $15 per student.
Royce River – each student wants to go on a boat ride that costs 5$ for each person.
French Fries Mountain – each student plans to buy snacks for $10, including gigantic rainbow fries and magical dipping sauces.
Each student has $100 to spend and wants to make sure they don’t run out of money while having fun.
1. After visiting all three spots once, how much money would each student have left?
2. If they want to visit all three spots again, how many full days could each student repeat all activities before running out of money?
Step 1: Add up all costs per student
Bollywood Beach = $15
Royce River boat ride = $5
French Fries Mountain snacks = $10
Total cost = 15 + 5 + 10 = $30
Step 2: Subtract from budget after the first day
Budget = $100
Total spent = $30
$100 − $30 = $70 left
✔ After visiting all three spots once, each student has $70 remaining.
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Step 3: Determine how many full days they can repeat all activities
Cost per day = $30
Remaining money = $70
Number of full days = $70 ÷ $30 ≈ 2 full days (with $10 leftover after the 2nd repeat)
✔ Each student can repeat all activities 2 more full days before running out of money.
Explain the 1.13 rule in your own words and give an example
The 1.13 rule is a quick way to calculate the total cost of something including 13% HST (tax).
Instead of calculating 13% and adding it separately, you multiply the price by 1.13.
The “1” represents the original price, and the “0.13” represents the 13% tax.
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Example
If an item costs $50, the total including tax is:
50 × 1.13 = $56.50
So you know the final price with tax included without doing multiple steps.