Taxes & Benefits
What is the current Goods and Services Tax (GST) rate in Ontario?
13%
The act of borrowing money with the promise to pay back with interest.
Taking out a loan
This service allows you to deposit your paycheck electronically and withdraw cash using a card.
Checking Account
This pension plan in Canada provides income to eligible Canadian workers after they retire.
Canada Pension Plan (CPP)
This Canadian savings account allows you to withdraw money tax-free.
TFSA (Tax-Free Savings Account)
The deadline for most individuals to file their income tax return in Canada.
April 30th.
This type of credit allows you to make purchases up to a set limit and repay the amount later, with interest.
Credit Card
This type of bank account allows you to earn interest on the balance while maintaining access to your funds.
Savings Account
This Canadian savings plan allows you to reduce your taxable income while saving for retirement.
RRSP (Registered Retirement Savings Plan)
This term describes the amount of money you should ideally have in savings to cover 3 to 6 months of living expenses.
Emergency savings fund
A social assistance program designed to meet the unique needs of people with disabilities in Ontario.
Ontario Disability Support Program (ODSP)
What is considered a good strategy for managing debt?
Paying off the highest-interest debt first
In Ontario, what is the maximum amount you can withdraw from an ATM without fees (for your own account) with most banks?
Ranges from $500 to $1,000 per day.
The age at which you can start withdrawing from your RRSP without penalties.
Age 71
This term refers to the process of putting money into a business or project with the expectation of generating profit.
Investing
This tax is deducted from your paycheck to fund public healthcare in Canada.
Canada Health Transfer (CHT) tax
What is a good way to improve your credit score in Canada?
Paying bills on time and reducing outstanding debt
The amount of money you put towards the purchase of a home.
Is a non-taxable monthly payment for low-income Old Age Security (OAS) pensioners, providing financial assistance to seniors in Canada.
Guaranteed Income Supplement (GIS)
This term describes earning interest on both the original amount and the interest earned previously.
Compound interest