RESP
What does RESP stand for?
Registered Education Savings Plan
What is a tax free savings account?
It is a way to set money aside, tax free, throughout an individuals lifetime.
What are two budgeting apps?
1. Intuit Mint
2. Zeta
What is the definition of budgeting?
An estimate of income and expenses for a set period
What is important to do before visiting the grocery store?
Make a list!
What is a RESP?
A long term savings plan to help save for children's post-secondary education.
How old do you have to be to open a savings account?
18 years old
How much does it cost to use budgeting apps?
it is FREE!
What are 3 examples of expenses you could include when making a budget?
1. Childcare
2. Groceries
3. Utilities
4. Debt
5. Transportation
6. Other
When comparing two items, how can you find the best offer?
Unit Pricing ex: cost per pound
When can a parent open up a RESP?
Once a child is born
What information do you need to provide when opening a TFSA?
1. SIN
2. Government ID - Date of Birth
Where can you collect PC Optimum points? (name two)
1. Superstore
2. Shoppers Drug Mart
3. Esso
4. Mobile
5. Joe Fresh
What is the difference between Net Surplus and Net Deficit?
Net Surplus is when you have more income than expenses and Net Deficit is when expenses are greater than income for a given period
How can you manage grocery expenses?
Save all receipts by keeping track of spending
What is the lifetime limit you can contribute to a RESP?
$50,000
What is the limit you can contribute to a TFSA each year?
The limit is set by the CRA each year
How many dollars worth of groceries can 1000 scene points get you?
$10
The smallest payment you are allowed to make towards the balance due on your statement?
Minimum Payment
When should you NOT do your grocery shopping?
When you are hungry
How do you open a RESP and apply for benefits? (Hint: 5 steps)
1. SIN for the beneficiary
2. Choose RESP promoter (banks, credit unions, financial planners)
3. Name the beneficiary
4. Apply for benefits
5. Make contributions
Who issues TFSA?
Banks, insurance companies, credit unions, and trust companies
What are some grocery coupon apps?
Rakuten, Flashfood, Honey, etc...
What is the basic budget formula?
(Hint: there are three components)
Income - Expenses = Savings
What are other places you can get food products?
Dollarama, Walmart, Community Fridge, Farmers Market