Insurance/Scams
What will happen when you declare bankruptcy?
Essentially government collects all your assets to settle your debts
Or sell some of your assets and come up with a repayment plan
Essentially you have no credit
How do the people LEGALLY avoid taxes
Tax write-offs
True or false: It is legal to drive without car insurance in Ontario
False
"On the books"
Reported income that the government is aware of
What does it mean to "live below ones needs"
To not spend nearly all or all of your remaining discretionary income on luxuries
What is phising?
When scammers look for personal information
Government agency that deals with taxes
CRA
My car got _________________, because I didn't pay my lease.
Repossessed
Repossession
When a company/bank takes back a product after missed payments
Name of Ontario public health insurance
Ohip
Name one third party vendor for investments
- Robinhood
- Acorns
- etc.
Name two possible punishments for not paying your taxes
- Garnish your wages
- + 0.5 percent interest on your tax-based debt A MONTH
- Possible incarceration
What is a "derogatory remark"?
A note left on your credit account that is of a negative nature
Military Mortgages
Government gives veterans a mortgage with good rates
Order the follow degrees that typically take the least to the most amount of time
-Masters
-PhD
-Bachelors
-Associate
-Most certificates
Define co-pay
You have to pay part of your medical expense, insurance company will cover most of payment
What does the acornym "CRA" stand for?
Canadian Revenue Agency
Outside of applying for a loan give two examples how bad credit could effect you
-Employers may check credit
-Landlord may check credit
I'm a real estate agent so I get a ________________ on every piece of property I sell
Commission
Describe the effect on bankrupty on a individual
Varied answers
What is a broker?
A person who negotiates between two parties over a financial dealing
Form required given by your employeer for your taxes
T4
Name 3 of the 5 factors that effect your credit score
- Payment history
- Amount owed
- Length of credit history
- New credit
- Credit mix
Vocab word: I must pay up to a certain amount of medical expenses until my _____________ kicks in to cover most the the expenses
Deductible
What is the difference between a dependent and a head of household when doing ones taxes
Head of household typically claim dependents for tax write offs