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INTRODUCTION
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Agenda

• How to manage your spending and prepare a realistic

budget
• How to manage credit
• How to pay off debt
• Ways to save
• How to set and reach your own financial goals
• How to protect yourself from fraud

Introduction 1
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Benefits of gaining financial skills

• Control your financial future

• Achieve your life goals
• Provide for yourself and your family
• Be a smarter consumer
• Reduce stress and sleep better
• Be confident that you can manage your finances

Introduction 2
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Budgeting

The percentage of Canadian households that use a budget

to manage their finances is:

1. 32%
2. 49%
3. 68%

Introduction 3
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Credit and debt management

In 2019, the proportion of Canadians who had outstanding

debt or used a payday loan within the
previous 12 months was:

1. 33%
2. 53%
3. 73%

Introduction 4
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Emergency savings

The best way to plan for unexpected expenses is:

1. Buy a lottery ticket every week

2. Only have friends who will lend you money
3. Set money aside in an emergency savings fund

Introduction 5
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BUDGETING
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Did you know?

6% of budgeters do not have a plan for how they are going to

pay for their next major purchase, compared with almost 15%
of those who feel too time-crunched or overwhelmed to budget.

Budgeting 6
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Parts of a budget

• Income
• Expenses
• Difference between the two: surplus or deficit

Budgeting 7
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Know what you spend

• Keep every receipt

• Record every expense in a notebook or electronic device
• Review bank and credit card statements
• Make a list of irregular expenses (gifts, donations, car or
home repairs, vacations)
• Total your expenses at the end of the month
• Do this for at least three months

Budgeting 8
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Monthly income
Average monthly income from employment after deductions:
$______
OR choose an occupation from the list provided and indicate the current monthly income.

Typical
Food and beverage servers $1,070
Cooks $1,334
Early child educators and assistants $1,517
Musicians and artists $1,757
Retail salespersons and clerks $1,267
Hairstylists and barbers $1,315
Sales and service occupations $1,435
Dental assistants $2,054
Bookkeepers $1,901
Graphic art technicians $2,501
Construction trades workers $2,192
Banking, insurance and other financial clerks $1,910

Other sources of income (gifts, tax credits, investments, student loan or family, etc.)
Source 1:
$_____
Source 2:
$_____
Source 3:
$_____
Budgeting 9
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Monthly expenses – Fixed expenses

Typical
Housing (rent - own) $322 – 1,357
Car payments $369
Other loan payments (line of credit, student loans, etc.) $468
Insurance (car, home, travel, etc.) $239
Utilities (electric, gas) $205
Telecommunications (cable, Internet, telephone, cell phone, long $187
distance, voice and data roaming charges)
Child care $127
Other $____

Total fixed expenses $____

Budgeting 10
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Monthly expenses – Variable and irregular expenses

Typical
Groceries $514
Eating out $217
Household expenses (cleaning, maintenance, furniture) $209
Computer (hardware, software, accessories, supplies) $26
Pets $54
Transportation (transit, gas, car maintenance, etc.) $104-286
Health care (medical services plan, dental, glasses/lenses, medication) $152
Clothing and footwear $280
Personal care (toiletries, hair care, make-up, laundry) $109
Recreation (movies, games, music, clubs, concerts, sports, etc.) $327
Travel $140
Gifts and charitable donations $160
Education (post-secondary tuition, books, fees, etc.) $140
Other $149
Savings $220

Total variable expenses $____

Total monthly expenses (fixed + variable) $____

Budgeting 10 (continued)
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Net surplus or deficit

Difference between total monthly income and total monthly

expenses:

• Net surplus (more income than expenses)

Or

• Net deficit (more expenses than income)

Budgeting 11
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MANAGING YOUR COST

OF LIVING – BEING A
SMART CONSUMER
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Did you know?

40% of Canadians feel they are just getting by financially

Managing your cost of living – Being a smart consumer 12

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Areas for saving

• Check your bills

• Negotiate better plans (banking fees and services,
telephone, cell phone)
• Review your food costs (groceries, take out, buying
lunch)
• Consider whether you need to own a car, a home or the
latest high-tech gadget

Managing your cost of living – Being a smart consumer 13

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Check your bills

• Spot mistakes and overcharges

• Pay less in late fees, interest and penalties
• Get errors corrected before it’s too late

Managing your cost of living – Being a smart consumer 14

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Negotiate better plans

Call each service provider and ask:

• How can I cut back my monthly bills?

• Am I currently on any plans?
• Do you have a better plan or deal for me?
• If so, what is the timeframe?
• Will I be put on contract for any new deals?
• Can I bundle services to save money?
• Can I avoid interest or late payment penalties?

Managing your cost of living – Being a smart consumer 15

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Reduce banking costs

• What am I paying in monthly service charges?

• How much am I paying for ATM fees?
• Can I save by doing more banking online?
• Am I eligible for a low-fee deal if I’m a student?
• Can I get a reduced fee if I keep a minimum balance?
• Can you suggest a better plan for me?
• Am I eligible for a low-cost account or a no-cost account?

Managing your cost of living – Being a smart consumer 16

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Account Comparison Tool

Managing your cost of living – Being a smart consumer 17

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New digital services

Digital services (mobile wallets and other applications)

• May offer convenient, inexpensive alternatives to traditional

banking services
• May increase risks to reliability, privacy and security
• Ask questions regarding:
• How your personal information is protected
• Who your personal information is shared with
• Where the information is stored (Canada or elsewhere)

Managing your cost of living – Being a smart consumer 18

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Do you need a land line AND a cell phone?

Ask yourself:

• What am I paying for land line and cell phone?

• How much do my long distance calls cost?
• Is my land line part of a bundle?

Managing your cost of living – Being a smart consumer 19

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Bundling services pays big time

• You pay $25/month for home phone, $30 for cell phone,
$35 for Internet and $40 for cable TV = $130

• Example of bundling discounts:

• Combine 2 services, save 5%
• Combine 3 services, save 10%
• Combine 4 services, save 15%

• Save 15% of $130 — $19.50 per month

Managing your cost of living – Being a smart consumer 20

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How to save on food

• Eat breakfast at home

• Bring your lunch, drinks, snacks, and coffee
• “Veg out” on low-cost meatless meals at least once a week
• Cook one big dish on weekends and freeze
• Shop with a buddy at discount supermarkets and split
quantities
• Set a budget and stick to it

Managing your cost of living – Being a smart consumer 21

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Save when you shop for groceries

• Plan meals and snacks in advance

• Bring a list and buy only what you need
• Buy fresh when in season, freeze extras for later
• Buy canned and frozen vegetables and fruit
• Know which stores near you are the best value
• Check for discounts and coupons (a mobile app can help)
• Buy non-food items at a discount store
• Don’t shop on an empty stomach

Managing your cost of living – Being a smart consumer 22

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Do you really need a car?

• Add up the real costs of ownership (gas, insurance,

depreciation, interest and maintenance)
• Compare the full costs of car ownership and leasing
against alternatives
• Be wary of long-term financing

Managing your cost of living – Being a smart consumer 23

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Car sharing

• Can save money if you drive less than 10,000 km per year
• May charge membership, monthly, hourly and mileage
costs
• Fees and rules vary — Compare different services
• If you don’t own a car, consider car sharing for trips too
long to cycle or when you have a big load to carry

Managing your cost of living – Being a smart consumer 24

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Can you afford it?

• Try it out:
• Put the monthly costs of owning a home (mortgage,
property taxes, maintenance, etc.) into a savings
account.
• Can you afford to live on what’s left?
• Could you afford higher costs for heating, taxes or
insurance?

• Canada Mortgage and Housing Corporation (CMHC)

Affordability calculator

Managing your cost of living – Being a smart consumer 25

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When owning a home doesn’t make sense

• When you move frequently:

• It takes at least five years to make it worthwhile

• If you have a very low down payment:

• You’ll need mortgage default insurance
• You may have a higher interest rate

• When your income covers only mortgage payments and

taxes

Managing your cost of living – Being a smart consumer 26

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Do you need insurance?

• Insurance can protect you from risks, such as:
• Damage or injury caused in a driving accident
• Damage to your home or furnishings
• Medical costs that are not covered under a public health plan
• Loss of income from illness, injury or death

• Insurance can protect you and your loved ones from financial
losses and offer peace of mind, but you pay for the security it
provides

• The policy is a contract that specifies all the details:

• Be sure you understand how much your policy costs and
what it includes and excludes

Managing your cost of living – Being a smart consumer 27

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How to cut $162/month of spending

Category Behaviour Daily saving Weekly Monthly Annual

Change saving saving saving
Food Take lunch $5
3 x week ($8 fast food lunch - $15 $60 $720
$3 cost)
Transportation Take transit, not $18
car, once a week ($22 parking + $18 $72 $864
$3 gas - $7 transit fee
Cell phone plan Pay as you go $30
vs. monthly N/A N/A ($55 to $25 $360
a month)

Managing your cost of living – Being a smart consumer 28

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Your latte factor

“We’ve all got a latte factor, regardless of our income level.”

—David Bach

• Designer coffees
• Lunches in restaurants
• Impulse buys
• The latest, greatest [fill in the blank]

Managing your cost of living – Being a smart consumer 29

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Questions to ask yourself

• When does a want become a need?

• What motivates you to buy—advertising, friends, trendy
styles, rough day?
• Does the urge to buy die the next day?
• Do your purchases make you happier?
• What “needs” are now collecting dust?
• What can you learn to live without?

Managing your cost of living – Being a smart consumer 30

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Reduce impulse buying

• Avoid unnecessary trips to stores and shopping malls and

online buying sites
• Leave credit cards at home and use your debit card or cash
instead
• Use cash to pay for your purchases and/or carry only the
cash you are willing to spend
• Reduce available credit on your credit card and line of
credit
• Sleep on it and see if you still want it the next day

Managing your cost of living – Being a smart consumer 31

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CREDIT AND DEBT

MANAGEMENT
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Did you know?

Federal regulations say that credit card companies have to

ask your permission to raise your credit limit.

Credit and debt management 32

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Using credit cards wisely

• Credit cards offer convenience for small purchases,

online items and emergencies
• Charges are a loan – with interest unless you pay in full
by the due date
• Charges add up quickly – pay the monthly balance in full
• Choose the card with the features you want with the
lowest cost
• Limit the number of credit cards you hold
• Keep your credit limit low
• Read your monthly statement
• Avoid cash advances except for emergencies

Credit and debt management 33

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Credit card quiz

Paying your credit card bill just a couple of days after the
due date won’t affect your credit report.

True or false?

Credit and debt management 34

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Credit card quiz

Last month, your credit card balance was zero. This month,
your statement shows that you made a $500 purchase. If
you pay off $400 by the due date, you will be charged
interest only on the $100 left to pay.

True or false?

Credit and debt management 35

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Credit card quiz

If you use your credit card to take money out as a “cash
advance,” you don’t have to pay interest on the amount
you’ve withdrawn as long as you pay your credit card bill in
full by the due date on your statement.

True or false?

Credit and debt management 36

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Credit card quiz

Without a good credit history…

1. Your bank may charge you higher interest rates on a

personal loan for a car, house, etc.
2. Your bank may refuse to give you a loan
3. You might not be able to get a lease on an apartment
4. 1 and 2 only
5. All of the above

Credit and debt management 37

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Pick the right credit card

• Choose a card that suits your needs and how you will use the
card

• In addition to the interest rate, consider:

• Annual fees or other user fees
• Real value of any points or benefits offered

• FCAC’s Credit Card Comparison Tool helps you choose

Credit and debt management 38

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How to keep control of your credit card

• Pay the balance in full each month

• If you can’t pay it in full, pay as much as you can
• Don’t make only the minimum payment
• If you always carry a balance, get a low rate card
• Transfer the balance to a line of credit with a lower rate
• Pay a few days before the due date

Credit and debt management 39

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Minimum vs fixed payments

• Initial balance: $3,000

• Interest rate: 18%

Make minimum Make fixed payments Difference

payments of 2.5%/ of $100/month
month (in this
example $75)

Time to pay off 263 months 41 months 222 months

balance
Total interest paid $4,115.41 $1,015.49 $3,099.92

Credit and debt management 40

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Canada Student Loans Program

• Federal program for students in financial need

• Interest-free while you are enrolled in post-secondary
education
• Loan becomes payable six months after you leave your
studies
• Apply through your provincial or territorial student assistance
office
• For more information, visit canada.ca/education-funding and
click on Education planning and student aid

Credit and debt management 41

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Qualifications for a Canada Student Loan

• Canadian citizen or permanent resident

• Registered in a degree, diploma or certificate program offered
by a designated post-secondary school
• Full-time or part-time student
• Show financial need
• Pass a credit check
• Maintain a certain grade average
• Reapply every year

Credit and debt management 42

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Repaying a Canada Student Loan

• Repayment begins after you graduate or leave school

• No payments required for the first six months
• Contact the lender to arrange a payment plan
• The Loan Repayment Estimator online tool helps you
compare options

Credit and debt management 43

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Canada Student Loan Tips

• Borrow only what you need

• Make lump sum payments while in school
• Consider a summer job or co-op placement to reduce
borrowing
• Set up automatic monthly payments so you don’t miss any
• Make extra or larger payments whenever you have money
available
• If you have trouble with payments:
• Contact your loan officer as early as possible
• Find out if you can reduce or defer payments

Credit and debt management 44

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Other types of loans

• Mortgages
• Car loans
• Lines of credit
• Overdraft protection
• Payday loans
• Personal loans

Credit and debt management 45

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Payday loans
• An arrangement to borrow money and pay it back, with added costs, from your next
paycheque
• Interest rates are high, and other fees are added to the loan amount

Credit and debt management 46

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Tips for managing loans

• Shop around
• Compare interest rates. Don’t accept your first offer

• Keep within your budget

• Borrow only what you can afford to pay back in a realistic
time

• Pay back more and pay more often

• Additional payments mean you’ll pay it off sooner and pay
less interest

Credit and debt management 47

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Credit report

A summary of your credit history and other financial information

• Past lenders and others send information to companies that

collect, assess and share data
• Canada’s two main credit bureaus:
• TransUnion
• Equifax
• You can get your credit report for free by ordering it online, by
mail or in person
• You can also access your credit report online for free

Credit and debt management 48

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Credit score
A number rating of your credit worthiness at a specific point in time

• Indicates the risk you represent for lenders, compared with other
consumers
• Scoring system gives a number between 300 and 900
• The higher your score, the lower the risk

• Lenders use credit scores to decide whether to lend you money and
to set the interest rate
• You can access your credit score online from Canada’s two main
credit bureaus
• Your credit score from Equifax is accessible online for free and is
updated monthly
• If you live in Quebec, you can also access your credit score from
TransUnion online for free

Credit and debt management 49

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Credit report and credit score quiz

Getting a copy of your credit report is:

1. A good way to check for identity theft

2. The only way to know if your report is accurate
3. Free of charge, if you request the report be sent to you by mail
4. All of the above

Credit and debt management 50

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Credit report and credit score quiz

If you have applied for several credit cards or other forms of

credit within a short period of time, this could have a negative
impact on your credit score.

True or false?

Credit and debt management 51

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Credit report and credit score quiz

Which of the following does not affect your credit score?

1. Your payment history—whether you have ever missed a debt

payment
2. Any collection of bankruptcy that has been recorded against
you
3. Your history of repaying informal loans from family or friends
4. Any outstanding debts you have
5. Your account history—how long you have had credit, and the
type of credit you have

Credit and debt management 52

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Checking your credit report

• Get a free copy of your credit report by mail every year

• Review for errors or accounts that are not yours

• Mistakes could be a sign of identity theft

• Contact the credit bureau to report any errors

• Request a correction or place a note on the file

Credit and debt management 53

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Checking your credit report

• Always make your payments on time

• Use credit wisely

• Don’t go over your credit limit
• Only use part of the credit you have available

• Build a longer credit history

• Keep older accounts open if there is no fee
• Use them from time to time

• Don’t make a lot of credit applications or credit checks

Credit and debt management 54

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Recognize the danger signals

Do you:

• Use your credit as a necessity instead of a convenience?

• Use credit or cash advances for your daily living expenses?
• Miss payments or due dates?
• Stay near the credit limit on most of your cards?
• Borrow from one card to pay another?
• Transfer balances every few months just before the
introductory offer expires?

Credit and debt management 55

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Take control of your debt

• Use savings to pay off balances

• Pay down your highest interest rate debts first
• Switch to less expensive credit cards
• Call creditors to negotiate lower interest rates
• Start automatic/online bill payment to stay on schedule
• Leave your credit card at home
• Avoid “buy now, pay later” offers

Credit and debt management 56

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Debt management options

• Credit counseling
• Counsellors create a personal debt management program
• Often based on a consolidation loan

• Consumer proposal
• A voluntary offer to lenders through a Licensed Insolvency
Trustee

• Bankruptcy
• A trustee takes over your assets to cancel debts

Credit and debt management 57

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SAVING AND
INVESTING
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Did you know?

In 2022, Over 4% of Canadians used an online lender or payday

loan company to manage their daily expenses. Among these
online or payday loan borrowers, almost half used a short-term
pay day loan or cash advance.

Saving and investing 58

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Why save for the future?

• Feel more secure and in control

• Be prepared for emergencies
• Reduce stress and conflict
• Spend with less guilt or fear
• Afford major purchases
• Pay off debt and avoid new debt
• Retire comfortably

Saving and investing 59

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Reasons not to save

• I don’t make enough money to save.
• I don’t know what’s going to happen in the future, so I’m
going to enjoy myself now.
• I don’t know what to do with the money I might save. It’s
too complicated.
• Tying up my money in savings reduces my options.
• I save so little that it doesn’t make any difference.
• I’ll be earning more in the future, so I’ll start saving then.
• I don’t need to save because I’m expecting an
inheritance.
• I can always sell my things if I need more money.

Saving and investing 60

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Four steps to savings

• Set up an emergency fund

• Pay yourself first
• Make savings automatic
• Grow your savings

Saving and investing 61

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Make your savings automatic

• Set up direct transfers from your bank account or paycheque

• Save 5% to 10% of your take-home pay

• If you earn $2,000 a month after tax:

• Saving 5 per cent — $100 a month — $1,200 a year
• Saving 10 per cent — $200 a month — $2,400 a year

• Extra money (from gifts, tax refunds, etc.) or a raise or

bonus? Save it!

Saving and investing 62

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Compounding makes your money grow

$1,000 at 5% Interest
$8,000.00

$7,000.00

$6,000.00

$5,000.00

$4,000.00

$3,000.00

$2,000.00

$1,000.00

$-
Ye 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40
ar

Simple Interest Compound Interest

Saving and investing 63

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Case study: Amy and Amanda

Case study: Amy and Amanda

Actions Amy Amanda

Starts saving at age: 20 30

Puts $1,000 a year into her RRSP to age: 34 64

Total she saves: $15,000 $35,000

Total earned at age 65: $141,700 $116,100

Saving and investing 64

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Case study: Amy and Amanda

Case study: Amy and Amanda

Actions Amy Amanda

Total earned at age 65: $141,700 $116,100

Conclusion:
• Compound interest makes a big difference over time
• Start saving as soon as you can (the sooner the better)
• Save as long as you can (for a long period of time)

Saving and investing 65

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Risk and return

Expected
Return

Risk

Saving and investing 66

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Registered tax plans

• Tax-Free Savings Accounts (TFSAs)

• Earn income from investments without paying taxes
on the income

• Registered Retirement Savings Plans (RRSPs)

• Defer paying income tax until retirement

• Registered Education Savings Plans (RESPs)

• Save for education and receive government grants

• Registered Disability Savings Plans (RDSPs)

• Save for someone with a disability and receive
government grants

Saving and investing 67

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Tax-Free Savings Accounts

• Invest in cash, mutual funds, stocks, GICs, bonds

• Generally pay no taxes on investment income
• The TFSA contribution room is the total amount of all of the
following:
• the TFSA dollar limit of the current year
• any unused TFSA contribution room from previous years
• any withdrawals made from the TFSA in the previous
year
• You must be 18 or older and have a social insurance number

Saving and investing 68

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Registered Retirement Savings Plan (RRSP)

• Invest in cash, mutual funds, stocks, GICs, bonds

• Contributions and earnings are generally free from income
tax until withdrawn
• You may pay a lower tax rate when you withdraw funds
• Yearly contribution limit is calculated by the Government
of Canada up to a maximum amount

Saving and investing 69

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Registered Education Savings Plan (RESP)

• You put money into an RESP

• Government of Canada adds a maximum amount per
year into the plan (if eligible)
• Quebec, Saskatchewan and B.C. also offer incentives to
save for education
• The plan pays the contributions, government grants and
earned income to a student
• The student pays taxes due (if any) on grants and income
earned in the plan

Saving and investing 70

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Registered Disability Savings Plan (RDSP)

• You put money into a RDSP for an eligible person with a

disability
• Government of Canada pays matching amounts into the
plan (if eligible)
• The plan pays the contributions, government grants and
earned income to a person with a long-term disability
• The recipient pays taxes due (if any) on grants and
income earned in the plan

Saving and investing 71

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Getting financial advice

• Savings accounts and GICs

• Compare rates and talk to your financial institution

• Long-term or complex investments

• Talk to a licensed financial advisor

Saving and investing 72

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Questions to ask a prospective financial advisor

• What is your background, experience and track record?

• Is your firm registered with a securities commission or
other formal body?
• What can you do for me? Provide advice only, sell
products, help me build a financial plan?
• What products do you sell?
• How do you get paid?
• How do you work with your clients?
• Can you provide references?

Saving and investing 73

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The three knows

• Know yourself:
• Your investment goals
• Your timeline
• Your risk tolerance

• Know your investment: is it right for you?

• Know your advisor

Saving and investing 74

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SETTING FINANCIAL
GOALS
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Did you know?

About 25% of Canadians have monthly spending that exceeds

their income.

Setting financial goals 75

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Financial goals

• Prioritize – You can’t do everything

• Decide what’s important to you
• Choose one or more goals for your focus

• Write it down

• Check your progress

• Check in regularly to stay on track
• Adjust what you are doing if you have to

Setting financial goals 76

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S.M.A.R.T. goals

• Specific
• Well-defined and focused
• Measurable
• What can I track to measure achievement?
• Achievable
• Big or small, but within your abilities
• Realistic
• Considering current and expected conditions
• Timely
• Set a time for achievement

Setting financial goals 77

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SMARTer goals

• Even SMARTer, break goals down into small steps:

• Cut lunches down to one per week, save $20 per
week ($1,040 per year)
• Cut restaurant meals to two per month, save $100
per month ($1,200 per year)
• Switch to basic cable, save $50 per month ($600 per
year)
• Work extra shifts a few days a month, earn $300 per
month ($3,600 per year)
• Total $6,440 in 12 months!

Setting financial goals 78

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FCAC Financial Goal Calculator

Setting financial goals 79

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PROTECT YOURSELF
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Did you know?

In 2022, the Canadian Anti-Fraud Centre received fraud and

cybercrime reports totalling a staggering $530 million in
victim losses.

Protect yourself 80
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Fraud statistics

Total credit card fraud in Canada:

• 2010: $366 million

• 2016: $940 million

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Sample CRA Scam

INTERAC e-Transfer Reminder: You received money from CRA

interac@payments.interac.ca
Mon 2022-07-11 9:44 AM
To John.Smith@email.com

Dear Client

You received $458.00 (CAD) from Canada Revenue Agency.

Click Accept to deposit your money

Respond immediately. This message expires in 24 hours,

FAQs | This is a secure Transaction

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Signs of bogus job ads

• Offer considerable pay with few to no duties

• Promise payment of wages in cash
• Contain no physical address or contact person
• Require you to open a new bank account or accept
company cheques to “test” a wire transfer service

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Social media scams

• Fake polls, fake links, fake apps

• May download malware or spam your friends

• Fake messages and phishing

• Ask you to log into a fake site and steal your ID

• Fake friend request

• Gather data to send spam or scams

• Fake money transfer or crowdfunding request

• May ask you to help a friend by sending money

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Protecting yourself

• Don’t share personal information freely

• Shred documents with personal information before
discarding them
• Keep your wallet or purse safe
• Don’t carry ID you don’t need (such as your SIN card)
• Lock your household mailbox if possible

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Protecting yourself, continued

• Limit the number of credit cards you hold

• Check your credit report once a year
• Make sure websites are secure before transmitting
personal information
• Delete emails that ask for personal information
• Keep computer firewalls and spyware up to date

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Protecting yourself, continued

• Keep your computer passwords safe

• Don’t give telemarketers personal information
• Save paper bank records for at least a year
• Be skeptical—if an offer sounds too good to be true, it is!

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What to do if you are a victim

• Contact your financial institution immediately

• Notify Canada’s two main credit bureaus
• Equifax Canada www.equifax.ca
• TransUnion Canada www.transunion.ca
• Contact the Canadian Anti-Fraud Centre
www.antifraudcentre.ca
• Notify your local police as soon as you are aware of fraud or
theft

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SUMMARY AND
WRAP-UP
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What have we learned

• Keep track of your income and your expenses in a budget

• Save money by reviewing your bills and reducing your “latte
factor”
• Shop around for the best bank accounts, credit cards and
service plans
• Pay yourself first with automatic savings
• Build an emergency fund equal to three months’ income
• Pay all debts on time and in full, if possible
• Set clear savings goals
• Use registered savings plans to let your savings grow tax-free
• Find a licensed financial advisor for long-term investment
guidance
• Secure your identity and avoid identity theft

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