This lesson was made possible thanks to Pacific Life Insurance Company What can you do to make sure you are prepared when you are ready to retire? Here are some programs to take advantage of that will help you save for that day. What are the different sources of retirement income and how can you maximize them? There are also different sources of income that … Continue reading Preparing For Retirement (Fixed Date)
This lesson was made possible thanks to Pacific Life Insurance Company If you look up an “Annuity” in the dictionary, it means “fixed payments”. But when it comes to personal finance and investing, “Annuity” refers to a specific type of investment product that is a common part of retirement portfolios. This lesson is about annuities as an investment product, and why they are used by … Continue reading Annuities (Fixed Date)
Workplace Benefits This lesson was made possible thanks to Pacific Life Insurance Company When you start looking for a job, one of the first questions you will have when browsing job listings is “how much does this pay”? Starting salary or hourly pay is, of course, an important factor when considering a position, but is very far from the full story. This lesson will cover … Continue reading Workplace Benefits (Fixed Date)
This lesson was made possible thanks to Pacific Life Insurance Company What is Disability Insurance? Disability Insurance is insurance that provides benefits to the insured person if they experience an injury or illness that prevents them from working for an extended period of time. It typically pays 50% – 70% of your pre-disability wage, or what you were making before you stopped working. Your expenses … Continue reading Disability Insurance (Fixed Date)
Term Life Insurance – What You Need To Know This lesson was made possible thanks to Pacific Life Insurance Company Whole, Endowment, Term – there are many types of Life Insurance on the market. But most financial advisors will give you the same mantra – “Buy Term and Invest The Rest”. But what does that really mean? Term Life Insurance Term Life Insurance is a … Continue reading Term Life Insurance (Fixed Date)
Disability Insurance This lesson was made possible thanks to Pacific Life Insurance Company Most people overestimate the cost and underestimate the need for disability insurance. Many people live paycheck to paycheck and lack any significant real savings. They don’t have robust rainy day or emergency funds to cover the cost of an unexpected expense. In fact, loss of income and medical expenses are two top … Continue reading Disability Insurance
Workplace Benefits This lesson was made possible thanks to Pacific Life Insurance Company When you start looking for a job, one of the first questions you will have when browsing job listings is “how much does this pay”? Starting salary or hourly pay is, of course, an important factor when considering a position, but is very far from the full story. This lesson will cover … Continue reading Workplace Benefits
What Are Annuities? This lesson was made possible thanks to Pacific Life Insurance Company If you look up “Annuity” in the dictionary, it says “a fixed sum of money paid to someone each year, typically for life.” But when it comes to personal finance and investing, “annuity” refers to a financial product that can offer protected lifetime income and even potentially grow your money. An … Continue reading What Are Annuities
Basic Research and Comparing Stocks When you first set out to build a portfolio, it can be overwhelming to choose your first stock. In this activity, we will walk through conducting some basic research on a company you find interesting, and learn how to compare it against another company in the same sector to determine which would be a better choice to add to your … Continue reading Basic Research and Comparing Stocks – FT
Basic Research and Comparing Stocks When you first set out to build a portfolio, it can be overwhelming to choose your first stock. In this activity, we will walk through conducting some basic research on a company you find interesting, and learn how to compare it against another company in the same sector to determine which would be a better choice to add to your … Continue reading Basic Research and Comparing Stocks – ST
This unit specifically covers financial literacy topics in Canada. While most lessons cover all countries equally well, some specifics (like filing taxes and retirement planning) refer to specific laws or regulations in Canada, differing from our US material.
Protecting Against Fraud In the past, information about your bank transactions, credit card transactions, investment statements, and other financial paperwork came through paper documents. People were told to keep these documents safe or shred them when they were not longer needed. Today, the majority of our financial records can be accessed online. Apart from a few paper records, everything you need to know can be … Continue reading Protecting Against Fraud – Canada
Insurance The idea behind insurance is that random bad thing can happen to just about anyone, and sometimes those random things are expensive to resolve. Car crashes, medical emergencies, and flooding can destroy your personal saving and investing accounts if they happen to you and you’re not prepared to deal with them. How Does Insurance Work? To reduce the financial risk associated with these unexpected … Continue reading Types of Insurance in Canada
Credit reports contains your credit history – both the good and the bad. If you watch late-night TV, you may have seen a few commercials offering free credit reports, so you might know a little about them. Most people don’t know how important a credit report can play in their financial lives.
On every payday, start by taking out money for savings and put it directly into your savings or investing account. Most banks have accounts that will let you do this though automatic transfers. This is one banking service that you should definitely take advantage of.
Once your savings is taken care of, use the remaining cash to pay your bills. Any money remaining can be used for fun and leisure. This method is a no excuses savings approach. No matter what else is happening in your life, you are paying yourself by contributing to your savings. This habit ensures that your savings and investments experience a steady growth rate.
Planning For Retirement in Canada Embarking on a journey towards retirement in Canada requires careful consideration and proactive financial strategies. In this guide, we will explore various elements of retirement planning in Canada, offering insights into pension programs, savings options, and employer-assisted plans. Old Age Security Pension (OAS) The “Old Age Security Pension” is a baseline entitlement program in Canada, created to ensure retirees have … Continue reading Planning For Retirement in Canada
Income Tax Filing and the Canadian Tax Return What is income tax? Income tax is the tax you pay on your income, typically deducted directly from your paycheque. Every individual who earns income in Canada is obligated to pay income tax. Income encompasses more than just employment wages and salaries. If you receive rental income from properties you own, investment income, interest on savings accounts … Continue reading Income Tax Filing and the Canadian Tax Return
Bankruptcy in Canada If you find yourself significantly behind on your bills and all other attempts to manage debt have proven futile, the last resort is declaring bankruptcy. What is Bankruptcy? Bankruptcy is a legally mandated process of forced debt settlement. When an individual declares bankruptcy in Canada, the court convenes all unsecured creditors to assess the debts owed. The court scrutinizes the individual’s assets … Continue reading Bankruptcy in Canada