3 things you should know as a tenant?

Landlords can access rental units in certain situations, landlords are responsible for most repairs to the rental unit, landlords can inspect the rental property once a month.

Renting apartment scenario.

Allowed to sell the person who buys the new apartment can let you stay if they want to move in themselves then they have to give you a proper written notice (usually 3 months)

What is a credit card?

A card used to make purchases with money borrowed from the bank that you pay back later

What is a credit card billing cycle?

Usually lasts 28-31 days your credit card bill will cover alll transactions you made during that cycle.

interest is money that is charged for purchases or borrowing money

Employees who earn a salary recieve T4s you use it to file your taxes. It is a Canadian tax document issued by employers to report an employee's total annual earnings and the corresponding deductions withheld

what is gross income?

the total amount of money you earn before taces and deductions.

canadian pension plan which is a mandatory govern,ent run contributory program.

what is compound interest

the interest you earn on both the original amount of money (principal) and on the interest that has already accumlated (interest on interest)

divide your income into 3 parts (50% needs, 30% wants, and 20% savings)

Create several spending categories assign every $ of income to a specific category so income= monthly spending=$0

savings first approach

save money right away before spending cover your basic needs next and spend whats left on wants

spending first approach

Pay for everything you need or want during the month then save whatever is left.

what is a chequing account?

A type of bank accoynt that you use for every day money transactions like bills, buying groceries etc

a registered retirement savings plan to save money for retiremnet and is something all canadians have deductions for

registered education savings plan an account that helps you save for a childs post seconary education, the government adds money through the Canadian education savings grant and you dont pay tax on the money in the account.

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Question	Answer
3 things you should know as a tenant?	Landlords can access rental units in certain situations, landlords are responsible for most repairs to the rental unit, landlords can inspect the rental property once a month.
Renting apartment scenario.	Allowed to sell the person who buys the new apartment can let you stay if they want to move in themselves then they have to give you a proper written notice (usually 3 months)
What is a credit card?	A card used to make purchases with money borrowed from the bank that you pay back later
What is a credit card billing cycle?	Usually lasts 28-31 days your credit card bill will cover alll transactions you made during that cycle.
what is interest?	interest is money that is charged for purchases or borrowing money
what is a t4?	Employees who earn a salary recieve T4s you use it to file your taxes. It is a Canadian tax document issued by employers to report an employee's total annual earnings and the corresponding deductions withheld
what is gross income?	the total amount of money you earn before taces and deductions.
what is cpp	canadian pension plan which is a mandatory govern,ent run contributory program.
what is compound interest	the interest you earn on both the original amount of money (principal) and on the interest that has already accumlated (interest on interest)
50-30-20 budget	divide your income into 3 parts (50% needs, 30% wants, and 20% savings)
zero based budget	Create several spending categories assign every $ of income to a specific category so income= monthly spending=$0
savings first approach	save money right away before spending cover your basic needs next and spend whats left on wants
spending first approach	Pay for everything you need or want during the month then save whatever is left.
what is a chequing account?	A type of bank accoynt that you use for every day money transactions like bills, buying groceries etc
What is a tsfa	a registered retirement savings plan to save money for retiremnet and is something all canadians have deductions for
what is a resp	registered education savings plan an account that helps you save for a childs post seconary education, the government adds money through the Canadian education savings grant and you dont pay tax on the money in the account.

Created by: Sana <3

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