Explore the most common types of personal income for Canadians, which are broken down into three categories. You can learn how each type of income works, the pros and cons of each, whether you are eligible to receive certain types of income, and how they are taxed.

The module activity at the end of the module gives you an opportunity to both analyze your existing income stream(s) and plan for future income streams based on what you’ve learned, as well as your financial goals.

Earned Income

• Overview
• Hourly Wage
• Salary
• Commissions
• Self-Employment
• Tips & Gratuities

Investment Income

• Overview
• Capital Gains
• Interest
• Dividends
• Rental

Pension and Other Income

• Overview – Government Benefits
• Maternity and Parental Benefits
• Canada Child Benefit
• Caregiving Benefits
• Canadian Benefit for Parents of Young Victims of Crime
• Child Disability Benefit
• Disability Benefit
• Employment Insurance
• Income Assistance and Support
• Overview – Public Pensions
• Canada Pension Plan
• Old Age Security
• Guaranteed Income Supplement
• Allowance for the Survivor
• CPP’s Survivor’s Pension
• Allowance for People Aged 60 to 64
• Overview – Private Pensions
• Defined Benefit Pension Plan
• Defined Contribution Pension Plan

Banking plays a vital role in the personal finances of Canadians but, at the same time, is often overlooked. In this module, you’ll learn about the different types of financial institutions where you can get one or more accounts for your banking needs, the different types of accounts that are available and for who, how to evaluate and select a financial institution and account, as well as a list of financial institutions in Canada.

The module activity at the end of the module gives you an opportunity to use tools to create a list of prospective financial institutions and accounts that will be evaluated. By the end of the activity, you’ll be able to narrow down and select one financial institution and at least one account, if not more, for your specific banking needs.

Where To Get An Account

• Introduction
• Banks
• Credit Unions

Types of Personal Accounts

• Introduction
• Types of Chequing Accounts
• Types of Savings Accounts

Selection Criteria and Method of Evaluation

• Introduction
• Selection Criteria for Financial Institutions
• Selection Criteria for Personal Accounts
• Methods Used for Evaluation
• Case Study (In Action) of Evaluating and Selecting a Financial Institution and Account

Lists of Largest Financial Institutions in Canada

• Introduction
• Traditional Banks
• Virtual Banks
• Credit Unions

Emergency Funds can be a life saver. There is great importance to having one and, in most cases, can help keep you afloat financially in the most needed times. In this module, you’ll learn why you should have one and how you can implement an Emergency Fund into your personal finances, how much you need to have saved, and a case study showing you how an Emergency Fund works in a realistic scenario. Further, you’ll also learn the importance of being as efficient as possible with your savings, as well as how and why carrying too much savings can reduce your wealth.

The module activity at the end of the module will give you a chance to plan out an emergency fund based on your current budget, if you don’t already have one, or to ensure you have adequately funded the one you do have. This includes how much is needed to be saved, how long it will take to fund your Emergency Fund, as well as creating financial goals that relate to your savings and Emergency Fund.

Emergency Funds

• Introduction
• Importance and Purpose of an Emergency Fund
• Starter Emergency Fund
• Fully-Funded Emergency Fund
• Case Study (In Action) of an Emergency Fund

Maximizing Your Savings

• Introduction
• How Much Money to Hold in Your Emergency Fund
• Putting Your Money to Work: Being Efficient With Excess Savings
• How Inflation Dilutes Wealth: Reduction of Purchasing Power
• Case Study (In Action) for Maximizing Your Savings

One of the most necessary ways in creating wealth is through budgeting. Understanding where your money is coming from and going is crucial. By budgeting, you’ll be able to be more efficient with your finances and ensure you are effective with both spending in a reasonable manner and building long-term wealth, such as for retirement needs. In this module, you’ll first learn about the mindset behind budgeting, such as aligning your budget with your financial goals, aligning your budget and goals with your spouse or partner, and the importance of intention and consistency when it comes to budgeting.

Next, you’ll learn about the different categories and classifications used for budgets and some guidelines that can be helpful when preparing your budget. You’ll also learn the importance of considering your standard of living when preparing your budget which includes differentiating between needs and wants, ensuring you live within your means, making sacrifices, and planning for the future.

In the last section of the module you’ll learn how to create your own budget using the information provided throughout this module and the importance of budgeting at the start of the year, as well as doing pre-month budgets, and completing your budget consistently on an ongoing basis. Lastly, you’ll learn how important it is to consider the frequency of income and expenses and the impact it has on your budget, as well as how to analyze the results of your budget.

In the module activity at the end of the module you’ll be able to prepare your own budget using our budget template and worksheets, as well as analyze the results of your budget and create goals around the results of your budget.

Before Creating a Budget

• Introduction
• Your Budget is a Reflection of Your Goals
• Importance of Intention and Consistency When Budgeting
• Aligning Your Budget With Your Spouse or Partner

Budget Categories and Classifications

• Budget Categories
• Budget Category Classifications
• Budget Category Guidelines

Standard of Living

• Introduction
• Incorporating Needs and Wants for Your Standard of Living
• Living Within Your Means
• Making Sacrifices and Planning for the Future

Creating a Budget

• Introduction
• Start of Year Budgeting
• Pre-Month and Monthly Budgeting
• Impact of Frequency of Income and Expenses on Budgets
• Analyzing the Results

Understanding where you are with your personal finances can be very impactful. This is done by calculating your Net Worth using a formal statement. In doing so, you can track your progress with accumulating wealth and create financial goals around increasing your wealth so as to meet your goals in life. Additionally, understanding where you are financially helps with areas such as, but not limited to, retirement planning, estate planning, and applying for a mortgage.

In this module, you’ll learn how to differentiate between good and bad assets using different criteria (cash flow of an asset, future economic benefit of an asset, and use of an asset), classifying assets, different asset classes that exist, and examples of good assets. Also, you’ll learn what liabilities are, how to classify them, different classes of liabilities, what good liabilities are, and calculating the future taxes owing on assets currently owned. After learning about both assets and liabilities, which make up a net worth statement, you’ll learn how to create your own net worth statement incorporating both assets and liabilities, as well as financial ratios that can be used when analyzing the results of your annual net worth statement.

In the module activity at the end of the module, you’ll be able to create your own net worth statement using our template. Using the worksheets provided, you’ll be able to summarize and analyze the results from the net worth statement and create any financial goals, as applicable.

Assets

• Introduction
• Good Versus Bad Assets
• Cash Flow of an Asset
• Future Economic Benefit of an Asset
• Use of an Asset
• Classification of an Asset
• Asset Classes
• Good Assets: Investment Assets

Liabilities

• Introduction
• Classification of a Liability
• Liability Classes
• Good Liabilities: Investment Liabilities
• Future Tax Liability of Currently Owned Assets

Net Worth Statement

• Introduction
• Assets
• Liabilities
• Financial Ratios

Economics has a major impact on personal finances – whether it is understanding the impact inflation has on Canadians’ personal finances, how the fractional reserve banking system works, or the difference between money and currency, there is a lot that must be considered and understood in the context of economics on personal finances.

In this module, you’ll learn what both money and currency are, along with the differences between the two. Additionally, you’ll learn about inflation and the impact it has on one’s purchasing power, as well as other effects inflation can have. There will also be discussion on the Consumer Price Index (CPI), which is used to determine the annual rate of inflation in Canada, and inflation on asset prices. This will be followed by a small case study example on inflation. Lastly, you’ll learn about what the fractional reserve banking system is, how it works, the benefits and drawbacks of the system, the different types of money supply in Canada, and how an increase in the money supply impacts Canadians. 

For the module activity at the end of the module, you’ll be able to calculate your own personalized annual rate of inflation based on your individual consumption as this may vary from the CPI that is used at the federal level, providing you with a better understanding of inflation’s impact on your personal finances at an individual level.

Money and Currency

• Introduction
• Money
• Currency
• Similarities and Differences Between Money and Currency
• Store of Value

Inflation and Purchasing Power

• Introduction
• Inflation
• Purchasing Power
• Other Common Effects of Inflation
• Consumer Price Index (CPI) and Asset Price Inflation
• Case Study (In Action) of Inflation

Fractional Reserve Banking and the Money Supply

• What is Fractional Reserve Banking and How Does It Work?
• Benefits and Drawbacks of Fractional Reserve Banking
• Types of Money Supply in Canada
• Direct Impact of Increased Money Supply on Individuals

Now more than ever does credit impact Canadians. With the economic structure that exists today – and the economic reliance on credit in the society – it is important for Canadians to have an understanding of this topic. In particular, it is important to learn that a credit cycle exists in the economy with different stages, and how each impacts the economy as a whole, as well as individuals. It will also be necessary to understand how credit works, and the benefits and drawbacks of credit. For individuals, credit scores can have a large impact on your finances, especially given that many Canadians make several large purchases throughout their lifetime that require the use of credit, including vehicle and home purchases. You’ll have an opportunity to learn about what a credit score is, how it is calculated, how it can be improved, as well as where to access your credit score and credit history report, along with all the components included in a credit report.

For the module activity, you’ll first analyze macroeconomic factors that help to determine the current stage of the credit cycle. For the second and final part of the activity, you’ll access your credit score and report, analyze the results, and create goals and action steps that can be taken to improve your credit score.

Understanding Credit and Its Economic Impact

• Introduction
• Economics of Credit and Credit Cycles
• How Credit Works
• Advantages and Disadvantages of Credit

Credit Scores and Reports

• Introduction
• Credit Scores
• Improving Your Credit Score
• Credit Reports

Post-secondary education is highly prevalent in society today with the rate of Canadians receiving an education continually increasing. As such, given the high cost of education, it is important to be more educated on the financial aspects of education. In particular, you’ll learn how much your education truly costs including how much is paid by students and the amount subsidized by the government. Furthermore, you’ll be introduced to the average total costs – broken down between primary and secondary costs – for both 2-year diploma and 4-year degree programs. Again, given the high cost of education, it is important to be aware of the possible ways to fund an education. Many students are knowledgeable of a few of these methods but there are 11 different methods available that will be covered. In the last section, you’ll be able to shift your mindset around education to being more of an investment – both as a personal and financial investment. This will include being more proactive when choosing a program that has potential for gaining employment after graduation (marketability), as well as how to calculate the return on your investment (cost of education) based on future estimated income.

The module activity, used in conjunction with the Education Planner and ROI Calculator tool, will allow you first compare program costs for different schools you wish to attend. Next, you’ll be able to do some planning around funding the education, specifically which of the funding methods you wish to use and how much each method will cover of the total education costs. You’ll also analyze the short- and long-term outlook of your target occupation, the state of the economy in the province/region you plan to work in, and whether the industry you plan to work in is growing or declining in size. Lastly, you’ll be able to calculate the projected return on investment (ROI) on your education based on estimated education costs and future income.

Education and Finances

• Introduction
• Post-Secondary Tuition Fees and Government Subsidization
• Average Education Budget for Students

Funding Your Education

• Introduction
• Student Loans
• Registered Education Savings Plan (RESP)
• Scholarships and Grants
• Cash Gifts and Self Funding
• Lifelong Learning Plan (LLP)
• Alternative Funding Methods

Education as an Investment

• Introduction
• The Perception of Education Today
• Investing in Yourself
• Choosing a Marketable Area of Study
• Return on Investment of Education

Most Canadians have a vehicle. However, many are not aware of the true impact that vehicle purchases have on their finances and wealth. Most simply look at being able to “afford/manage to pay” the monthly payment without considering other aspects of their finances. In this module, you’ll first learn about the different ways that a vehicle can be funded, which for each method includes advantages and disadvantages, how the funding method works, and when it may be appropriate to use in your unique situation. In the next section, you’ll be able to learn about the different costs involved with vehicles including both upfront costs and ongoing expenses. Using this information, you’ll also learn about vehicle affordability that takes a holistic approach – incorporating your entire financial situation including savings requirements (such as retirement savings). Next, you’ll be introduced to vehicles and the impact on wealth including the opportunity cost of different funding methods and the impact on long-term wealth, as well as shifting your perspective on vehicle purchases and affordability. In the last section, given that each province/territory has its own nuances, you’ll learn about the entire vehicle purchasing process broken down by each province/territory.

The module activity, which will be used with the comprehensive Vehicle Affordability Calculator, will first focus on determining the most appropriate vehicle funding method for your situation for the vehicle you are considering. Next, you will be able to summarize all of the projected upfront costs and ongoing expenses relating to the vehicle. This information will then be used for the Vehicle Affordability Calculator which needs to be completed. After completion, you’ll summarize the results of the calculator  – which again will take a holistic approach when determining affordability, considering your entire financial situation including your savings goals, and will suggest whether the vehicle is affordable or not – on the activity worksheet. The final section of the worksheet will look at how your purchasing habits affect your long-term wealth (which will also be calculated in the Vehicle Affordability Calculator), as well as determining strategies to increase your wealth and how that additional wealth will be used in the future.

Funding  a Vehicle Purchase

• Introduction
• Self Funding
• Financing
• Leasing

Vehicle Expenses and Affordability

• Introduction
• Upfront Costs
• Ongoing Expenses
• Vehicle Affordability

Vehicle Finances and Wealth

• Introduction
• Cost Comparison of Vehicle Funding Options
• Opportunity Cost of Self Funding a Vehicle Purchase
• Opportunity Cost and Long-Term Wealth
• The Economic Landscape for Vehicles in the Future
• A New Perspective On, and Status Quo for, Vehicle Purchases and Affordability

Vehicle Purchasing Process by Province and Territory

• Introduction
• Plan and Research
• Run and Test Drive
• Pre- and Post-Purchase Inspections and Tests
• Purchase

Relationships – whether by marriage, common law, or otherwise – can be an exciting time. However, entering into any form of relationship with another individual will utimately have an impact, good or bad, on your personal finances. This may be in the form of issues relating to finances, income taxes, legal, wills and estates, spousal and/or child support, and child custody. This module, in particular, will cover all of the aforementioned topics. It is a very large and extensive module with an abundance of content.

For couples, there will be coverage on starting a conversation with your significant other on money issues, which explains all of the major topics to discuss. Futhermore, you’ll learn about the nuances of engagement and some of the potential issues to be aware of.

For marriage and common law, the majority of topics covered relate to both. However, there are some areas that relate exclusively to each. For marriage, you’ll learn about the marriage process, costs of weddings, and issues relating to legal topics.

In the common-law section, you’ll learn when common-law status begins for both legal and tax purposes. Topics relating to financial planning, tax planning, legal planning, wills and estate planning, and relationship breakdowns relate to both marriage and common law and will also be discussed in its own section. You’ll also have an opportunity to learn about the two  types of annulments available in Canada.

In regards to separation and divorce, most topics including financial planning, tax planning, legal planning, and wills and estates relate to both and will be covered in the separation section.

There are, however, some areas that relate to only divorce, such as grounds for divorce, filing for divorce, settlements and dispute resolution, cost of divorce, required documentation, and changing your last name that will be covered in the divorce section.

This module will also have in-depth coverage on topics such as spousal support, child support, child custody, and division of family property upon separation or divorce.

There are three module activities – one for couples, another for marriage and common-law relationships, and the final for separation.

The couples activity will provide a worksheet to summarize all of the information relating to the topics discussed in your conversation regarding personal finances.

The marriage and common-law relationships activity will cover  cohabitation/prenuptial agreements before entering into a marriage or common-law relationship, allow couples to create a wedding budget using the Wedding Budget Planner, and for couples already married or in a common-law relationship, an opportunity to look at the financial implications of division of property upon separation and the required equalization payment so as to get a feel for the potential exposure each individual may face financially. Further, you’ll be able to evaluate areas relating to finances, income taxes, legal, and wills and estates that will impact you and your situation by being married or common law.

The last activity, which is for separation, allows individuals to determine which areas relating to finances, income tax, legal, and wills and estates will be impacted by a separation. Further, you will be able to explore how the division of family property will impact you after a separation. Lastly, you’ll be able to identify many of the clauses that you will like to your laywer include in your separation agreement.

Couples – Before Common Law or Marriage

• Introduction
• Money Conversations
• Engagement
• Marriage Statistics

Common-Law Relationships

• Introduction
• Common-Law Status
• Legal Planning

Marriage

• Introduction
• Marriage Process
• Cost of Weddings
• Legal Planning

Marriage and Common-Law Relationships

• Introduction
• Financial Planning
• Tax Planning
• Wills & Estate Planning
• Relationship Breakdown

Annulments

• Introduction
• Religious Annulments
• Legal Annulments

Separation

• Introduction
• Financial Planning
• Tax Planning
• Legal Planning
• Wills & Estate Planning
• Other Considerations 

Divorce

• Introduction
• Grounds for Divorce
• Filing for Divorce
• Settlements & Dispute Resolution
• Cost of Divorce
• Divorce Documentation
• Changing Last Name After Divorce

Spousal Support

• Introduction
• Spousal Support Eligibility
• Tax Implications
• Calculation of Spousal Support Payments
• Time Limitations
• Length of Spousal Support Payments
• Discontinuation of Spousal Support
• Enforcing Spousal Support Payments

Child Support

• Introduction
• Child Support Agreements
• Child Support Eligibility
• Tax Implications
• Calculation of Child Support Payments
• Time Limitations for Filing a Claim
• Retroactive Child Support Payments
• Length of Child Support Payments
• Enforcing Child Support Payments

Child Custody, Access and Contact

• Introduction
• Child Custody
• Visitation and Access Rights
• Court Orders

Family and Matrimonial property

• Introduction
• What is Family property
• Categories of Family Property
• Shareable Property
• Excluded Property
• Family Debt
• Family Home
• Division of Family Property

While having children is very common in society, and most Canadians are excited to start or expand their family, personal finances are highly impacted by children. This module will cover the areas possibly impacted by having one or more children regarding finances, income taxes, wills and estates, child support, and child custody.

For finances, in particular, you’ll learn about how much it costs in Canada, on average, to raise a child. Further, you’ll be introduced to funding/saving for the education of a child using a Registered Education Savings Plan (RESP). More information is available in the link provided in the lesson, as it is covered in-depth in the Education module. Many Canadians who have children also have access to various government benefits relating to children which you’ll also learn about. Often, especially if you have children, insurance can play a major role in the context of children. You’ll explore the different types of insurance available and the importance it has in regard to children. Some parents will lend money to children, however, it is crucial to be aware of the issues related in doing so. While it may not be obviously apparent, it is important to have knowledge of retirement planning for minor children, which will also be discussed. Lastly, for some minor children, they will need to decide between contributing funds to a Registered Education Savings Plan (RESP) vs a Registered Retirement Savings Plan (RRSP). Here, you’ll learn about various considerations for each and have access to a decision tree to help simplify and guide the decision of which is most appropriate for the child’s situation.

Income taxes play an important role in regard to children. There are benefits to filing a tax return as a minor children despite having little income which you’ll learn about. Additionally, many parents gift money to children, whether adults or minors, that have tax implications making it necessary to have an understanding of these implications. Lastly, you’ll learn about the various tax deductions and tax credits that relate to children that are available to parents.

The Wills and estate planning section will cover topics such as creating and updating a Will, the issues/considerations for naming children as executors, issues relating to guardianship and Wills for minor children, as well as discussion on inheritances for minor children, and inheritances provided before and after death. Lastly, upon the death of a parent, there are potential Canada Pension Plan (CPP) benefits available to children which you’ll also have an opportunity to learn about.

The topics of child support and child custody were explored in the Marriage, Common Law, Separation & Divorce module and, given that these topics also relate to children, you’ll be redirected to these lessons provided in the other module so you can learn about them if you’ve not already done so.

The module activity, which will be used in conjunction with the Child Cost & Affordability Calculator, allows users to first summarize the results from the calculator. Additionally, in the second and final section of the activity worksheet, emphasis is placed on affordability. Here, you’ll be able to analyze the results from the calculator to ensure that you can afford having your first or an additional child. The calculator will take a holistic approach and consider all aspects of your finances including your savings requirements/goals, such as saving for retirement, and will conclude with whether a child is affordable or not.

Financial Planning

• Introduction
• Cost of Raising a Child
• Saving for and Funding the Education of a Child
• Government Benefits
• Insurance
• Lending Money to Children
• Retirement Planning for Minor Children
• RESP’s Versus RRSP’s for Minor Children

Tax Planning

• Introduction
• Filing Tax Returns as a Child
• Gifting Money and/or Assets to Children
• Tax Deductions Relating to Children
• Tax Credits Relating to Children

Wills and Estate Planning

• Introduction
• Creating and Updating a Will
• Naming Children as Executors
• Guardianship
• Inheritances
• Canada Pension Plan (CPP) Benefits

Child Support

Redirected to the section in the Marriage, Common Law, Separation & Divorce module covering this topic as the content applies here as well. Topics include:

• Introduction
• Child Support Agreements
• Child Support Eligibility
• Tax Implications
• Calculation of Child Support Payments
• Time Limitations for Filing a Claim
• Retroactive Child Support Payments
• Length of Child Support Payments
• Enforcing Child Support Payments

Child Custody, Access, and Contact

Redirected to the section in the Marriage, Common Law, Separation & Divorce module covering this topic as the content applies here as well. Topics include:

• Introduction
• Child Custody
• Visitation and Access Rights
• Court Orders

While having children is very common in society, and most Canadians are excited to start or expand their family, personal finances are highly impacted by children. This module will cover the areas possibly impacted by having one or more children regarding finances, income taxes, wills and estates, child support, and child custody.

For finances, in particular, you’ll learn about how much it costs in Canada, on average, to raise a child. Further, you’ll be introduced to funding/saving for the education of a child using a Registered Education Savings Plan (RESP). More information is available in the link provided in the lesson, as it is covered in-depth in the Education module. Many Canadians who have children also have access to various government benefits relating to children which you’ll also learn about. Often, especially if you have children, insurance can play a major role in the context of children. You’ll explore the different types of insurance available and the importance it has in regard to children. Some parents will lend money to children, however, it is crucial to be aware of the issues related in doing so. While it may not be obviously apparent, it is important to have knowledge of retirement planning for minor children, which will also be discussed. Lastly, for some minor children, they will need to decide between contributing funds to a Registered Education Savings Plan (RESP) vs a Registered Retirement Savings Plan (RRSP). Here, you’ll learn about various considerations for each and have access to a decision tree to help simplify and guide the decision of which is most appropriate for the child’s situation.

Income taxes play an important role in regard to children. There are benefits to filing a tax return as a minor children despite having little income which you’ll learn about. Additionally, many parents gift money to children, whether adults or minors, that have tax implications making it necessary to have an understanding of these implications. Lastly, you’ll learn about the various tax deductions and tax credits that relate to children that are available to parents.

The Wills and estate planning section will cover topics such as creating and updating a Will, the issues/considerations for naming children as executors, issues relating to guardianship and Wills for minor children, as well as discussion on inheritences for minor children, and inheritances provided before and after death. Lastly, upon the death of a parent, there are potential Canada Pension Plan (CPP) benefits available to children which you’ll also have an opportunity to learn about.

The topics of child support and child custody were explored in the Marriage, Common Law, Separation & Divorce module and, given that these topics also relate to children, you’ll be redirected to these lessons provided in the other module so you can learn about them if you’ve not already done so.

The module activity, which will be used in conjunction with the Child Cost & Affordability Calculator, allows users to first summarize the results from the calculator. Additionally, in the second and final section of the activity worksheet, emphasis is placed on affordability. Here, you’ll be able to analyze the results from the calculator to ensure that you can afford having your first or an additional child. The calculator will take a holistic approach and consider all aspects of your finances including your savings requirements/goals, such as saving for retirement, and will conclude with whether a child is affordable or not.

Financial Planning

• Introduction
• Cost of Raising a Child
• Saving for and Funding the Education of a Child
• Government Benefits
• Insurance
• Lending Money to Children
• Retirement Planning for Minor Children
• RESP’s Versus RRSP’s for Minor Children

Tax Planning

• Introduction
• Filing Tax Returns as a Child
• Gifting Money and/or Assets to Children
• Tax Deductions Relating to Children
• Tax Credits Relating to Children

Wills and Estate Planning

• Introduction
• Creating and Updating a Will
• Naming Children as Executors
• Guardianship
• Inheritances
• Canada Pension Plan (CPP) Benefits

Child Support

Redirected to the section in the Marriage, Common Law, Separation & Divorce module covering this topic as the content applies here as well. Topics include:

• Introduction
• Child Support Agreements
• Child Support Eligibility
• Tax Implications
• Calculation of Child Support Payments
• Time Limitations for Filing a Claim
• Retroactive Child Support Payments
• Length of Child Support Payments
• Enforcing Child Support Payments

Child Custody, Access, and Contact

Redirected to the section in the Marriage, Common Law, Separation & Divorce module covering this topic as the content applies here as well. Topics include:

• Introduction
• Child Custody
• Visitation and Access Rights
• Court Orders

Given that the economy is so reliant on credit, and many Canadians are in debt at least to some degree, it is important to have an understanding of creditors, insolvency, and bankruptcy 

Creditors

• Introduction
• What is a Creditor
• Types of Creditors
• Priorities of Repayment to Creditors

Insolvency

• What is Insolvency
• Collections
• Licensed Insolvency trustees
• Consumer Proposals
• Debt Solutions
• Garnishment of Wages and Government Benefits
• Debts Owed to the Canada Revenue Agency (CRA)

Bankruptcy

• What is Bankruptcy
• Types of Bankruptcy
• How Bankruptcy Works
• Wage Earner Protection Program (WEPP)

While having children is very common in society, and most Canadians are excited to start or expand their family, personal finances are highly impacted by children. This module will cover the areas possibly impacted by having one or more children regarding finances, income taxes, wills and estates, child support, and child custody.

For finances, in particular, you’ll learn about how much it costs in Canada, on average, to raise a child. Further, you’ll be introduced to funding/saving for the education of a child using a Registered Education Savings Plan (RESP). More information is available in the link provided in the lesson, as it is covered in-depth in the Education module. Many Canadians who have children also have access to various government benefits relating to children which you’ll also learn about. Often, especially if you have children, insurance can play a major role in the context of children. You’ll explore the different types of insurance available and the importance it has in regard to children. Some parents will lend money to children, however, it is crucial to be aware of the issues related in doing so. While it may not be obviously apparent, it is important to have knowledge of retirement planning for minor children, which will also be discussed. Lastly, for some minor children, they will need to decide between contributing funds to a Registered Education Savings Plan (RESP) vs a Registered Retirement Savings Plan (RRSP). Here, you’ll learn about various considerations for each and have access to a decision tree to help simplify and guide the decision of which is most appropriate for the child’s situation.

Income taxes play an important role in regard to children. There are benefits to filing a tax return as a minor children despite having little income which you’ll learn about. Additionally, many parents gift money to children, whether adults or minors, that have tax implications making it necessary to have an understanding of these implications. Lastly, you’ll learn about the various tax deductions and tax credits that relate to children that are available to parents.

The Wills and estate planning section will cover topics such as creating and updating a Will, the issues/considerations for naming children as executors, issues relating to guardianship and Wills for minor children, as well as discussion on inheritences for minor children, and inheritances provided before and after death. Lastly, upon the death of a parent, there are potential Canada Pension Plan (CPP) benefits available to children which you’ll also have an opportunity to learn about.

The topics of child support and child custody were explored in the Marriage, Common Law, Separation & Divorce module and, given that these topics also relate to children, you’ll be redirected to these lessons provided in the other module so you can learn about them if you’ve not already done so.

The module activity, which will be used in conjunction with the Child Cost & Affordability Calculator, allows users to first summarize the results from the calculator. Additionally, in the second and final section of the activity worksheet, emphasis is placed on affordability. Here, you’ll be able to analyze the results from the calculator to ensure that you can afford having your first or an additional child. The calculator will take a holistic approach and consider all aspects of your finances including your savings requirements/goals, such as saving for retirement, and will conclude with whether a child is affordable or not.

Financial Planning

• Introduction
• Cost of Raising a Child
• Saving for and Funding the Education of a Child
• Government Benefits
• Insurance
• Lending Money to Children
• Retirement Planning for Minor Children
• RESP’s Versus RRSP’s for Minor Children

Tax Planning

• Introduction
• Filing Tax Returns as a Child
• Gifting Money and/or Assets to Children
• Tax Deductions Relating to Children
• Tax Credits Relating to Children

Wills and Estate Planning

• Introduction
• Creating and Updating a Will
• Naming Children as Executors
• Guardianship
• Inheritances
• Canada Pension Plan (CPP) Benefits

Child Support

Redirected to the section in the Marriage, Common Law, Separation & Divorce module covering this topic as the content applies here as well. Topics include:

• Introduction
• Child Support Agreements
• Child Support Eligibility
• Tax Implications
• Calculation of Child Support Payments
• Time Limitations for Filing a Claim
• Retroactive Child Support Payments
• Length of Child Support Payments
• Enforcing Child Support Payments

Child Custody, Access, and Contact

Redirected to the section in the Marriage, Common Law, Separation & Divorce module covering this topic as the content applies here as well. Topics include:

• Introduction
• Child Custody
• Visitation and Access Rights
• Court Orders

While having children is very common in society, and most Canadians are excited to start or expand their family, personal finances are highly impacted by children. This module will cover the areas possibly impacted by having one or more children regarding finances, income taxes, wills and estates, child support, and child custody.

For finances, in particular, you’ll learn about how much it costs in Canada, on average, to raise a child. Further, you’ll be introduced to funding/saving for the education of a child using a Registered Education Savings Plan (RESP). More information is available in the link provided in the lesson, as it is covered in-depth in the Education module. Many Canadians who have children also have access to various government benefits relating to children which you’ll also learn about. Often, especially if you have children, insurance can play a major role in the context of children. You’ll explore the different types of insurance available and the importance it has in regard to children. Some parents will lend money to children, however, it is crucial to be aware of the issues related in doing so. While it may not be obviously apparent, it is important to have knowledge of retirement planning for minor children, which will also be discussed. Lastly, for some minor children, they will need to decide between contributing funds to a Registered Education Savings Plan (RESP) vs a Registered Retirement Savings Plan (RRSP). Here, you’ll learn about various considerations for each and have access to a decision tree to help simplify and guide the decision of which is most appropriate for the child’s situation.

Income taxes play an important role in regard to children. There are benefits to filing a tax return as a minor children despite having little income which you’ll learn about. Additionally, many parents gift money to children, whether adults or minors, that have tax implications making it necessary to have an understanding of these implications. Lastly, you’ll learn about the various tax deductions and tax credits that relate to children that are available to parents.

The Wills and estate planning section will cover topics such as creating and updating a Will, the issues/considerations for naming children as executors, issues relating to guardianship and Wills for minor children, as well as discussion on inheritences for minor children, and inheritances provided before and after death. Lastly, upon the death of a parent, there are potential Canada Pension Plan (CPP) benefits available to children which you’ll also have an opportunity to learn about.

The topics of child support and child custody were explored in the Marriage, Common Law, Separation & Divorce module and, given that these topics also relate to children, you’ll be redirected to these lessons provided in the other module so you can learn about them if you’ve not already done so.

The module activity, which will be used in conjunction with the Child Cost & Affordability Calculator, allows users to first summarize the results from the calculator. Additionally, in the second and final section of the activity worksheet, emphasis is placed on affordability. Here, you’ll be able to analyze the results from the calculator to ensure that you can afford having your first or an additional child. The calculator will take a holistic approach and consider all aspects of your finances including your savings requirements/goals, such as saving for retirement, and will conclude with whether a child is affordable or not.

Financial Planning

• Introduction
• Cost of Raising a Child
• Saving for and Funding the Education of a Child
• Government Benefits
• Insurance
• Lending Money to Children
• Retirement Planning for Minor Children
• RESP’s Versus RRSP’s for Minor Children

Tax Planning

• Introduction
• Filing Tax Returns as a Child
• Gifting Money and/or Assets to Children
• Tax Deductions Relating to Children
• Tax Credits Relating to Children

Wills and Estate Planning

• Introduction
• Creating and Updating a Will
• Naming Children as Executors
• Guardianship
• Inheritances
• Canada Pension Plan (CPP) Benefits

Child Support

Redirected to the section in the Marriage, Common Law, Separation & Divorce module covering this topic as the content applies here as well. Topics include:

• Introduction
• Child Support Agreements
• Child Support Eligibility
• Tax Implications
• Calculation of Child Support Payments
• Time Limitations for Filing a Claim
• Retroactive Child Support Payments
• Length of Child Support Payments
• Enforcing Child Support Payments

Child Custody, Access, and Contact

Redirected to the section in the Marriage, Common Law, Separation & Divorce module covering this topic as the content applies here as well. Topics include:

• Introduction
• Child Custody
• Visitation and Access Rights
• Court Orders

While having children is very common in society, and most Canadians are excited to start or expand their family, personal finances are highly impacted by children. This module will cover the areas possibly impacted by having one or more children regarding finances, income taxes, wills and estates, child support, and child custody.

For finances, in particular, you’ll learn about how much it costs in Canada, on average, to raise a child. Further, you’ll be introduced to funding/saving for the education of a child using a Registered Education Savings Plan (RESP). More information is available in the link provided in the lesson, as it is covered in-depth in the Education module. Many Canadians who have children also have access to various government benefits relating to children which you’ll also learn about. Often, especially if you have children, insurance can play a major role in the context of children. You’ll explore the different types of insurance available and the importance it has in regard to children. Some parents will lend money to children, however, it is crucial to be aware of the issues related in doing so. While it may not be obviously apparent, it is important to have knowledge of retirement planning for minor children, which will also be discussed. Lastly, for some minor children, they will need to decide between contributing funds to a Registered Education Savings Plan (RESP) vs a Registered Retirement Savings Plan (RRSP). Here, you’ll learn about various considerations for each and have access to a decision tree to help simplify and guide the decision of which is most appropriate for the child’s situation.

Income taxes play an important role in regard to children. There are benefits to filing a tax return as a minor children despite having little income which you’ll learn about. Additionally, many parents gift money to children, whether adults or minors, that have tax implications making it necessary to have an understanding of these implications. Lastly, you’ll learn about the various tax deductions and tax credits that relate to children that are available to parents.

The Wills and estate planning section will cover topics such as creating and updating a Will, the issues/considerations for naming children as executors, issues relating to guardianship and Wills for minor children, as well as discussion on inheritences for minor children, and inheritances provided before and after death. Lastly, upon the death of a parent, there are potential Canada Pension Plan (CPP) benefits available to children which you’ll also have an opportunity to learn about.

The topics of child support and child custody were explored in the Marriage, Common Law, Separation & Divorce module and, given that these topics also relate to children, you’ll be redirected to these lessons provided in the other module so you can learn about them if you’ve not already done so.

The module activity, which will be used in conjunction with the Child Cost & Affordability Calculator, allows users to first summarize the results from the calculator. Additionally, in the second and final section of the activity worksheet, emphasis is placed on affordability. Here, you’ll be able to analyze the results from the calculator to ensure that you can afford having your first or an additional child. The calculator will take a holistic approach and consider all aspects of your finances including your savings requirements/goals, such as saving for retirement, and will conclude with whether a child is affordable or not.

Financial Planning

• Introduction
• Cost of Raising a Child
• Saving for and Funding the Education of a Child
• Government Benefits
• Insurance
• Lending Money to Children
• Retirement Planning for Minor Children
• RESP’s Versus RRSP’s for Minor Children

Tax Planning

• Introduction
• Filing Tax Returns as a Child
• Gifting Money and/or Assets to Children
• Tax Deductions Relating to Children
• Tax Credits Relating to Children

Wills and Estate Planning

• Introduction
• Creating and Updating a Will
• Naming Children as Executors
• Guardianship
• Inheritances
• Canada Pension Plan (CPP) Benefits

Child Support

Redirected to the section in the Marriage, Common Law, Separation & Divorce module covering this topic as the content applies here as well. Topics include:

• Introduction
• Child Support Agreements
• Child Support Eligibility
• Tax Implications
• Calculation of Child Support Payments
• Time Limitations for Filing a Claim
• Retroactive Child Support Payments
• Length of Child Support Payments
• Enforcing Child Support Payments

Child Custody, Access, and Contact

Redirected to the section in the Marriage, Common Law, Separation & Divorce module covering this topic as the content applies here as well. Topics include:

• Introduction
• Child Custody
• Visitation and Access Rights
• Court Orders

While having children is very common in society, and most Canadians are excited to start or expand their family, personal finances are highly impacted by children. This module will cover the areas possibly impacted by having one or more children regarding finances, income taxes, wills and estates, child support, and child custody.

For finances, in particular, you’ll learn about how much it costs in Canada, on average, to raise a child. Further, you’ll be introduced to funding/saving for the education of a child using a Registered Education Savings Plan (RESP). More information is available in the link provided in the lesson, as it is covered in-depth in the Education module. Many Canadians who have children also have access to various government benefits relating to children which you’ll also learn about. Often, especially if you have children, insurance can play a major role in the context of children. You’ll explore the different types of insurance available and the importance it has in regard to children. Some parents will lend money to children, however, it is crucial to be aware of the issues related in doing so. While it may not be obviously apparent, it is important to have knowledge of retirement planning for minor children, which will also be discussed. Lastly, for some minor children, they will need to decide between contributing funds to a Registered Education Savings Plan (RESP) vs a Registered Retirement Savings Plan (RRSP). Here, you’ll learn about various considerations for each and have access to a decision tree to help simplify and guide the decision of which is most appropriate for the child’s situation.

Income taxes play an important role in regard to children. There are benefits to filing a tax return as a minor children despite having little income which you’ll learn about. Additionally, many parents gift money to children, whether adults or minors, that have tax implications making it necessary to have an understanding of these implications. Lastly, you’ll learn about the various tax deductions and tax credits that relate to children that are available to parents.

The Wills and estate planning section will cover topics such as creating and updating a Will, the issues/considerations for naming children as executors, issues relating to guardianship and Wills for minor children, as well as discussion on inheritences for minor children, and inheritances provided before and after death. Lastly, upon the death of a parent, there are potential Canada Pension Plan (CPP) benefits available to children which you’ll also have an opportunity to learn about.

The topics of child support and child custody were explored in the Marriage, Common Law, Separation & Divorce module and, given that these topics also relate to children, you’ll be redirected to these lessons provided in the other module so you can learn about them if you’ve not already done so.

The module activity, which will be used in conjunction with the Child Cost & Affordability Calculator, allows users to first summarize the results from the calculator. Additionally, in the second and final section of the activity worksheet, emphasis is placed on affordability. Here, you’ll be able to analyze the results from the calculator to ensure that you can afford having your first or an additional child. The calculator will take a holistic approach and consider all aspects of your finances including your savings requirements/goals, such as saving for retirement, and will conclude with whether a child is affordable or not.

Financial Planning

• Introduction
• Cost of Raising a Child
• Saving for and Funding the Education of a Child
• Government Benefits
• Insurance
• Lending Money to Children
• Retirement Planning for Minor Children
• RESP’s Versus RRSP’s for Minor Children

Tax Planning

• Introduction
• Filing Tax Returns as a Child
• Gifting Money and/or Assets to Children
• Tax Deductions Relating to Children
• Tax Credits Relating to Children

Wills and Estate Planning

• Introduction
• Creating and Updating a Will
• Naming Children as Executors
• Guardianship
• Inheritances
• Canada Pension Plan (CPP) Benefits

Child Support

Redirected to the section in the Marriage, Common Law, Separation & Divorce module covering this topic as the content applies here as well. Topics include:

• Introduction
• Child Support Agreements
• Child Support Eligibility
• Tax Implications
• Calculation of Child Support Payments
• Time Limitations for Filing a Claim
• Retroactive Child Support Payments
• Length of Child Support Payments
• Enforcing Child Support Payments

Child Custody, Access, and Contact

Redirected to the section in the Marriage, Common Law, Separation & Divorce module covering this topic as the content applies here as well. Topics include:

• Introduction
• Child Custody
• Visitation and Access Rights
• Court Orders