wise : tier i presentation
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WISe : Tier I presentation. Basic Financial Literacy. What is SIFE?. Students in Free Enterprise Global non-profit organization Operates on over 50 campuses across Canada Students do projects to help people within their communities - PowerPoint PPT PresentationTRANSCRIPT
WISE: TIER I PRESENTATIONBasic Financial Literacy
What is SIFE? Students in Free Enterprise Global non-profit organization Operates on over 50 campuses across
Canada Students do projects to help people
within their communities Teams present their projects for the year
by competing on a regional, national and international level
What is a bank? A bank is a financial institution where
you can deposit your money.
What is a bank?
Provides a system for easily transferring money from one person or business to another.
What is a bank?
Using banks saves us an incredible amount of time
ensures that our
funds "pass hands" in a legal and structured manner.
Why do I need a bank? Banks are safe and insured place to
keep money.
Why do I need a bank? Using a bank
account saves time and money.
You allows you to electronically transfer money instantly, saving you money on postage, or alternative shipping methods.
Why do I need a bank?
Savings accounts allow you to gain interest. So not only is your money safe, its also growing!
Why do I need a bank? Banks offer many different services
besides just holding money.
Why do I need a bank? Banks offer many different services
besides just holding money. Credit Cards
Why do I need a bank? Banks offer many different services
besides just holding money.Credit Cards Personal
Loans
Why do I need a bank? Banks offer many different services
besides just holding money.
Personal Loans
Credit Cards
Home and Car Loans
Why do I need a bank? Banks offer many different services
besides just holding money. Mutual Funds
Personal Loans
Credit Cards
Home and Car Loans
Why do I need a bank? Banks offer many different services
besides just holding money. Mutual Funds
Personal Loans
Credit Cards
Business Loan
Home and Car Loans
Why do I need a bank? Banks offer many different services
besides just holding money.
Safe Deposit Box
Business Loan
Mutual Funds
Home and Car Loans
Personal Loans
Credit Cards
Why do I need a bank? Banks offer many different services
besides just holding money.
Debit Cards
Safe Deposit Box
Business Loan
Mutual Funds
Home and Car Loans
Personal Loans
Credit Cards
Why do I need a bank? Banks offer many different services
besides just holding money.
Trust Services
Debit Cards
Safe Deposit Box
Business Loan
Mutual Funds
Home and Car Loans
Personal Loans
Credit Cards
Why do I need a bank? Banks also offer services such as…
Credit Cards Personal Loans Home and Car Loans Mutual Funds Business Loans Safe Deposit Boxes Debit Cards Trust Services Signature Guarantees … and much more!
Banks in Brandon
Brandon has many national Banks, here is a list of them and the languages that they offer.
Banks in Brandon RBC (Royal Bank of Canada)740 Rosser Avenue Brandon, MB R7A 0K9Tel: 1-800-769 -2520
Languages offered:MandarinEnglish
Banks in Brandon TD Canada Trust903 Rosser Avenue, Brandon MB, R7A 0L3204-729-2600
Languages offered:EnglishSpanishFrenchUkrainianMandarinEast Indian
Banks in Brandon CIBC803 Rosser Avenue, Brandon, MB
R7A 0L Telephone : 204-726-3000
Languages offered:Computer Translations of every
language
Banks in Brandon Scotiabank1003 Rosser Ave Brandon, MB , R7A0L5 (204) 729-3360
Languages offered:EnglishGermanSpanish
Other languages, such as Mandarin, are offeredthrough their call centre
Types of Accounts
Chequings
And
Savings
Types of Accounts Chequing
Spending money
Easily accessible Cash
Fees Monthly Per use
Types of Accounts Savings
Not for spending
Is meant to put money away towards important future expenses
Earn interest
Fees No monthly fees Expensive per use fees
Interest What is Interest?
Money the bank pays you for keeping your money at their establishment.
Various Rates
Example:$1000 in the bank3% annual interest rate$1000 x .03= $30$1000 + 30Total @ end of year= $1030
Opening an Account
1. Choose a bank.2. Go to the “Account Services” desk3. Bring picture ID and proof residency in
Canada4. Fill out application form5. Choose PIN (Personal Identification
Number) (try to make your PIN something that only you would know...)
Opening an Account
Opening an Account Activity!
Understanding Your Paycheque Difference Between GROSS PAY & NET
PAY:
Gross Pay – Total pay before any deductions.
Net Pay – Take home pay after deductions, the amount on your paycheque.
Understanding Your Paycheque What deductions are found on
paycheques? Income Tax – money paid to the
government Canadian Pension Plan (CPP) – money put
away for retirement. Employment Insurance (EI) – money put
aside incase you get injured while working. Union Dues – money paid to your workers
union, who support you as an employee. this is only applied if you are a member of a
union
Taxes Everyone working in Canada has to file a
tax return Employment income Tips Self employed income Social assistance
Taxes You also receive deductions
Medical expenses Rent Tuition Using the bus
Keep your receipts!
Taxes Tax Year
January 1, 2012 to December 31, 2012 Forms for income received come before
March 1, 2013 Tax return must be filed before May 1,
2013 Low income earners often receive a tax
refund! A tax refund is money that you receive
back from the government
Filing Your Tax Return
SIFE’s Volunteer tax program (FREE) Low income
Individuals less than $13,000
Couples less than $26,000
Add $3,000 for each child. Ex. Couple with 1 child earning less than $29,000 is still eligible!
Indi-vidual
Couple Couple with Child
$- $5,000.00
$10,000.00 $15,000.00 $20,000.00 $25,000.00 $30,000.00 $35,000.00
ChildCouple
Filing Your Tax Return Firms (about $75)
Liberty Tax Service Westman Tax Service H&R Block “Tax return preparation” in the phone book
yellow pages
Methods of Payments
Cash
Debit Card
Cheque
CashGive cash in exchange for
items
Cash
Dollar Bills $100.00 $50.00 $20.00 $10.00 $5.00
Cash Coins
Toonie = $2.00 Loonie = $1.00 Quarter = $0.25 Dime = $0.10 Nickel = $0.05 Penny = $0.01
Debit Card Get your debit card at your personal
bank
Create Personal Identification Number (PIN)
Card is attached to your savings or chequeing Account
How to Use Your Debit Card
Instead of carrying cash you can pay for items by swiping your debit card and enter your pin PIN at store.
Money comes out of your Bank Account when you buy things
If you don’t have enough money in your account to cover the purchase your card will be declined
Debit CardCan use your debit card at Bank Machines to
withdraw cash from your bank account.
Cheques Ideal for paying rent or making large
purchases Order through your bank Money comes out of your bank
account when you write a cheque
How to Write a Cheque1. Write Date in Top, Right Corner
Jan. 1, 2009
How to Write a Cheque2. Write full name of person receiving
cheque
Jan. 1, 2009
John Doe Incorporated
How to Write a Cheque3. Write amount of cheque in box next to
receiver’s name
Jan. 1, 2009
John Doe Incorporated 10.50
How to Write a Cheque4. Write out dollar amount. Write cents in fraction form beside amount
Jan. 1, 2009
John Doe Incorporated 10.50
Ten Dollars 50/100
How to Write a Cheque5. Write reason for cheque
Jan. 1, 2009
John Doe Incorporated 10.50
Ten Dollars 50/100
January, 2009 Rent
How to Write a Cheque6. Sign your name
Jan. 1, 2009
John Doe Incorporated 10.50
Ten Dollars 50/100
January, 2009 Rent Cody Sampson
International Money Transfers
Banks VS Western Union
International Money Transfers
Banks1. To do a money transfer at
a local branch the following information is required:
Recipient: • Name & Address • Account #
Bank: • Name• Address• Transit # • institution Code #• routing # or SWIFT Code
Cost: $45.00 (outside Canada & United States)
.
International Money Transfers
Banks
2. Do a international wire transfer online, Through the Bank.
Cost: Flat fee of $15.00 (note this number is may be changed by the bank
International Money Transfers
Western UnionWith Western Union, the rates
for transferring money vary from country to country.
For example, to send $1000 from Manitoba to El Salvador would cost $14.00 through an agent, $50.00 online and $76.00 over the phone. While sending $1000 from Manitoba to the Ukraine would cost $40.00 through an agent, $72.00 online and $76.00 over the phone. The advantage of going through Western Union is that it takes merely minutes and it doesn't have to go into another bank account, while going through a bank (such as RBC) you need all the aforementioned information.