WISe : Tier I presentation

1. WISe: Tier I presentation Basic Financial Literacy

2. 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

3. What is a bank? • A bank is a financial institution where you can deposit your money.

4. What is a bank? • Provides a system for easily transferring money from one person or business to another.

5. 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.

6. Why do I need a bank? • Banks are safe and insured place to keep money.

7. 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.

8. Why do I need a bank? • Savings accounts allow you to gain interest. So not only is your money safe, its also growing!

9. Why do I need a bank? • Banks offer many different services besides just holding money.

10. Why do I need a bank? • Banks offer many different services besides just holding money. Credit Cards

11. Why do I need a bank? • Banks offer many different services besides just holding money. Credit Cards Personal Loans

12. Why do I need a bank? • Banks offer many different services besides just holding money. Credit Cards Personal Loans Home and Car Loans

13. Why do I need a bank? • Banks offer many different services besides just holding money. Mutual Funds Credit Cards Personal Loans Home and Car Loans

14. Why do I need a bank? • Banks offer many different services besides just holding money. Mutual Funds Credit Cards Personal Loans Business Loan Home and Car Loans

15. Why do I need a bank? • Banks offer many different services besides just holding money. Mutual Funds Credit Cards Personal Loans Business Loan Home and Car Loans Safe Deposit Box

16. Why do I need a bank? • Banks offer many different services besides just holding money. Mutual Funds Credit Cards Personal Loans Business Loan Home and Car Loans Safe Deposit Box Debit Cards

17. Why do I need a bank? • Banks offer many different services besides just holding money. Mutual Funds Credit Cards Personal Loans Business Loan Home and Car Loans Safe Deposit Box Debit Cards Trust Services

18. 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!

19. Banks in Brandon • Brandon has many national Banks, here is a list of them and the languages that they offer.

20. Banks in Brandon • RBC (Royal Bank of Canada) 740 Rosser Avenue Brandon, MB R7A 0K9 Tel: 1-800-769 -2520 Languages offered: Mandarin English

21. Banks in Brandon • TD Canada Trust 903 Rosser Avenue, Brandon MB, R7A 0L3 204-729-2600 Languages offered: English Spanish French Ukrainian Mandarin East Indian

22. Banks in Brandon • CIBC 803 Rosser Avenue, Brandon, MB R7A 0L Telephone : 204-726-3000 Languages offered: Computer Translations of every language

23. Banks in Brandon • Scotiabank 1003 Rosser Ave Brandon, MB , R7A0L5 (204) 729-3360 Languages offered: English German Spanish Other languages, such as Mandarin, are offered through their call centre

24. Types of Accounts Chequings And Savings

25. Types of Accounts • Chequing • Spending money • Easily accessible Cash • Fees • Monthly • Per use

26. 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

27. Interest • What is Interest? • Money the bank pays you for keeping your money at their establishment. • Various Rates • Example: $1000 in the bank 3% annual interest rate $1000 x .03= $30 $1000 + 30 Total @ end of year= $1030

28. Opening an Account Choose a bank. Go to the “Account Services” desk Bring picture ID and proof residency in Canada Fill out application form Choose PIN (Personal Identification Number) (try to make your PIN something that only you would know...)

29. Opening an Account Opening an Account Activity!

30. 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.

31. 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

32. Taxes • Everyone working in Canada has to file a tax return • Employment income • Tips • Self employed income • Social assistance

33. Taxes • You also receive deductions • Medical expenses • Rent • Tuition • Using the bus • Keep your receipts!

34. 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

35. 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!

36. 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

37. Methods of Payments • Cash • Debit Card • Cheque

38. Cash Give cash in exchange for items

39. Cash • Dollar Bills • $100.00 • $50.00 • $20.00 • $10.00 • $5.00

40. Cash • Coins • Toonie = $2.00 • Loonie = $1.00 • Quarter = $0.25 • Dime = $0.10 • Nickel = $0.05 • Penny = $0.01

41. Debit Card • Get your debit card at your personal bank • Create Personal Identification Number (PIN) • Card is attached to your savings or chequeingAccount

42. 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

43. Debit Card Can use your debit card at Bank Machines to withdraw cash from your bank account.

44. 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

45. How to Write a Cheque 1. Write Date in Top, Right Corner Jan. 1, 2009

46. How to Write a Cheque 2. Write full name of person receiving cheque Jan. 1, 2009 John Doe Incorporated

47. How to Write a Cheque 3. Write amount of chequein box next to receiver’s name Jan. 1, 2009 John Doe Incorporated 10.50

48. Ten Dollars 50/100 How to Write a Cheque Write out dollar amount. Write cents in fraction form beside amount Jan. 1, 2009 John Doe Incorporated 10.50

49. Ten Dollars 50/100 How to Write a Cheque 5. Write reason for cheque Jan. 1, 2009 John Doe Incorporated 10.50 January, 2009 Rent

50. Ten Dollars 50/100 How to Write a Cheque 6. Sign your name Jan. 1, 2009 John Doe Incorporated 10.50 January, 2009 Rent Cody Sampson