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BUS 291- Personal Finance Assignment

   

Added on  2020-03-07

7 Pages1303 Words48 Views
Bus 291 Personal finance

TABLE OF CONTENTSSection 1..........................................................................................................................................3Section 2..........................................................................................................................................3Section 3..........................................................................................................................................4Section 4..........................................................................................................................................4Section 5..........................................................................................................................................5Bibliography....................................................................................................................................7

SECTION 1Financial literacy in CanadaThe federal government must make use of several methods to connect with Canadians.They can better connect with RESP’s, CPP, Canada saving bonds, immigration offices etc. Thereare many ways by which government can connect with Canadians and can generate moremotivation and capability in the environment1. The best example is the new Tax Free SavingsAccount. With no motives, almost all Canadians will not willingly self-educate themselves.However, there is existence of several motives and could be exploited. The most importantconcept is the general education of economy and finance2. The financial education offers toolsand techniques for an efficient and bright future whereas economic education offers the way tobuild up that future that is effective decision making and attaining success. SECTION 2Comprehensive guide for Canadian tax filers in order to protect themselves from tax scams:Canadian Revenue Agency advices to confirm the status of tax accounts before takingany further action in accordance with suspicious calls or emails. For the purpose ofverifying the legitimacy of communication tax file can contact directly to CRA or checkmy account or My Business Account on website.In case any personal information has been provided, Trans Union and Equifax should becommunicated for placing fraud alert on your account.It should be remembered that CRA never enquire regarding personal information throughemail such as bank account, prepaid card details etc.1Remund, David L. "Financial literacy explicated: The case for a clearer definition in an increasingly complexeconomy."Journal of Consumer Affairs44, no. 2 (2010): 276-295.2Boisclair, David, AnnamariaLusardi, and Pierre-Carl Michaud. "Financial literacy and retirement planning inCanada."Journal of Pension Economics & Finance(2015): 1-20.

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