WISe : Tier I presentation

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.