Deca Flashcards
Legal considerations for Finance
All financial activities have to complying with laws that ensure Financial transactions Are conducted in a fair and transparent manner, protecting the rights and interests of all stakeholders involved. Businesses must implement systems to ensure they know the identities of customers to prevent fraudulent activities like money laundering. Laws like the consumer financial protection bureau in the US ensure customers are treated fairly. Fair lending laws ensure customers can get credit without discrimination. The truth in lending act requires financial charges to be disclosed to borrowers.
None
It is á Financial Plan that outlines expected income and expenses over a speciried period. Budgets Provide a roadmap for managing Finances, Making informed decisions and Controlling Costs. Budgets can be used at various level such as Departmental Budgets, project Budgets or Overall organizational Budgets.
What is EI for besides unemployment
Maternity leave
Things on a paycheck
Á paycheck lists Your Name, your employee number, your employer’s number, the start and end date of the period During which you earned the amount on the paycheck, the pay Date which is the day you actually Receive the payment, the Check number, the number of Hours you worked and your salary. The summary Lists your gross and net pay the deductions section. The deductions sections lists all the deductions your employer made from your gross pay.
Who takes care of TAX laws
The Canada Revenue Agency
TD1 Form
One that teils your employer how much they should deduct from your pay
Registered vs regular Accounts
Registered are with the Government
Four Main Tapes of Registered Accounts
Registered Retirement savings Plan
TAX free savings Account
Registered Education savings plan
Registered disability savings plan
Are RRSPs Taxed
No
When you pay taxes on an RRSP
When withdrawing money
what account does not tax withdrawals
TFSA
What you need to open a TFSA or RrSP
Personal information
SIN
Birth certificate
Cost of opening a TFSA or RRSP
None
None
Types of life insurance
There Are two types of life insurance, permanent and temporary. Permanent life insurance Doubles as a savings account and has fixed premiums, but those premiums are higher and for a smaller payout. Temporary insurance doesn’t double as a savings account, and they have increasing premiums for a larger payout.
