Financial Management Flashcards
1
Q
What entities provide insolvency coverage for consumers in Canada
A
CDIC, CIPF, Assuris, PACICC
2
Q
Is CDIC federal or provincial
A
federal
3
Q
What is CDIC deposit limit
A
$100k per account group per member institution
4
Q
What institutions are covered by CDIC
A
banks and other deposit takers. includes banks, trust and loan companies, associations governed by the Cooperative Credit Associations Act, and certain provincial institutions.
5
Q
What are the account groups for CDIC coverage
A
Deposits held in one name
Joint deposits
Trust deposits
Deposits held in registered accounts get $100k coverage per account type (i.e., RRSP, TFSA, RRIF) and deposits held for paying
property taxes on mortgaged properties.
6
Q
What deposits are not covered by CDIC
A
- deposits with terms longer than 5 yrs (like GIC)
-mutual funds, stocks, bonds - digital or crypto
- treasury bills
7
Q
How is CDIC funded
A
- premiums from member institutions (primary funding)
- investment income on mainly gov’t bonds CDIC holds
- borrowing authority (can borrow if funds available are insufficient to cover institution failure)
if funds did become exhausted, the government would provide the necessary funding to ensure that insured deposits are protected.
8
Q
Is CDIC funded by tax payers
A
NO
9
Q
What does Assuris cover
A
failure of life insurance companies
10
Q
What are the Assuris coverage limits
A
$1m or 90% of life insurance death benefit, whichever higher
$100k or 90% cash val of policies that have associated investment account, whichever is higher
Higher of $250k or 90% benefit amount on critical illness
Higher of $5,000/mth or 90% disability income, annuities or LT care benefit.
11
Q
Do you have to be a Canadian resident to get Assuris pay out if life insurer fails
A
No, but obviously the policy must be issued by a Canadian life insurance company who is a member
12
Q
How is Assuris funded
A
- premiums from member institutions
- investment income on their Compensation Fund
- Borrowing authority if needed
- Reinsurance - can use as risk management strategty
13
Q
What is CIPF
A
Protect investors assets if member investment firm becomes insolvent. Insures IIROC firms and makes sure investors get their securities, cash, commodities, futures and seg funds back
14
Q
What is CIPF insurance limit
A
$1m for combination of all general accounts (cash, margin, TFSA, FHSA)
PLUS
$1m for combination of all registered retirement plan (RRSP,RRIF,LIF etc)
PLUS
$1m for RESPs
PLUS $1m each for things like trusts, corporations where they are considered separate from its owners
15
Q
How is a joint account treated for CIPF coverage
A
usually the % allocated to each person is added to their individual cash/general account limit for the combined $1m
16
Q
How is CIPF funded
A
member premiums, investment income, contingent funding arrangements. Not funded by government or tax payers
17
Q
How long do investors have to submit claim to CIPF after being notified of firm insolvency
A
180 days supported by acc documentation
18
Q
Important points abut Canada’s anti-spam legislation
A
- protects against spam communication
- senders must obtain explicit or implied consent before sending electronic messages
- penalty up to $10m for businesses, criminal charges or civil lawsuits and personal liability if not compliant
19
Q
Key points about the national do not call list (DNCL)
A
- people can register their home/cell/fax for free
- telemarketers and their clients must not call the numbers on it
- people can file complaints and CRTC investigates them
20
Q
Exemptions to do not call list
A
Charities, political parties, newspapers, companies a consumer has done business with in last 18 months, pollers, market researchers
21
Q
Coercive Tied Selling
A
refers to the practice where a financial institution conditions the approval of one product or service on the customer’s agreement to purchase another unrelated or less
related product or service from the same institution. It involves imposing undue pressure or forcing a customer to accept a bundled product or service they might not necessarily need or want.
Coercive tied selling is prohibited in all jurisdictions
22
Q
Relationship pricing
A
is legal. Rewarding customer loyalty by offering discounts or price benefits when bundling more than one service
23
Q
What is CAFC
A
Canada Anti Fraud Centre. Canadas agency for collecting info on mass marketing frays, fee fraud, internet fraud
24
Q
When doing TVM calculations for mortgages, what interest rate do you use
A
you use the annual rate converted into the semi-annual rate with monthly payments:
= (1 + i / 2) ^ (2/12) – 1
25
What is considered low/moderate/high savings ratio
savings ratio is % of savings of total income.
LOW 0-5%
MODERATE 5-15%
HIGH 15%+
26
What are some suitable instruments to hold your emergency fund
chequing acc
savings acc
LOC or HELOC for more significant crises
Credit card as last resort
27
Who can typically offer better rates, bank or credit union?
Credit union (to their members)
28
What is installment credit and who is it good for
fixed payments and declining balance ONLY. Suitable for borrowers that want a significant one time loan and pay it off over time to spread out the fixed payments.
Someone who has stable income to pay the loan over time
Someone who wants to improve credit score
Think of cars, appliances, furniture
29
What type of interest rate does installment loan have versus other credit vehicles
typically lower than unsecured loans or credit cards
30
What type of credit is suitable for someone who wants to regularly utilize credit and borrow on an ongoing basis
revolving credit
31
who is revolving credit good for
people or businesses with unstable income and want access to funds over long term
Allows payment as cash flow allows
32
What is the repayment terms on revolving credit?
either % of outstanding balance or a fixed amount, whichever is greater
Fees and interest rate can make revolving credit costly so person must be able to maintain reasonable balance and manage payments.
33
Is unsecured debt set up as installment or revolving credit?
trick question, it can be both
34
Who is unsecured credit suitable for
Individuals who do not have assets to offer as collateral or who prefer not to risk their assets. It's also suitable for those with strong credit histories who can obtain credit at reasonable rates, as well as those seeking quick funding for personal expenses, consolidating debt, or covering business operational costs.
Less suitable for those with budget constraints or unstable income
35
Who is secured credit suitable for
people needing large amounts at low interest rates and comfortable pledging their assets. Good for people who wouldn't qualify for unsecured or with low credit score
36
What is conventional mortgage
specific amt borrowed is registered against the property, typically 80% of property value.
Refinancing usually requires old mtg to be discharged and new one registered
37
What is collateral charge (mortgage)
can secure multiple loans with same lender, including house and LOC.
may be registered for amount higher than actual loan to allow borrowers to borrow additional funds in the future with out having to re-register the charge
38
What is open credit
aka revolving credit. Credit cards, LOC
39
Who is open credit suitable for
someone with fluctuating cash flow, need emergency cash, short term cash, flexible access to credit
40
interest calculation for a period on open credit
(avg daily balance X annual interest rate X number of days in period)/365
41
What is closed credit more suitable for
known fixed expenses like house or car, not on going needs, someone who wants predicatbility of payments
42
what type of credit is more suitable for someone who wants to repay it early
variable. typically can do this with variable
43
What is the bank rate
interest rate at which a nation's central bank lends money to domestic banks
44
Prime Rate:
This is a reference interest rate used by banks, primarily in the United States, as
the basis for lending rates offered to their most credit-worthy customers. The prime rate is
typically a few percentage points above the federal funds rate
45
Lender’s Base Rate
base bank rate for individual banks to set a base for their products
46
Annual Percentage Rate (APR)
represents the total cost of borrowing on an annual basis, including the nominal interest rate and additional costs or fees associated with the
loan. Unlike the nominal rate, the APR provides a more comprehensive view of the cost of
borrowing, making it easier to compare different loan products.
47
formula to convert from Nominal to Effective interest rate
EAR = (1 + Nominal Rate/Compounding Periods per Year) ^ Compounding Periods per Year ,– 1
48
APR simple formula
APR = [(Nominal Interest Rate + Fees and Costs per Year) / Principal Loan Amount] x 100
49
Balloon payment plan
in credit, borrow pays small regular payments at first then repays whole loan in a lump sum. Typical in commercial lending
50
Construction or progress draw loan
used for new construction or significant reno property. Not lump sum mortgage but available in stages as certain milestones are hit with building
51
Rules for Reverse mortgage
people 55+ can borrow up to 55% of home, must be principal residence
52
Are RRSP loan rates really expensive
No, usually at or around prime
53
how long are RRSP loans typically
short term, 1-5 yrs
54
key difference between bank student loans and gov't student loans
bank usually requires a cosigner
55
how often does CRA prescribed rate change
quarterly
56
how are loans from employer treated for taxes
if rate lower than prescribed rate, difference is taxable benefit to employee and added to employee's income. Interest paid by employee typically not tax deductible unless used to invest or earn income
57
what happens if your employer loan is forgiven
taxable benefit to employee, added to income
58
what is the money factor in a lease
the interest rate/2400
59
what common penalties are there on leases
early termination
excess milage beyond X amount
wear and tear penalties beyond normal
disposition fee (for prepping and selling vehicle once returned by lessee)
60
Can you deduct lease payments from taxes
regular and commissioned employees can deduct some if they use it for work
sole proprietors can usually deduct as business expense if a business vehicle, or the proportion of it
partners in partnership might be able to if related to business
61
when would you lease vs finance/buy
if you want lower monthly cost - lease at the beginning is cheapter
want some maintenance covered - lease might have certain things you dont pay for
want warranty - both usual have it but lease is better because usually lasts the whole lease term
if you want the vehicle long term - finance
want to benefit from residual value of car - finance
62
what are interest rates on bridge loans like
high
63
what happens if you don't pay a bridge loan back
lender might have right to register an encumbrance or mortgage lien against the property used as collateral. creates a claim on the property's title
64
who regulates payday loan companies
provinces
65
what is the maximum LTV ratio on a convention mortgage and an insured mortgage?
conventional = 80% LTV (20% down)
insured = MAX LTV IS 95% (5% down)
66
possible features of a mortgage
convertibility (fixed to variable)
portability (take current interest rate to new property)
assumability (new buyer can assume mortgage)
cash back (get lump of cash when you take out mortgage which is added to mortgage balance)
interest capitalization (skip pmt) - allows you to sip one payment and add interest accrued to mortgage
prepayment option
67
difference between GDSR and TDSR ratios
GDSR is only housing costs (mortgage, taxes, heating, half of condo fees)
TDSR is that plus all other debt obligations
68
Which part of mortgage default insurance cannot be added to your mortgage and is due up front
gst/hst
69
do you have to renew your mortgage with the original lender
no, you can use a different lender
70
How can you pay the prepayment charges for breaking a mortgage too early
in cash
add to new mortgage balance and pay it monthly
add to new mortgage rate and finance over life of the mortgage. Can be slightly higher monthly pmts.
Blend and Extend mortgage with current lender
71
Explain blend and extend mortgage
borrowers blend their existing mortgage rate with the current market rate to create a new blended rate. Results in lower rate compared to entering brand new mortgage and can reduce monthly payments. Not always available and might not always be the lowers available rate.
72
what are some things you would use secured LOC for
renovations, business expenses, debt consolidation
73
What are some things other than property that can be used as collateral for secured LOC
cash/cash equivalents like CDs
non reg investments
business assets
permanent life insurance cash value
74
max loan on LOC secured by home (HELOC)
65-80% of home equity value. (so minus mortgage owing)
75
mac loan allowed when investments used as collateral
range from 50-75%
76
who is unsecured credit good for
people with good credit score and don't want to use collateral
77
how to find daily interest rate on credit card
purchase APR / 365
78
how is interest owing calculated on credit card
average daily balance for each day in the billing cycle X daily interest rate
79
how is interest treated on cash advance from credit card
immediately starts accumulating interest, usually no grace period
Interest usually higher than on purchases. Interest calculated daily
80
differences between retailer and bank credit cards
retailer - higher interest rates, usually no annual fees, limited rewards vs banks
81
who is a secured credit card for
someone with no or poor credit history. require a security deposit which becomes the limit. purpose is to build or rebuild credit
82
5 Cs of credit
Capacity - ability to repay, GDSR, TDSR
Credit history - credit score, behaviour
Character - integrity, reliability in pmts, employment, residency, savings, history of repayment
Capital - assets, liabs, liquidity type of debts
Collateral - value, liquidity, volatility, other leins
83
What is used to determine a borrowers capacity to repay
GDSR, TDSR
Employment stability
Comp stability
Level of committed expenses
84
GDSR formula
[mortgage/rent + property tax +heating costs + 50% condo fees] / gross family income
85
TDSR Formula
[mortgage/rent + property tax +heating costs + 50% condo fees + DEBT PAYMENTS] / gross family income
86
Max TDSR and GDSR
TDSR usually 40%
GDSR usually 32%
87
How do you include credit card payments in the TDSR ratio calc
3% per month of credit limit or used balance, whichever is higher.
If doing an annual amount for TDSR, multiple 3% by 12.
88
What are some impacts on credit score
mix of type of credit - good
Credit card utilization below 30% - good
long credit history - good
on-time consistent payments.- very significant
frequency of borrowing - neutral
number of queries - many hard inquiries will impact credit temporarily
89
Debt snowball method
repaying debt starting with smallest balance first to help gain sense of accomplishment, motivation
90
Lenders right to offset
permits financial institutions from taking money out of your account if you owe the same financial institution for a loan. There are certain restrictions on it
91
Skip tracing
if someone owes money on a debt and changed their contact information, debt collectors can use tracing techniques using various public databases
92
Can CRA take money from your paycheque with out judegement
yes if you owe for taxes/federal obligations. They can also cease your assets and put leins on your assets
93
What is a licensed insolvency trustee
licensed by government to administer insolvency proceedings. Assess debtor's financial situation, propose a formal arrangement to creditors and oversee dist of assets and payments based on agreed terms.
94
BIA Proposal
Bankruptcy and Insolvency Act, says if debtor agreed with creditors on a proposal to repay debts, they can avoid bankruptcy
95
What charges and debts are not discharged with filling bankruptcy?
alimony and child support
student loans if studies ceased less than 7 years ago
court ordered fines or penalties
debts from fraud
96
how long does bankruptcy stay on your credit report
usually between 6 and 14 years
97
is CCB taxable income
child tax benefit. - no
98
how do you apply for CCB
parents should apply to CRA with form RC66 as soon as child is born or becomes eligible. Retroactive pmts may be issued for prior eligible months. must file annual income tax to renew the application
99
What are the CCB benefit amounts
If your Adjusted family net income is below $36,502 in 2025 you will get the max for each child paid monthly:
Under 6 y/o $7,787 a year
6-17 y/o $6,570 a year
If income is higher, it gets reduced.
100
Is the CDB taxable
Child Disability Benefit - NO
101
Who qualifies for the child disability benefit
The child must be under 18, have a severe and prolonged impairment in physical or
mental functions that has been certified by a qualified medical practitioner. This impairment
must significantly restrict the child's ability to perform daily activities compared to other
children of the same age.
must file annual income returns even if they have no income.
In most cases, to be eligible for the CDB, the child must be approved for the Disability Tax Credit (DTC) first. If the child is not already approved for the
DTC, individuals should apply for it by submitting Form T2201, the Disability Tax Credit Certificate, to the CRA. Once the DTC is approved, they can apply for the CDB
102
Specified Individual RESP
Same as individual RESP but the beneficiary is not related by blood to subscriber
103
Group RESP
multiple beneficiaries who are part of a
group plan organized by an RESP provider. These beneficiaries may or may not be
related. Contributions from multiple benes are pooled and managed collectively and are invested for all benes. Benes get EAP.
usually have strict contribution schedule
104
Who is the promoter on an RESP
the plan provider
105
What happens to RESP on death
you can name a new subscriber in Will. Can also add someone to the RESP as subscriber before you die which would not tie it up in probate
106
RESP contribution limits
no annual contribution limits, but $50,000 lifetime limit per bene
107
What happens if you overcontribute to an RESP
overcontribution taxed at 1% per month. Growth on the overcontribution taxable to subs upon withdrawal. Can be withdrawn from account with no penalty
108
CESG for all families
20% on first $2,500 contributions per year (so $500 max per year not including catchups)
lifetime limit of $7200
109
CESG for low income families
if net family income is less that $55,900, they get an extra 20% on first $500 annual RESP contribution ($100)
If net income between $55,900 and $111,773, get an extra 10% ($50) on first $500 annual contribution.
110
When does CESG room stop accumulating
end of year when you turn 17
111
What happens to CESG if child does not attend school
repaid to government
112
Canada Learning Bond (CLB)
For low income families with a child born in 2004 or later.
Pays $500 in year born and $100 every year after until the child is 15 up to $2,000 max
Personal contributions not required
Based on number of kids, but with 1-3 kids if your income is less than $53,359 you qualify.
113
EAP vs AIP
EAP is government grants AND growth on contributions usually taken by bene and taxed to them
AIP is amounts usually paid to subscriber that are from income earned in the RESP but are not the EAP. Taxable to sub at their marginal tax rate.
114
When transferring AIP to RRSP from RESP, does subscriber have to have RRSP room
yes and benes must be 21 and not attending school. RESP must have been open for 10 years to do this. Transfer limit is $50k
115
Why would you give AIP to Qualified Educational Institution
If collapsing the RESP and it has been open for at least 35 years, can donate the AIP to a school if you don't want to transfer it to your own RRSP or withdraw it (taxable).
116
Can you transfer an RESP into a child's RDSP if they have one
Yes, if child is 21, RESP open for 10 years and they have RDPS contribution room.
RESP contributions can't be transferred and will be given back to sub. Grants will not be transferred and are given back to gov.
Max transfer value is $50,000
117
When can you open an RDSP
if you are under age 60. Contributions can be made until end of year at age 59
**may only have 1 at a time.
118
Lifetime contribution limit on RDPS
$200,000
119
When do government grant eligibility stop for RDSPs
in the year bene turns 49
120
What is the maximum Canada Disability Savings Grant per year
Government matches either 300%,200% or 100%. can be up to $3,500 annually depending on family's income. Max CDSG amount is $70,000
121
What happens to the grants and bonds in an RDSP if you make a withdrawal or close the plan or die?
any grants/bonds paid into the account in last 10 years have to be repaid.
122
When must an RDSP be closed
if bene dies or becomes ineligible for the DTC, has to be closed by Dec 31 of the following year.
123
What is the Canada Disability Savings Bond
for low income families, government gives $1k per year up to $20k max into RDSP
124
are withdrawals from an RDSP taxable?
yes, the portion that weren't contributions are taxable
125
can you inherit your parents RRSP and put it into your RDSP?
Yes with no tax consequences, but you must have available contribution room
126
What is a specified Disability Savings Plan
an RDSP for someone who has 5 years or less to live
127
What is the Property and Casualty Insurance Compensation Corportation (PACICC)?
gives protection against property and casualty insurance company going bankrupt.
Ensures policies continue in effect until their expiry.
Covers home, auto, liability, farm, etc.
Does not usually cover life insurance, accident and sickness, or marine insurance
128
What is the Notice to Reader on company's financial statements
tells reader the fin statements have not been audited
129
What is the engagement report on financial statements
summarizes the scope of the review, the accountant’s responsibility, and
the conclusion that, based on the review, nothing has come to the accountant's
attention that causes them to believe that the financial statements are wrong
130
Current ratio
ability to cover ST obligations
AKA working capital ratio
current assets/current liabs
131
quick ratio
aka Acid Test.
company's ability to meet short term obligations with its most liquid assets, excluding inventory
(current assets-inventory)/current liabs
132
interest coverage ratio
EBIT/interest expense
133
debt to assets ratio
total debt/total assets
134
debt to equity ratio
total liabs /SH equity
135
operating profit margin
EBIT/revenue
shows proportion of revenue left after covering variable costs
136
ROA ratio
net income/total assets
137
ROE
net income/shareholders equity
138
Is mortgage interest tax deductible
no
139
is interest paid on a loan used to invest tax deductible
if the loan will create interest and dividends yes. Not if it will only create capital gain
140
what are some requirements when considering a reverse mortgage?
Must get independent legal advice (usually mandated)
lender must hold priority charge on property
141
How can you receive money from reverse morthgage
monthly, lump sum, or LOC to use when you need
142
what is the Home Equity Protection feature on reverse mortgage
some reverse mortgages protect a portion of the home equity so the borrowers or their benes do receive a % of the property value when sold
143
What is a capital/finance lease?
lessee acquires all risk and reward of ownership of asset but legal ownership may not be transferred. Lessee may get ownership at end of term or lessee might have option to purchase the asset below FMV. Lease period is usually for majority of assets's economic life
144
Key feature of operating lease
unlike capital lease, the asset is leased for short period of time and lessee does not assume risk and reward of the asset. Lessor usually responsible for maintenance, taxes and insurance.
145
balance sheet difference between capital and operating lease
Capital leases affect both assets and liabilities, whereas operating leases do not appear on the balance sheet.
146
expense recognition of capital and operating lease
In capital leases, interest and depreciation are recognized. In operating leases, the lease payment is recognized as an expense
147
who is a business loan suitable for
established businesses with specific financing needs such as equipment purchase, expansion or debt consolidation
148
Letter of credit
letter from financial institution guaranteeing that a business will pay a supplier or vendor the agreed amount. Usually used in international trade
149
What happens to an RESP if the beneficiary dies?
investment growth and income taxable to the dead bene. Grants paid back to gov.
If there are surviving siblings, RESP can be rolled to them to become benes with no tax consequences. If no siblings, the funds within the RESP transferred to estate of deceased beneficiary
150
What happens to RESP on death of subscriber
becomes part of estate. Creditors may make claim against it. SUbs should clearly outline the intention for the RESP funds in their will
151
What are the RDSP grant contributions for low income families
$3 for ever $1 on first $500 up to $1500 annually.
$2 for ever $1 on the next $1,000 contributed up to $2,000 annually
152
What are the RDSP grant contributions for middle income families
For the first $1,000 CDSG matches every dollar.
153
RDSP CDSG carry forward rules
carry forward grant entitlements for 10 years starting in 2008. Annual max grant WITH carry forward is $10,500
154
can you recontribute amounts withdrawn from an RDSP
no
155
What are the types of withdrawals from an RDSP
Disability Assistance Payment - general support
Lifetime Disability Assistance Payment - must start withdrawing by end of year bene turns 60
(there is a min and max to ensure bene has funds through their life)
156
Grant repayment in a RDPS
if a DAP is taken (withdrawal) then $3 of grant paid in last 10 years needs to be repaid for each dollar withdrawn (assistance holdback amount)
157
What happens to an RDSP if bene becomes ineligible for the DTC
if they file an exemption stating they might requalify for DTC, it can stay open for 4 more years past the usual termination date. Normal termination date is by dec 31 the year following ineligibility.
If terminating the plan, grants received in last 10 years must be repaid.
Contributions are returned tax free to contributor /bene/estate
Earnings are taxable upon distribution
The taxable portion (gov CNs not repaid and earnings) create a tax liability for bene or estate
158
what happens when an RDSP becomes a Specified Disabiity Savings Plan
no longer eligible for new bonds/grants but you do keep carry forward entitlements
No max withdrawals like there are on a RDSP
No requirement to pay the Assistance holdback amount (10yrs of grants) when making withdrawals
159
What is a Primarily Government Assisted Plan
PGAP when the balance of the RDSP is more from grants and bonds than it is private contributions.
160
What is apparent authority?
Apparent authority allows someone who works for or advises someone to make decisions on their behalf based on common sense circumstances that make them believe (and others) they have a certain authority even though they might not officially have any authority.
161
Is the historical cost of business property included in a valuation of a business?
No, only current FMV of the property is
162
How can self employed people deduct home office expenses
deduct the expenses from income that are incurred for home office relative to the number of rooms or square footage in the house. It is critical that the business maintains proper records. (e.g if home office is 10% of house sq ft, can deduct 10% of the house expenses from income)
163
Key points about conventional and collateral mortgage
A conventional mortgage may be registered for an amount that doesn't exceed the property's total value
A collateral mortgage may be registered for an amount that exceeds a property's total value
Collateral mortgage offers more flexibility to borrowers because they do not need to re-register the charge for additional borrowing
164
What is the pension income credit
people over age 65 can claim up to $2,000 as a pension credit if they received certain income from a pension or RRIF
165
What options does CMHC offer for people having trouble paying their monthly morgage
Mortgage Payment Deferral: Under these programs, borrowers facing temporary financial difficulties, such as job loss or income reduction, can request to defer their mortgage payments for a specified period, typically up to six months. This deferral allows homeowners to temporarily pause their mortgage payments, providing relief during times of financial stress.
Mortgage Loan Insurance Premium Refund: CMHC offers a program that allows eligible borrowers to request a refund of the mortgage loan insurance premium they paid when obtaining their CMHC-insured mortgage.
Homeowners' Assistance Fund (HAF): The Homeowners' Assistance Fund (HAF) is a federal initiative designed to assist homeowners who are facing financial difficulties related to their mortgage. This fund, administered in partnership with provinces and territories, may provide financial assistance to eligible homeowners to help cover mortgage-related expenses.
CMHC Flexibilities: CMHC may collaborate with lenders to provide flexibility to borrowers in financial distress. These flexible solutions may include adjusting the terms of the mortgage to accommodate the borrower's financial situation, offering lower interest rates, or creating customized repayment plans.
166
under what circumstances can you cancel an LLP withdrawal
Leaving the program before April of the year following the withdrawal and 75% or more of your tuition was refundable is the requirement
167
Interest Rate Differential penalty calculation
Outstanding Mortgage Balance x Differential Rate (Current Mortgage Rate - New Mortgage Rate) x Time Remaining in Existing Mortgage Term
168
How long do you have after you/spouse got ownership of a home to make HBP withdrawal
30 days after ownership
169
What is the amount of the federal tax credit for interest payments on student loans
15%
170
What is workers compensation premiums based on
the employers activities risk level and % the employers payroll for covered employees
171
