Net cashflows are determined by subtracting your personal tax credits from your after-tax income. your insurance deductible from all sources of income. your fixed expenses from your total income. your expenses from your disposable (after-tax) income. your variable expenses from net income. There is a 21-day grace period with no interest being charged for cash advances on credit cards, which is why such cash withdrawals are so popular. O O True False Lori retired on January 1, 2020, after 25 years of working for the government. She is part of a Defined Benefit Pension Plan (DBPP) which uses the best three consecutive years to determine her pension benefit amount at retirement. Lori's annual pension formula is 2% times her years of service. Lori wants you to re-calculate her pension benefit to see if it is the same amount that her employer calculated. She has provided you with her last 5 years of salary: 2015 - $105,000 2016 - $109,000 2017 - $110,000 2018 - $112,000 2019 - $107,000 $55,167 $54,833 $53,500 $56,000 $66,200 Paula is reading the fine print on the various loans as she wants to know which bank has the highest effective interest rate. Below are the posted rates (or nominal interest rates). (Keep to 2 decimal places) The Scotia Bank's posted interest rate of 6.60% (with the fine print reading compounding semi-annually, 2 times a year) CIBC's posted interest rate of 6.55% (with the fine print reading compounding weekly at 52 weeks). The Bank of Montreal's posted interest rate of 6.50% (with the fine print reading compounding daily at 365 days). The Royal Bank of Canada's posted interest rate of 6.58% (with the fine print reading compounding monthly at 12 months). The Royal Bank of Canada's effective rate is higher. Scotia Bank's effective rate is higher. CIBC's effective rate is higher. All four effective rates are equivalent. Bank of Montreal's effective rate is higher. O Lindsay was a lawyer and only 28 years old when she had a snowboarding accident. She was paralyzed, and it took more than nine months of hospitalization and two years of intensive physiotherapy for her to resume her life. She was unable to work and had no one to support her. "I had a good private disability insurance plan covering "own occupation" as those regular monthly payments allowed me to concentrate on my rehabilitation and to live my life without worrying about where the money was coming from for daily living expenses. That made a big difference to me and my recovery in returning back to my law practice." What type of plan did Lindsay have? Critical illness insurance coverage that provides a lump-sum benefit. Permanent insurance coverage that provides insurance for as long as the premiums are paid. Disability insurance covering the inability to perform the duties of any job. Worker's Compensation insurance that provides insurance coverage while away from work. Disability insurance covering the inability to work at her regular job. Grandpa Joe left a Will in the drawer of his bedside table where he died. The writing was very poor and to everyone's surprise, the Will stated that all should be left to Mitsy. This seemed to be a secret beneficiary that no one in the family had heard of. The family is looking to contest the Will to deem it invalid by the courts. What type of Will did Grandpa Joe have? O Holograph Will An English Form Will Online Will Hologram Will A Notarial Will O _, which is an offer to his A last resort before Smith files for bankruptcy is for him to make a creditors to modify his payments. O bank proposal insolvent proposal O consumer proposal discharge proposal O bankruptcy proposal Jean-Luc sold two stocks during 2019. The capital gain on the sale of Fantastic Inc. was $22,000 and the capital loss on the sale of Terrible Inc. was $5,000. If Jean-Luc is in the highest marginal tax bracket of 53.31%, what are the taxes paid on the sale of these shares ? O $4.531.35 $2.665.50 $1,167.25 $1,332.75 $9,062.70 Patrick is 50 years old, not married, and does not have any children. In the event of his death, he would like to set up a trust to provide for his nephew's post-secondary education. Patrick can use a Will to do this. True False A closed mortgage contract may allow you to prepay 10% or 20% each year. This prepayment goes directly to pay off the which reduces your overall amortization by years. principal principal and interest second mortgage interest O home equity loan Net cashflows are determined by subtracting your personal tax credits from your after-tax income. your insurance deductible from all sources of income. your fixed expenses from your total income. your expenses from your disposable (after-tax) income. your variable expenses from net income. There is a 21-day grace period with no interest being charged for cash advances on credit cards, which is why such cash withdrawals are so popular. O O True False Lori retired on January 1, 2020, after 25 years of working for the government. She is part of a Defined Benefit Pension Plan (DBPP) which uses the best three consecutive years to determine her pension benefit amount at retirement. Lori's annual pension formula is 2% times her years of service. Lori wants you to re-calculate her pension benefit to see if it is the same amount that her employer calculated. She has provided you with her last 5 years of salary: 2015 - $105,000 2016 - $109,000 2017 - $110,000 2018 - $112,000 2019 - $107,000 $55,167 $54,833 $53,500 $56,000 $66,200 Paula is reading the fine print on the various loans as she wants to know which bank has the highest effective interest rate. Below are the posted rates (or nominal interest rates). (Keep to 2 decimal places) The Scotia Bank's posted interest rate of 6.60% (with the fine print reading compounding semi-annually, 2 times a year) CIBC's posted interest rate of 6.55% (with the fine print reading compounding weekly at 52 weeks). The Bank of Montreal's posted interest rate of 6.50% (with the fine print reading compounding daily at 365 days). The Royal Bank of Canada's posted interest rate of 6.58% (with the fine print reading compounding monthly at 12 months). The Royal Bank of Canada's effective rate is higher. Scotia Bank's effective rate is higher. CIBC's effective rate is higher. All four effective rates are equivalent. Bank of Montreal's effective rate is higher. O Lindsay was a lawyer and only 28 years old when she had a snowboarding accident. She was paralyzed, and it took more than nine months of hospitalization and two years of intensive physiotherapy for her to resume her life. She was unable to work and had no one to support her. "I had a good private disability insurance plan covering "own occupation" as those regular monthly payments allowed me to concentrate on my rehabilitation and to live my life without worrying about where the money was coming from for daily living expenses. That made a big difference to me and my recovery in returning back to my law practice." What type of plan did Lindsay have? Critical illness insurance coverage that provides a lump-sum benefit. Permanent insurance coverage that provides insurance for as long as the premiums are paid. Disability insurance covering the inability to perform the duties of any job. Worker's Compensation insurance that provides insurance coverage while away from work. Disability insurance covering the inability to work at her regular job. Grandpa Joe left a Will in the drawer of his bedside table where he died. The writing was very poor and to everyone's surprise, the Will stated that all should be left to Mitsy. This seemed to be a secret beneficiary that no one in the family had heard of. The family is looking to contest the Will to deem it invalid by the courts. What type of Will did Grandpa Joe have? O Holograph Will An English Form Will Online Will Hologram Will A Notarial Will O _, which is an offer to his A last resort before Smith files for bankruptcy is for him to make a creditors to modify his payments. O bank proposal insolvent proposal O consumer proposal discharge proposal O bankruptcy proposal Jean-Luc sold two stocks during 2019. The capital gain on the sale of Fantastic Inc. was $22,000 and the capital loss on the sale of Terrible Inc. was $5,000. If Jean-Luc is in the highest marginal tax bracket of 53.31%, what are the taxes paid on the sale of these shares ? O $4.531.35 $2.665.50 $1,167.25 $1,332.75 $9,062.70 Patrick is 50 years old, not married, and does not have any children. In the event of his death, he would like to set up a trust to provide for his nephew's post-secondary education. Patrick can use a Will to do this. True False A closed mortgage contract may allow you to prepay 10% or 20% each year. This prepayment goes directly to pay off the which reduces your overall amortization by years. principal principal and interest second mortgage interest O home equity loan