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Thread: Ontario to offer financial literacy classes in Gr.10 by fall 2018

  1. #1
    Dancing bean paste bun Ciel's Avatar
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    The careers course in Grade 10 will be augmented by financial literacy lessons by next fall.
    Article in today's Toronto Star had an interesting life experience provided by a young adult working in a bank:

    https://www.thestar.com/news/gta/201...al-skills.html

    Some schools are involved in the pilot program that will start next month.
    This thread is currently associated with: N/A
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    Mastermind Shwa Girl's Avatar
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    Ciel likes this.
    Ontario votes in 2018. Make your vote count. Remember your hydro and gas bills.

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    Smart Canuck lilo0003's Avatar
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    this is great news and my younger son will be in grade 10 in the fall of 2018 so he will be able to take advantage of this and see that his mom is not crazy when it comes to money management.
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    tightwad and proud of it! brunt's Avatar
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    Hahahahahahahahahhahahhahahaha.... Hahahahahahhahahahahhahaa... Ah, I can't breathe! Hahahahahhahahhahaha...

    Ahem. Of course, a grand idea in theory. Financial literacy is far more important than at least 99% of the drivel that they call a high school "education". I had 23 years of formal education and am a big fan of improving course content.

    But what gets me here is that a government thinks that it can set up a program to teach about financial literacy. That's rich - the irony is strong with this one.

    So basically, it's being set up by the same folks who set up the Green Energy FIT program without even doing a business case study before cramming it through. Sorry despite the idea that I think teaching this is a grand idea, I just can't see these people are the ones to do it.
    Ciel, blueeyetea, maple7 and 1 others like this.

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    Mastermind Shwa Girl's Avatar
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    Quote Originally Posted by brunt View Post
    Hahahahahahahahahhahahhahahaha.... Hahahahahahhahahahahhahaa... Ah, I can't breathe! Hahahahahhahahhahaha...

    Ahem. Of course, a grand idea in theory. Financial literacy is far more important than at least 99% of the drivel that they call a high school "education". I had 23 years of formal education and am a big fan of improving course content.

    But what gets me here is that a government thinks that it can set up a program to teach about financial literacy. That's rich - the irony is strong with this one.

    So basically, it's being set up by the same folks who set up the Green Energy FIT program without even doing a business case study before cramming it through. Sorry despite the idea that I think teaching this is a grand idea, I just can't see these people are the ones to do it.
    You could be right in criticizing them.
    They are using information from
    Ontario Securities Commission

    http://www.edu.gov.on.ca/eng/surveyLiteracy.html
    Federal Consumer Agency of Canada
    Canadian Bankers Association
    Ciel likes this.
    Ontario votes in 2018. Make your vote count. Remember your hydro and gas bills.

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    Dancing bean paste bun Ciel's Avatar
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    The teachers doing the pilot instruction will be finding out during their April to June classes. The tax return bit could be very helpful as next month all personal returns are due. Now the teachers may have to scramble to get adequate paper tax return packages (that was fun for me as a grade 12 student in Economics class-learning about the forms and guide) because they've been available for a month and a half. Maybe the students will get an intro to the CRA site too.

    Meanwhile, Gail Vax-Oxlade has plenty of money talks and her column this week in the Toronto Star was intriguing-how to budget for a house when you think you are ready to buy.
    It was similar to this article with a little variation on how to incorporate the various costs beyond house price into one's budget.
    http://www.gailvazoxlade.com/article...uy_a_home.html

    http://www.cityline.ca/2011/11/15/ho...s-about-money/
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    Dancing bean paste bun Ciel's Avatar
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    From November 2016-various ways students learned something about finances:
    http://www.cbc.ca/life/personalfinan...hool-1.3820729
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    Quote Originally Posted by Ciel View Post
    The teachers doing the pilot instruction will be finding out during their April to June classes. The tax return bit could be very helpful as next month all personal returns are due. Now the teachers may have to scramble to get adequate paper tax return packages (that was fun for me as a grade 12 student in Economics class-learning about the forms and guide) because they've been available for a month and a half. Maybe the students will get an intro to the CRA site too.

    Meanwhile, Gail Vax-Oxlade has plenty of money talks and her column this week in the Toronto Star was intriguing-how to budget for a house when you think you are ready to buy.
    It was similar to this article with a little variation on how to incorporate the various costs beyond house price into one's budget.
    http://www.gailvazoxlade.com/article...uy_a_home.html

    http://www.cityline.ca/2011/11/15/ho...s-about-money/
    I read the Gail Vax-Oxlade article and there were several inaccuracies in it.
    She mentions you cannot use bonuses as income. If you regularly receive bonuses a lender will use the average of your last 2 T4 amounts or your last year's T4 -whichever is lower -if you need a higher income than your salary alone.
    She mentioned that debts cannot be over 30% of income. In fact lenders use 2 debt ratios - your GDS and TDS. Usually the ratios are 32/40% of total income although there are cases where these may be higher.
    She used 10% as the interest rate. More accurately today's rates should have been used which are in the 2% range depending on the type of mortgage.
    People who give financial advice to others should be 100% sure their advice is correct.
    dededi likes this.
    Ask me about the do-it-yourself mortgage -designed to save you even more money.

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