for clc

1. FINANCIAL LITERACY FOR CARSON
GRAHAM GRADS
.

2. CREATING A
BUDGET IS
IMPORTANT!
•Yes! You’ll finish high school when you’re 17 or
18. No more school periods, bells or assemblies!
But now you face the responsibilities of educating
yourself, preparing for a career and making a
living.
•A personal budget can help you figure out how
to manage your money. Whether you continue to
live at home, start a job and live on your own, or
go to university and live in a residence, you’ll
have to adjust your expenses to your income.
To figure out how much you need to earn, it
REALLY helps to figure out how much you SPEND.
That's where we are going to start:

3. BUDGETING
BASIC EXPENSES
Housing – you have a choice here: you can either pay $850
per month to rent a space and live with a roommate. In this
scenario, your utilities (gas, power, water) are included. Think
about whether or not you would realistically like to share
your space with a roommate OR you can spend $1500 per
month to live on your own. In this scenario, your utilities
(gas, power, water) are included.
Food – how much will you spend each month on both
groceries and eating/drinking at restaurants? Make sure you
do some research to find a realistic number here for your
lifestyle and preferences. Check grocery fliers and menus
online or ask your parents if you are unsure.
Clothing – average what you spend monthly on purchasing
new clothes
Transportation – you have a choice here: you can either
purchase a 2-zone bus pass for $126 OR you can get around
by car with the following set expenses: $130 for gas + $180
for insurance + $75 for maintenance = $385 per month. Be
realistic about what will work for you and your budget

4. Now fill in an estimate what you GENERALLY spend in a month on each of
these categories and estimate for NEXT YEAR. Fill in each line and add up
all the numbers for your total monthly expenses
BASICS Total monthly cost
HOUSING $
FOOD $0
CLOTHING
TRANSPORTATION
TOTAL COSTS
TOTAL BASIC LIVING COSTS
ACTIVITY 1
4

5. Thinking about other expenses
• Fill in an expense for each of the following based on your own habits:
•Cell Phone
•Internet
•Television – Cable and/or Netflix/Prime/DIsney+ etc
•Entertainment – things like movies, concerts, sports events, video games, going out
dancing, etc.
•Recreation/Hobbies – things like ski passes, sports teams and equipment, art supplies,
etc.
•Travel – whatever you expect your yearly travel to be, divide by 12 for your monthly
amount (i.e. summer week in an all-inclusive for $1200 would then be $100/month)
•Other: Household expenses (toilet paper, paper towel, cleaning supplies, etc.)
•Personal Hygiene (toothpaste, shampoo, makeup, hair, prescriptions, etc.)
•Pets (food, litter, toys)

6. Now fill in an estimate what you MIGHT spend in a month on each of these expense
categories NEXT YEAR, based on your interests now but also thinking about how they might
change depending on where you are (like a city without ski hills!) Fill in each line and add up
all the numbers for your total monthly expenses. If it doesn't apply to you, leave blank.
BASICS Total monthly cost
CELL PHONE $
INTERNET $0
TELEVISION
ENTERAINMENT
RECREATION AND HOBBIES
TRAVEL
OTHER (tuition, fees, etc)
PERSONAL HYGIENE
PETS
TOTAL COSTS
TOTAL BASIC LIVING COSTS
ACTIVITY 2
6

7. Sample Pay Cheque Stub
EARNING STATEMENT
Period Ending: 01/15/2021 Pay Date: 01/18/2021
Earnings Rate Hours This period Year to date
Regular $10 $15 $150 $3,000
Vacation $0 $0 $0 $0
Gross Pay $150
Deductions
Other employer deductions - $25 - $25
Federal Tax - $21 - $420
EI - $3 - $60
CPP - $7.50 - $150
Other
Full Deposit $93.50
NET PAY $93.50 $2,335
Copyright © 2021 Chartered Professional Accountants of Canada
7

8. Now fill in your own version for what you MIGHT earn next year
(2 weeks of working) I've filled in the rate % for deductions for
you to calculate. Don't factor in vacation pay or employer
deductions for this but be aware they can exist and impact!
EARNING STATEMENT
Earnings Rate Hours This period Year to date
Regular $ $ $ $
Vacation $0 $0 $ $0
Gross Pay $
Deductions
Other employer deductions - $ - $
Federal Tax (15%) - $ - $
EI (5.7%) - $ - $
CPP (5.7%) - $ - $
Other
Full Deposit $
NET PAY $ $
ACTIVITY 3
8

9. Match the Terms to the definitions
ACTIVITY 4
Gross Pay 1. Can include housing, pensions, child support,
share purchase, etc.
2. Money after deductions (what you take home)
3. A government plan that pays money to employees
when they are unable to work (i.e. layoff, work
shortage or no-fault reason).
4. Money before deductions
5. A charge imposed by government on the annual
gains of a person.
6. A program designed to assist Canadians in
providing income for retirement. It also helps in
providing income if they become disabled.
Other Employer
Deductions
Federal Tax
Employment Insurance
Net Pay
Canada Pension Plan
(CPP)
Copyright © 2021 Chartered Professional Accountants of Canada
9

10. Have a look at this chart if you need help with
matching up the terms!
EARNING STATEMENT
Period Ending: 01/15/2021 Pay Date: 01/13/2021
Earnings Rate Hours This period Year to date
Regular $10 $15 $150 $3,000
Vacation $0 $0 $0 $0
Gross Pay $150
Deductions
Other employer deductions - $25 - $25
Federal Tax - $21 - $420
EI - $3 - $60
CPP - $7.50 - $150
Other
Full Deposit $93.50
NET PAY $93.50 $2,335
Net Pay
Federal Tax
Canada Pension Plan
(CPP)
Other Employer
Deductions
Employment Insurance
Gross Pay
Copyright © 2021 Chartered Professional Accountants of Canada

11. Match the Terms to the definitions
ACTIVITY 5
Gross Pay 1. Can include housing, pensions, child support,
share purchase, etc.
2. Money after deductions (what you take home)
3. A government plan that pays money to employees
when they are unable to work (i.e. layoff, work
shortage or no-fault reason).
4. Money before deductions
5. A charge imposed by government on the annual
gains of a person.
6. A program designed to assist Canadians in
providing income for retirement. It also helps in
providing income if they become disabled.
Other Employer
Deductions
Federal Tax
Employment Insurance
Net Pay
Canada Pension Plan
(CPP)
Copyright © 2021 Chartered Professional Accountants of Canada
11

12. Earning, Spending, and SAVING!
One thing you can't forget about in the world of money, is saving
some—for a future big purchase, for travel, or in case something
happens and you can't work for awhile. Two Government organized
ways to save are the TFSA and the RRSP. Please watch each of these
two videos linked below and answer the questions on the following
slide:
The Tax Free Savings Account TFSA explained in 3 minutes - YouTube
The RRSP explained in 3 minutes - YouTube

13. ACTIVITY 5
TYPE YOUR ANSWER HERE (aim for 4-5 sentences)
Summarize a TFSA and tell me how it builds wealth!
Tell me about RRSPs and when is the best time to invest?
TYPE YOUR ANSWER HERE (aim for 4-5 sentences)

14. ALL Done the five
activities?
• Please delete any of the slides that are lessons and
leave just the 5 slides with your activity answers on
them then hit submit on the assignment in MS
Teams! There should just be five slides here with
the BLUE activity tag on the top left corner!
• I hope you feel as if you are more financially
literate! This link was also REALLY helpful and
worth reading through as well (but optional!)
• Teens' Guide to Building a Strong Personal Finance
Foundation | MoneyGeek.com