Financial Literacy 20, 30

(a)	Explain what a mortgage is and its main purpose.
(b)	Differentiate between mortgage and non-mortgage debt.
(c)	Define and use appropriate terminology related to mortgages such as: mortgagor; mortgagee; amortization; minimum payment amount; annual percentage rate (APR); earnest money; equity; escrow; pre-approval; principal; closing costs; closed vs. open terms; and fixed vs. variable rates.
(d)	Identify terms in a mortgage contract such as the APR, prepayment penalty, appraisal fee, closing costs, prepayment privileges and portability.
(e)	Examine consumer and lender rights and responsibilities related to mortgages.
(f)	Examine how gross debt service ratio (GDSR) impacts one’s ability to obtain a mortgage.
(g)	Explain the role of the Canada Mortgage and Housing Corporation (CMHC) in helping Canadians purchase a home.
(h)	Explain the purpose of mortgage default insurance and determine current CMHC requirements for it.
(i)	Research the availability of and requirements for mortgage default insurance offered by other Canadian companies such as Genworth Financial or Canada Guaranty.
(j)	Discuss the advantages and disadvantages of mortgage life insurance which a mortgagor may also consider purchasing.
(k)	Research various ways of obtaining a mortgage (e.g., through a bank, credit union or mortgage broker).
(l)	Compare interest rates associated with different types of mortgages available through various lenders.
(m)	Research the circumstances under which paying a mortgage prepayment penalty may be advisable.
(n)	Research how to obtain mortgage financing by using the equity in one’s home (e.g., 2nd mortgage, Home Equity Line of Credit (HELOC)) or the Registered Retirement Savings Plan Home Buyers’ Plan.
(o)	Debate the advantages and disadvantages of consolidating other debt such as money for renovations or new furniture, or closing/appraisal fees, into a mortgage loan.
(p)	Discuss steps that can be taken to plan for unforeseen events such as rising interest rates, job loss, death of a partner or economic recession that may affect one’s ability to make mortgage payments.

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Resources

R009210

Personal Finance for Canadians(6th ed.)

This book encompasses many topics to assist with organizing finances. Topics include spending less, saving more, building wealth and protecting your wealth. It contains tips, facts and tables to further explain the concepts presented. There are also sections on financial goal setting, understanding investment and insurance choices, and selecting a financial planner. There is a table of contents and an index to help locate specific content.

Media and Formats : Book

Price : $19.99

Record posted/updated: February 8, 2022

R007161

Financial Empowerment: Personal Finance for Indigenous and Non-Indigenous People

This open access textbook provides personal finance instruction that incorporates information reflecting the varied backgrounds and situations of both Indigenous and non-Indigenous students. Topics covered include: personal financial planning, achieving financial goals, risk management and planning for the future. Links to video interviews with eight Elders are included with the resource. These powerful interviews provide an Indigenous perspective on finances, education and preparing for the future. The resource is available in a variety of downloadable formats and includes PowerPoint slides that enrich the content.

(More information)

Links :

Download

Media and Formats : Document

Price : Free

Record posted/updated: February 22, 2022

R008666

MyMoneyCoach

This free website is sponsored by the Credit Counselling Society in Canada. It offers articles and webinars on topics related to financial literacy. There is a downloadable teacher guide designed for middle years that can be adapted for the high school setting. Also included are calculators and tools to help with budgeting, calculating interest earnings, and determining financial requirements for post-secondary education, car loans, loans, mortgages and retirement. It also has an accelerated payment calculator.

(More information)

Links :

Website

Media and Formats : Website

Price : Free

Record posted/updated: February 8, 2022

R007555

Money and Youth: A Guide to Financial Literacy

This Canadian resource supports the Financial Literacy curriculum and provides information at a suitable introductory level. The resource is organized under six headings for a total of 15 modules.

Topics covered:

Goals, Values and Decision-making
Getting and Earning Money
Spending Money and Taking Control
Borrowing Money and Using Credit
Saving and Investing Money
Protecting Assets and Planning for the Future.

The resource includes:

Student Guide, English or French, free online PDF version or hard copies can be ordered at a minimal fee
Teacher's Guide, English or French, free online version

(More information)

Links :

Money and Youth

Media and Formats : Book Document

Price : Free PDF or print copies at a minimal fee.

Record posted/updated: May 5, 2025

R009186

Budgeting 101: From Getting Out of Debt and Tracking Expenses to Setting Financial Goals and Building Your Savings, Your Essential Guide to Budgeting

This resource provides practical ideas for creating a budget and designing a plan for financial security. Topics include: What a Budget Is (and Isn't), Setting Your Financial Goals, Take Charge of Debt and Budget Rebuilding Events.

Media and Formats : Book

Price : $21.99

Record posted/updated: March 21, 2022

R104137

Enriched Academy

This online portal with Canadian content is accessible through a paid subscription. It delivers a series of over 60 sequenced video lessons and more than 150 quizzes and assessments on topics related to financial literacy. It includes an interactive online platform, webinars, calculators and tools for students to use to learn more on topics such as credit, saving for retirement, the stock market, TFSA, RRSP and taxes, money myths and careers.

Links :

Website

Media and Formats : Website

Price : Free

Record posted/updated: February 8, 2022

R105125

Personal Finance(9th Canadian ed.)

This Canadian textbook is divided into five parts:

Planning Your Personal Finances
Managing Your Personal Finances
Insuring Your Assets
Investing Your Financial Resources
Controlling Your Financial Future

The resource contains case studies, concept checks, assignments and assessment examples.

There are four purchase options:

eBook
- eBook only (online version of textbook)
Connect
- eBook, homework, adaptive assignments and study tools
Connect and print text
- eBook, homework, adaptive assignments and study tools
- printed textbook
Print text
- printed textbook only

(More information)

Links :

McGraw Hill Website

Media and Formats : Book

Price : See website

Record posted/updated: January 17, 2025

R105298

Indigenous Peoples' Money and Youth: A Guide to Financial Literacy

The Indigenous Edition of Money and Youth builds on the original resource from the Canadian Foundation for Economic Education, CFEE. Damon Johnston, President of the Aboriginal Council of Winnipeg, provided guidance rooted in traditional teachings and the Seven Sacred Laws. Vanessa Everett, CEO of Economic Development with the Keewatin Tribal Council, adapted the original version by Gary Rabbior of CFEE. Input from respected individuals across Turtle Island also helped shape this edition.

Topics covered:

Goals, Values and Decision-making
Getting and Earning Money
Spending Money and Taking Control
Borrowing Money and Using Credit
Saving and Investing Money
Protecting Assets and Planning for the Future.

The resource includes:

Student Guide, English, free online PDF version or hard copies can be ordered at a minimal fee
Teacher's Guide, English, free online version

(More information)

Links :

Indigenous Peoples' Money and Youth

Media and Formats : Book Document

Price : Free PDF or print copies at a minimal fee.

Record posted/updated: May 7, 2025