Studies show that Canadians aren't as financially savvy as they think they are. When asked, 70% of Canadians claimed to be financially literate, but when asked to test their knowledge 60% failed. How do you compare?
Test your knowledge by answering the following 15 statements with ‘true’ or ‘false’
1. A mortgage term refers to the length of time you need to pay off your mortgage.
2. You must pay for government insurance on mortgages where you put down less than 20% of a down payment-unless the home is worth $1 million or more.
3. A car that is more expensive always costs more to insure than a cheaper car.
4. You never have to report interest and profits gained in your TFSA when filing taxes.
5. You can have multiple TFSA accounts with different banks at the same time.
6. Your auto insurance automatically goes down when you turn 25.
7. Applying for a credit card can negatively affect your credit score.
8. Home insurance can sometimes protect you if your dog bites someone in your home.
9. Your home insurance will always cover you if a tree falls on your home.
10. Checking your credit score has no impact on the score itself.
11. The colour of your car affects your car insurance rate.
12. All banks charge you money to have a chequing account.
13. Auto insurance premiums can be cancelled mid-way through their term.
14. You need to be licensed to buy stocks in Canada.
15. There's no need to get travel insurance if you're travelling within Canada between provinces.
How did you do?
Check your answers below.
Answers: 1. False 2. True 3. False 4. False 5. True 6. False 7. True 8. True 9. False 10. True
11. False 12. False 13. True 14. False 15. False
See how Pattie Lovett-Reid
scored on her financial quiz.
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