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Modifications made to Personal Finance

  • Page ID
    100267
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    2

    General modifications

    • Removed Chapter 13 “Behavioral Finance and Market Behavior” from the original version
    • Removed Chapter 14 “The Practice of Investment” from the original version
    • Updated all sections with Canadian content and spelling, and revised narratives (examples) to reflect a Canadian readership
    • Added Indigenous content throughout the text, including perspectives and information derived from Elder interviews
    • Updated information in tables and relevant examples
    • Transferred manuscript into Pressbooks and recreated tables in the Pressbooks table template in order to adapt and customize this textbook for different courses and audiences
    • Combined the chapters on bonds and mutual funds into one chapter
    • Replaced US-based financial information with relevant Canadian content throughout the textbook
    • Removed some exercises and adapted numerous others at the end of each chapter section in order to ensure the relevant Canadian resources were included
    • Added new tables to reflect the Canadian financial and economic system
    • Revised sections of Chapters 1, 4, 5, 6, 7, 9, 10, and 11
    • Replaced endnotes with Chicago reference style

    Front Matter

    • Created a new cover, title page, and revised the book title to better reflect the audience and aim of this adapted textbook
    • Added a new preface and author introduction
    • Added Elder interviews
    • Created a table of contents

    Chapter 1

    • Updated information on financial advisors and references to professional organizations for a Canadian context, including Table 1.4.1 “References to Professional Organizations”
    • Modified the discussion on employment and participation rates
    • Replaced US-specific tables with Canadian content

    Chapter 2

    • Added Indigenous perspectives on the basics of personal finance and the importance and development of financial literacy
    • Modified exercises to include Canadian content

    Chapter 3

    • Added information from the Financial Consumer Agency of Canada on the key components of financial planning and options for personal finance planning software

    Chapter 4

    • Added time value of money exercises to build student confidence in basic math equations
    • Modified some of the language explaining the time value of money

    Chapter 5

    • Enhanced content with Indigenous perspectives on budgeting and saving money

    Chapter 6

    • Significantly adapted the chapter to focus on the Canadian tax system, including a detailed review of tax jurisdictions, tax brackets, and taxation with regard to Indigenous peoples

    Chapter 7

    • Updated information on the Canadian banking system and institutions
    • Added information on Indigenous banking and financing
    • Enhanced content with information on Indigenous traditional resource management practices
    • Added information on Canadian savings instruments
    • Updated the section on credit—kinds, cost, and use of credit, credit ratings, credit troubles and protection, insolvency—with Canadian content
    • Updated the section on debt—uses (student loans), risk (interest rates), and cost—with Canadian content

    Chapter 8

    • Added information on federal, provincial, and territorial consumer affairs offices throughout Canada
    • Updated information on consumer scams and how to protect yourself with facts from the Canadian Competition Bureau
    • Added information on purchasing and financing a car in Canada

    Chapter 9

    • Enhanced the benefits and drawbacks analysis on renting versus home ownership
    • Added an overview of the Canada Mortgage Housing Corporation
    • Added an explanation of the importance of determining one’s gross debt service and total debt service ratios when considering the purchase of a home and inserted links to convenient online calculators (e.g., a mortgage calculator)
    • Added information on the mortgage pre-approval and qualifying process
    • Replaced US-specific tables with Canadian content
    • Added a standard home inspection checklist
    • Added content on financing the purchase of a home in Canada
    • Added Canadian content to, and expanded on certain terminology in, the section on monthly mortgage payments
    • Added information on housing for Indigenous peoples in Canada

    Chapter 10

    • Added information on risk management, risk avoidance, risk reduction, and risk assumption
    • Outlined the different Indigenous insurance companies and insurance companies in Canada that serve primarily First Nations clients
    • Added information on tenant’s insurance
    • Adapted for Canadian health insurance, auto insurance, and life insurance

    Chapter 11

    • Added Canadian content on projecting needs and estimating expenses with regard to retirement planning
    • Introduced defined benefit and contribution plans in Canada
    • Added discussion of public pensions in Canada and personal retirement plans (e.g., RRSPs, TFSAs)
    • Updated information on wills and estate planning, trusts and gifts, with Canadian content

    Chapter 12

    • Added a section on creating an investment climate to support the growth of Indigenous entrepreneurs and businesses
    • Added information on socially responsible investing

    Chapter 13

    • Added Canadian content on stocks and exchanges

    Chapter 14

    • Identified and described various Canadian federal, provincial, and municipal government bonds and mutual funds

    Chapter 15

    • Revised career planning and job search scenarios with Canadian examples
    • Revised information on employment protection and voluntary or involuntary job loss with Canadian content
    • Enhanced chapter content with information on Indigenous employment networks
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