Page 114 - THE ONTARIO CURRICULUM, GRADES 11 AND 12 | Canadian and World Studies

Grade 12, Workplace Preparation
B1. Financial Goals and Financial Planning: explain how various factors can affect individuals’ financial plans and goals (FOCUS ON: Cause and Effect; Economic Perspective)
B2. Savings, Credit, and Debt: demonstrate an understanding of some key considerations relating to savings, credit, and debt (FOCUS ON: Economic Significance; Cause and Effect)
B3. Taxes and Government Expenditures: explain some ways in which governments in Canada raise revenue, with particular emphasis on personal income tax, and analyse the purpose of government expenditures (FOCUS ON: Economic Significance; Stability and Variability)
THE ONTARIO CURRICULUM, GRADES 11 AND 12 | Canadian and World Studies
SPECIFIC EXPECTATIONS
B1. Financial Goals and Financial Planning
FOCUS ON: Cause and Effect; Economic Perspective
By the end of this course, students will:
B1.1 describe some ways in which individuals’ personal resources (e.g., education, employability skills, financial resources, inherited resources, time) and values can affect their financial goals
Sample questions: “What is the difference between a need and a want? How might people’s values affect their wants or the ways in which they satisfy their needs?” “How might some- one’s personal values affect whether he or
she gives money to charities and, if so, which charities he or she supports?” “Why should a person consider his or her skills when setting financial goals?” “In what ways are your own financial goals influenced by your personal resources? Do you think these resources will change over time?”
B1.2 explain some of the key principles of sound financial planning (e.g., start saving early, set realistic and measurable goals, prioritize, diversify)
Sample questions: “What are the advantages of an early start to saving? What impact can an early start have on a registered education savings plan [RESP] or registered retirement savings plan [RRSP]?” “Why might buying insurance – life insurance, home owners’ insurance, and/or health insurance – be a component of a person’s financial plan?” “What are the benefits of having a weekly savings plan? How can such a plan
support short- and long-term personal financial goals?”
B1.3 compare wages, salaries, and benefits typically offered in different types of employment (e.g., full-time, part-time, and contract employment; apprenticeships; service, sales, and/or professional positions; unionized and non-unionized jobs; base salary and commissions, tips, and/or bonuses), and explain some ways in which they might affect individuals’ financial planning
Sample questions: “Why is it important to consider benefits such as pensions, medical and dental plans, and paid vacations when comparing the financial rewards for full-time and contract employment?” “What is the difference between gross and net income? What types of deductions typically appear on a pay stub?” “If an employee is enrolled in a company pension plan, how might this affect his or her short- and/or long-term financial planning?”
B1.4 explain how some economic and/or social factors (e.g., wage rates/salaries, inflation, tax brackets, cost of living in the local community, exchange rates) can affect the purchasing power of individuals
Sample questions: “How might an increase
in fuel prices affect an individual’s ability to finance a holiday?” “When a car manufacturer offers rebates on new cars, who benefits from such deals? Who does not?” “How can the fees charged by payday loan companies affect the purchasing power of people who use these institutions?”
B. DEVELOPING FINANCIAL LITERACY OVERALL EXPECTATIONS
By the end of this course, students will:
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