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a) What is the purpose of creating your personal cash flow statement?
| | | To create your balance sheet |
| | | For your annual tax return records |
| | | To track your net worth |
| | | To develop your budget |
b) What is the main reason why people should not use TFSA like a regular savings for day-to-day transactions?
| | | TFSA offers a lower interest rate than a regular savings |
| | | May end up exceeding yearly maximum limit if there are too many deposits throughout the year |
| | | If you withdraw money from TFSA within a month of contribution then the interest earned is taxable |
| | | There are transaction fees associated with TFSA accounts |
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