17 Version History
Modifications made to Personal Finance
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
