Financial Education in Quebec

I have a credit card with a $2000 limit. This means...

• I am able to spend $2000 without the risk of getting into debt

• The card issuer agrees to lend me $ 2000 per month

• I can repay months later without getting into debt

• If I only pay the minimum payment every month, I won't go into debt

Which of the following will harm your credit score?

• Frequently using a credit card for purchases

• Make late payments on a loan or debt

• Have accounts with a single banking institution

• Taking out a line of credit

Which of the following products is taxable?

• A carton of chocolate milk

• Packaged meat

• Sliced bread

• 1 kg bag of carrots

Answer explanation

"Basic groceries" are not taxed.

Anything other than that, especially if they are considered unhealthy, will have tax on them

How do we (the citizens of Quebec) pay taxes to the government?

• When you pay for a meal at Subway

• When you own a house

• When you receive a salary

• All of the answers are correct

Which of the following is incorrect?

• An employer must pay for the training of an employee in training

• The employer can require an employee to pay for their uniform

• Victoria Day (a holiday) is a paid day off

• You have to work a full year to get vacation-time

Answer explanation

• Less than one year of service:

  You are entitled to one day of vacation per full month of employment, not exceeding two weeks in total. Your vacation pay will be 4% of your gross earnings during the reference year. 

If I take out a Quebec Student Loan, no interest accumulates during my studies.

• True

• False

Answer explanation

You only accrue interest on a Quebec Student Loan 1 year after you have completed your studies. This gives you a year to pay back your loan, without any interested incurred.

I have my first summer job. I wonder if I should file a tax return. Which organization will help me?

• Revenu Québec

• Autorité des marchés financiers (AMF)

• Commission normes/équité/santé/sécurité du travail (CNESST)

• Office de la protection du consommateur (OPC)

I bought something that broke right away. I wonder if the merchant should reimburse me. Which organization will help me?

• Commission normes/équité/santé/sécurité du travail (CNESST)

• Canada Revenue Agency (CRA)

• Office de la protection du consommateur (OPC)

• Autorité des marchés financiers (AMF)

I saved money with the help of an advisor. I wonder if they are allowed to manage my money. Which organization will help me?

• The company that the advisor works for

• My bank

• Autorité des marchés financiers (AMF)

• Commission normes/équité/santé/sécurité du travail (CNESST)

My employer wants to pay me $10 per hour in cash. I wonder if I am obligated to accept. Which organization will help me?

• Commission normes/équité/santé/sécurité du travail (CNESST)

• Revenu Québec

• My bank

• Office de la protection du consommateur (OPC)