Money we pay

Question 1

What is the gross income?

Answer 1

Gross income is the money you get before taxes

Question 2

What is net income

Answer 2

Net income is the Money you get back after taxes are taken off

Question 3

What bills do we have to pay

Answer 3

Electrical, hydro, house insurance, heating, union gas, and cable

Question 4

What is the average salary per year?

Answer 4

About $50,000

Question 5

What percent of money goes to taxes?

Answer 5

30% goes to taxes.

Question 6

What can we use extra money for?

Answer 6

We can use it for RRSP, R.E.S.P, mortgage

Question 7

About How long does it take to pay for mortgage

Answer 7

About 25 years

Question 8

What can the bank give you money for?

Answer 8

It can give you money for interests.

Question 9

Where does it cost more to buy a house

Answer 9

It costs more money if you live near downtown like Toronto, Montreal or Chicago.

Question 10

What is C.P.P.

Answer 10

It is the Canadian pension plan and it is the money left over for retirement.