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