Question

1. How can you build a credit history in Canada? Why is managing a good credit score so important in your personal finances?
2. What are the keys to a personal finance success?   
3. What are the steps and requirements to obtain a student loan, credit card and car loan from any financial institution in Canada?
4. What is the role that the Bank of Canada has over the other financial institutions?
5. How do you think the deposit insurance from CDIC contributes to the well being of Canadians? How can you become eligible?

you can write 10 pages

I also do not have those laws

Answer 1

Ques : How to build Credit history In Canada

Ans To build credit history in Canada
1. Get Credit: What you need to do is a get a credit card; this is the best way to start building your credit history
2.Use Credit Responsibly :
a)Do actually use your credit card. While some people have no trouble using their credit cards, others might be hesitant to create debt. It’s good to not want to be in debt, but you’re trying to build a credit history so you need to use your credit card to do so.
b)Pay your bills on time. After actually using your credit cards, paying them off on time is the most important thing you can do for yourself and your credit history. Late payments will only hurt your chances of creating a good credit history for yourself.
c)Try to avoid the minimum payment spiral. Credit cards have minimum payment requirements; this can be a good thing or a bad thing depending on your situation. You don’t have to pay off your balance in full each month but the money you leave on your card will incur interest. It takes years of minimum payments to become debt free, so make sure you understand the consequences before you charge.
d)Be aware of what you owe. Do not ignore your credit card statements. It’s best to know exactly how much you owe so you can work towards paying it off. Since we’re discussing how to build a good credit history you shouldn’t have too much credit card debt anyway, you should be able to pay it off in full at the end of the billing period each month.
e)Don’t spend beyond your means. Sure your credit card might have a $5,000 limit but do you have $5,000 to spend? Just because you have a limit doesn’t mean you need to come anywhere close to it. Charging one monthly bill to your credit card and then paying it off in full will help build your credit history more efficiently than maxing your card out.
f)Do not cancel any credit cards. Having more than one credit card is usually a bad idea but cancelling cards is also a bad idea. How long your credit accounts have been open plays a role in the calculation of your overall credit health so keep those accounts open.
3.Develop Your Credit :Credit cards are great for building your credit history and they are the perfect place to start but after a couple of years you might want to think about expanding on the types of credit you have. Once you’ve established a good beginner’s credit history you’ll probably want to start improving it and making it the best it can be
4.Get to Work

Ques :Why managing a good credit score so important in your personal finances

Ans:Good Credit Is Important For Modern Living
Society is becoming increasingly dependent on credit to make purchases and financial decisions. A good credit score is used for more than just getting a credit card or a loan. Credit scores demonstrate your history of paying your debts to entities that loan you money.

Ques: Keys to personal finance Success

Ans : Point for personal finance Success are :

1.Don’t spend more than you earn.
2.Keep your lifestyle debt to a minimum.
3.Create savings over time.
4.Make sure you understand the basics of investments.
5.Know when “enough is enough.”
6.Appreciate what you already have.

Ques :the steps and requirements to obtain a student loan, credit card and car loan from any financial institution in Canada

Ans :Student Loan

A list of the documents required while applying for the education loan:

Admission letter from university/institution (Proof of admission)
Loan application form
Passport size photographs
Academic documents (certificates and mark sheets)
Documents of qualifying exams (like GMAT, IELTS)
Resident proof of the student and the guarantor
Statements of borrowers bank accounts (last one year)
Income proof of the guarantor

Credit Card :

Be at least 21 years old or 18 with either a parent’s permission or a verifiable source of income
Have a Social Security number
Have a source of income
Have a positive credit history

Car Loan :

Step 1: Complete the lender’s car loan application. Provide all necessary personal and financial information as required by the lender.
Step 2: Submit other required documentation the lender needs. For example, you may need to submit notices of assessments, income and expense documentation, other debt obligation supporting documents, and the make and model of the vehicle you want.
Step 3: Wait to be approved by the lender. This can take a couple of days or a couple weeks depending on the lender.

Ques: Role of Bank of Canada over other Financial institutions

Ans : The Bank of Canada (BOC) is a central economic and financial institution in Canadian government and politics. It oversees such important things as the national borrowing rates (interest rates), as well as the value of the Canadian dollar relative to other national currencies

Ques How do you think the deposit insurance from CDIC contributes to the well being of Canadians & Its Eligibility
Ans :Canadian Deposit Insurance Corporation (CDIC) is a Canadian federal crown corporation owned by the Canadian government. The CDIC insures Canadians' bank deposits up to $100,000 per personal account held in member Canadian banks to protect against losses in the event that the financial institution fails

Eligibility:
1)Deposits held in one name
2)Deposits held in more than one name
3)Deposit held in Registered retirement saving plan
4)Deposit held in Registered retirement income fund
5)Deposit held in tax free saving account
6)Deposit held in trust
7)Deposit held for paying taxes on mortgaged property