Course Description
This course applies the six step financial planning process to basic financial planning scenarios. Topics include setting goals, creating personal financial statements, debt management and calculation of mortgage financing options. Savings and investment products are covered as well as the essentials of RRSPs, TFSAs, government benefit programs, and personal insurance. Taxation as it relates to long term personal financial planning is covered at an introductory level. In addition, an overview of the products and services available to individuals and businesses through financial institutions will be covered.
Learning Activities
Lectures, in-class and online assignments, completion of own personal financial plan.
Means of Assessment
Assessment will be based on course objectives and will be carried out in accordance with the Douglas College Evaluation Policy.
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Assignment(s) or case(s)
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10% - 20%
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Term Tests or quizzes
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30% - 50%
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Individual Financial Plan
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10% - 15%
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Final Exam
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30% - 40%
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100%
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No single assessment will be worth more than 40%.
Students must achieve a minimum grade of 50% on the combined invigilated components to pass the course.
Students may conduct research as part of their coursework in this class. Instructors for the course are responsible for ensuring that student research projects comply with College policies on ethical conduct for research involving humans, which can require obtaining Informed Consent from participants and getting the approval of the Douglas College Research Ethics Board prior to conducting the research.
Learning Outcomes
Upon completion of the course, a successful student will be able to:
- develop effective financial planning goals;
- prepare personal financial statements (including a personal budget, cash flow statement, and statement of net worth);
- incorporate basic knowledge of personal income tax in financial planning decisions;
- consider and calculate various types of personal insurance needs and coverage options;
- describe and recommend relevant products and services available from financial institutions;
- describe and recommend general investment options (saving accounts, stocks, bonds, mutual funds, etc.) and types of accounts and their features for wealth management;
- conduct a financial analysis of mortgage qualification and renting versus buying a house;
- calculate and recommend strategies to achieve retirement and estate planning goals; and
- demonstrate in a responsible and accountable manner the legal, ethical and social parameters of the financial industry.
Textbook Materials
Textbooks and Materials to be Purchased by Students
Madura, Jeff and Gill, Hardeep S. Personal Finance. Latest Canadian Edition, Pearson, or alternate textbook approved by department.
Calculator: Texas Instruments BA II Plus or as approved by department