Culminating Activity:

Part 2: Personal Finance

Research Inquiry 1 – Occupation

1) the name of the occupation (or job title) and the education
required;
→
Name – CPA (Certified Public Accountant )

Education –
Candidates must hold a bachelor's degree from an approved institution or university
in the majority of states. Accounting or a closely related discipline, such finance or
business administration, should be the focus of the degree. If a candidate has taken
additional accounting courses, certain states may accept degrees from non-
accounting subjects. (APOLLO, n.d.)

2) a general job description, including how the mathematics of

personal finance relates to the job;
→

A CPA's job description:

Accounting for Finances:

In order to ensure adherence to accounting rules and guidelines, CPAs are in charge
of creating and evaluating financial statements. To correctly record financial
transactions, reconcile accounts, and produce financial reports, they employ
mathematical abilities.

Tax Preparation:
Tax-related services that CPAs offer to their customers include tax planning, tax
return preparation, and tax strategy advice. To precisely determine taxable income,
credits, and deductions, they employ mathematics.

Auditing and Assurance:

CPAs carry out audits to evaluate the dependability and correctness of financial data.
To make sure financial statements are free from substantial misstatements, they
sample data, do statistical analysis, and assess financial controls using mathematical
approaches.

Management Advice:
CPAs frequently offer consulting services to businesses looking to enhance their
financial performance. This might entail budgetary planning, financial data analysis,
and the application of mathematical models to produce suggestions for revenue
growth or expense reduction.
 Accounting for forensics:
CPAs may do forensic accounting in situations involving fraud or financial anomalies.
They track down money, examine financial transactions, and calculate damages in
court using their mathematical expertise.

Individualized Money Management:

Certain CPAs provide services related to personal financial planning, assisting clients
with estate planning, retirement planning, and investment strategies. They compute
investment returns, estimate future financial scenarios, and optimize financial
strategies using mathematics.

Risk Control:
CPAs evaluate financial risks for both people and companies. To assess possible
financial exposures, gauge the effect of hazards, and suggest risk-reduction tactics,
they employ mathematical modeling.

Business Evaluation:
CPAs may appraise companies for a range of reasons, including legal issues,
mergers, and acquisitions. To compute corporate worth, evaluate financial
performance, and ascertain the fair value of assets, mathematical techniques are
applied.

Applicability of Personal Finance Mathematics:

Financial Planning and Budgeting: CPAs assist people and organizations in making
financial plans by using mathematical computations to build budgets that help them
plan for future investments, savings, and outlays.

Investment Analysis:
CPAs evaluate risks, examine investment possibilities, and make defensible
judgments on behalf of their customers using mathematical models.

Retirement Planning:
CPAs analyze retirement requirements, establish savings objectives, and optimize
investment strategies using mathematical predictions in personal financial planning.

In conclusion,
CPAs must be proficient in mathematics in order to carry out a variety of accounting,
financial analysis, and personal financial planning activities. Because of their
knowledge, CPAs may advise clients strategically on finances, do correct
calculations, and improve the financial health of both people and businesses as a
whole. (Indeed, n.d.)

3) The employment outlook for CPA job in Canada

→
Several factors contribute to the demand for CPAs in Canada:
 Economic Growth: When the economy grows, business activity usually rises as well,
which in turn fuels the need for financial and accounting services.

Regulatory Compliance: Businesses in Canada are required by law to abide by

financial reporting guidelines and accounting standards, which means that there is a
constant demand for certified accounting specialists.

Business Expansion: Accounting specialists are required to oversee financial matters

and guarantee seamless transitions when organizations grow, combine, or purchase
other firms.

Retirement of Experienced Professionals: New professionals, especially CPAs, have

possibilities to enter the accounting sector as a result of the retirement of the current
workforce.

Technological Advancements: The need for CPAs with expertise in data analytics,
automation, and information technology has grown as a result of the use of
technology into accounting procedures. (CPA Ontario, n.d.)

4) the salary range or average.

→
In Ontario, the median compensation for a CPA is $130,000, which is a more realistic
measure of pay than the average of $185,000. Remember that this figure
encompasses all CPAs, from entry-level to high salaries.

The median starting wage for CPAs at the outset of their careers is $86,000, which is
almost 40% more than the median income for all Ontario residents between the ages
of 25 and 54.

CPAs' pay will rise in line with their professional growth, experience, and industry
exploration as they continue to add value to various businesses. The median
compensation for a CPA with 25 years of experience is $180,000. This puts them
among the top 2–5% of Canadian earners. (CPA Ontario, n.d.)

5) Internet references (IP addresses) of where you found your

information.
→

References
APOLLO. (n.d.). Retrieved from apollocover.com:
https://apollocover.com/magazine/how-to-become-a-cpa-in-canada
CPA Ontario. (n.d.). Retrieved from cpaontario.ca:
https://www.cpaontario.ca/insights/blog/how-much-do-cpas-make
CPA Ontario. (n.d.). Retrieved from cpaontario.ca:
https://www.cpaontario.ca/insights/blog/reasons-to-become-cpa
Indeed. (n.d.). Retrieved from indeed.com:
https://ca.indeed.com/career-advice/finding-a-job/what-does-cpa-do

Research Inquiry 2 - College Program

1. the name and location of the college program;
→

Name of College Program- Accounting – Business

Location – Durham College Oshawa Campus
(Durham College, n.d.)

2. the secondary school mathematics course(s) required for entry

into this program;
→ Here are some secondary school mathematics required course for Accounting
Business
1. Foundational Mathematics
2. Advanced Mathematics
3. Data Management or Statistics
4. Financial Mathematics

3. career possibilities that may result from taking this program;

and
→ Career Option for Accounting Business
 Accounting administrator
 Bank teller
 Billing analyst
 Bookkeeper/payroll clerk
 Budget coordinator
 Collections officer
 Financial analyst
 Junior accountant
 Personal tax preparation clerk
(Durham College, n.d.)
4. a description of how the program explores the mathematics of
personal finance;
→
Accounting business are crucial in assisting people and organizations in navigating the
challenging world of personal finance. There are several facets to the accounting
profession's investigation of mathematics in personal finance. The following explains
how accounting business use personal finance mathematics:

Financial planning and budgeting:

Accounting specialists help people develop budgets that take into account their income,
spending, and financial objectives. In order to manage debt, plan for savings and
investments, and distribute cash effectively, mathematical computations are required.

An analysis of income and expenses

Accountants use mathematical tools to examine the sources of income and expenses for
people. They support customers in understanding their cash flow, finding cost-saving
opportunities, and making wise spending and saving decisions.

Planning and Optimizing Taxes:

Math is used by accountants to maximize individual tax planning. They determine
taxable income, evaluate credits and deductions, and create plans to reduce tax
obligations while maintaining legal compliance.

Evaluation of Investments:
Accounting experts may help customers assess potential investments. In order to
evaluate possible returns, examine risks, and decide how best to allocate assets for
long-term growth, this requires mathematical modeling.

Organizing for Retirement:

Accountants use mathematical forecasts to assist people in making retirement plans.
They project the necessary savings, compute future financial demands, and create plans
to guarantee a pleasant retirement.

Organizing for Retirement:

Accountants use mathematical forecasts to assist people in making retirement plans.
They project the necessary savings, compute future financial demands, and create plans
to guarantee a pleasant retirement.

Mortgage and Loan Calculations:

Accountants help people comprehend how loans and mortgages are calculated
mathematically. This include figuring out interest rates, figuring out monthly payments,
and giving advice on the financial effects of borrowing.
 Risk Control:
Accounting firms use mathematical modeling to investigate risk management. They
evaluate a range of financial risks, including market volatility, and create plans to
minimize possible losses while maximizing investment returns.

Estate Organization:
Accountants utilize mathematical techniques in estate planning to determine the worth of
assets, evaluate possible tax consequences, and create plans for the effective
distribution of wealth to heirs.
(WGU, 2023)

5. Internet references (IP addresses) of where you found your

information.
→

References

Durham College. (n.d.). Retrieved from durhamcollege.ca:

https://durhamcollege.ca/programs/business-accounting
Durham College. (n.d.). Retrieved from durhamcollege.ca:
https://durhamcollege.ca/programs/business-accounting#tabCareer
WGU. (2023, sep 06). Retrieved from wgu.edu: https://www.wgu.edu/blog/benefits-
using-accounting-your-daily-life2309.html#:~:text=Accounting%20helps
%20you%20understand%20the,to%20make%20informed%20investment
%20decisions.

Research Inquiry 3 - RRSP and RESP

1. a definition of RRSP
→
A retirement savings and investment account (RRSP) is a tax-advantaged
account that is intended to assist Canadians in saving for their retirement. When
money is deposited to an RRSP, it is immediately tax deductible since the
amount is subtracted from the contributor's taxable income for the year. Until they
are withdrawn, the investments held in an RRSP grow tax-free; after that, they
are subject to income tax. (Indeed, n.d.) (Government Of Canada, n.d.)
2. What is the current RRSP contribution limit in Canada?
→
Up to a maximum yearly limit established by the government, the RRSP
contribution limit is determined as a proportion of an individual's earned income.
 The maximum contribution to an RRSP as of 2024 is $29,210, or 18% of the
individual's earned income from the prior year. Individuals can obtain their exact
contribution limit on their Notice of Assessment from the Canada Revenue
Agency (CRA). Please note that this amount is subject to change. (Sun Life,
2024)

3. a definition of RESP
→
In Canada, a Registered Education Savings Plan (RESP) offers tax advantages
to individuals who help parents, relatives, or friends prepare for their child's future
education. While the investment income created within a RESP grows tax-free
until it is withdrawn, payments to the plan are not tax deductible. The recipient
may receive payments from the RESP to help pay for their education after they
enroll in an approved educational program. (Government of canada, n.d.)

4. What is the current maximum RESP contribution in

Canada?
→
Each beneficiary's maximum lifetime contribution to a RESP is $50,000. There is
a maximum amount that can be paid to be eligible for government subsidies,
including the Canada Education Savings Grant (CESG), however there is no
yearly contribution cap. A matching grant of 20% of the yearly payments made to
a RESP is offered by the CESG, with a $500 annual maximum and a $7,200
lifetime cap per beneficiary. (Government of canada, n.d.)

5. Internet references (IP addresses) of where you found your

information.
→

References

Government of canada. (n.d.). Retrieved from canada.ca:

https://www.canada.ca/en/services/benefits/education/education-savings/
managing-plan.html
Government of canada. (n.d.). Retrieved from canada.ca:
https://www.canada.ca/en/revenue-agency/services/forms-publications/
publications/rc4092/registered-education-savings-plans-resps.html
Government Of Canada. (n.d.). Retrieved from canada.ca:
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/
rrsps-related-plans/registered-retirement-savings-plan-rrsp.html
Sun Life. (2024, January 02). Retrieved from sunlifeglobalinvestments.com:
https://www.sunlifeglobalinvestments.com/en/insights/investor-education/
 getting-started/rrsps-know-your-limits/#:~:text=Your%20RRSP
%20contribution%20limit%20for,the%20dollar%20limit%20w

Research Inquiry 4 - Mortgages

Using the location of your researched college program, research the following: •
1. average house price
→
Average House price of 5BhK in Oshawa is $699000. (Realtor.ca, n.d.)
2. best interest rate for that house for a 5-year fixed
mortgage rate
→ Best interest rate for house in Canada is 5.69% for 5-year fixed mortgage.
(TD, n.d.)

3. the mortgage payment

→
If we paid 20% down payment of $699000. And 5.69% interest rate for 25
years than mortgage will be $3475. (Realtor.ca, n.d.)

4. Internet references (IP addresses) of where you found

your information.

References

Realtor.ca. (n.d.). Retrieved from realtor.ca:

https://www.realtor.ca/map#ZoomLevel=12&Center=43.946595%2C-
78.873100&LatitudeMax=44.00033&LongitudeMax=-
78.69629&LatitudeMin=43.89281&LongitudeMin=-79.04991&Sort=6-
D&PGeoIds=g30_dpzcvnrj&GeoName=Oshawa%2C
%20ON&PropertyTypeGroupID=1&TransactionTypeId=2&Pr
Realtor.ca. (n.d.). Retrieved from realtor.ca:
https://www.realtor.ca/calculator#v=payment
TD. (n.d.). Retrieved from td.com:
https://www.td.com/ca/en/personal-banking/products/mortgages/mortgage-
rates
 Research Inquiry 5 - Renting
Using the location of your researched college program, find a possible
apartment in the area. Include the following: •
1. characteristics of the apartment (1 bedroom, hydro extra, etc)
→
2 bedrooms, 2 bathrooms, heating included, hydro extra.
2. address of the apartment
→
#1518 -2550 SIMCOE ST N
Oshawa, Ontario L1L0R5
(realtor.ca, n.d.)
3. rental costs
→
$2350
4. distance from the college
→
2.4KM
5. Internet references (IP addresses).
→

References

realtor.ca. (n.d.). Retrieved from realtor.ca:

https://www.realtor.ca/real-estate/26428006/1518-2550-simcoe-st-n-oshawa-
windfields

Summary
Based on your research, answer the following question. Support your answer with
references to your research.
1. Where do you see yourself in 10 years from now?
→ I will become CPA in 10 years, and I will open my own business of CPA.

2. Did you consider the occupation that you researched?

→ Yes
3. Are you investing in RRSPs or RESPs?
→ No, personally in my opinion, RRSP and RESPs are scam form government. Those
are the tax saving programme which you can use after sometimes. Even we are paying
tax when we are getting it back at old age. Government asking for tax because they
 count as our income. But who know how long we are going to live. If you died earlier
than you will not get full benefits of it. Even their charge is high if you are going to
withdraw it before time. I rather to use my money in investment.

4. Did you buy a home or are you renting a home?

→
I am renting a house. I don’t have enough down payment. And interest rate is higher too.