a) What is the purpose of creating your personal cash flow statement? ...
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Finance
a) What is the purpose of creating your personal cash flow statement?
| To create your balance sheet | ||
| For your annual tax return records | ||
| To track your net worth | ||
| To develop your budget |
b) What is the main reason why people should not use TFSA like a regular savings for day-to-day transactions?
| TFSA offers a lower interest rate than a regular savings | ||
| May end up exceeding yearly maximum limit if there are too many deposits throughout the year | ||
| If you withdraw money from TFSA within a month of contribution then the interest earned is taxable | ||
| There are transaction fees associated with TFSA accounts |
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