• ways of transferring money:
  • cash
  • debit cards (note: age restriction)
  • credit cards (note: age restriction and qualification requirements)
  • gift cards
  • cheques
  • bank drafts
  • electronic wallets (e.g., tapping a smart phone or watch that has apps or payment cards attached to a bank account)
  • e-Transfers
  • wire transfers
  • automatic deposits
  • automatic payments
  • online payments
  • cryptocurrency

• Money can be transferred in a wide variety of ways.
• Some methods of transferring money might work for some individuals, families, communities, organizations, or businesses, but not for others, depending on a variety of factors (e.g., purpose, context, geography, personal circumstances and preferences, available financial institutions, time constraints, security considerations, available funds).

Have a class discussion about the ways people may transfer money and why they might choose one method over another.

• cost of purchases:
  • if paying electronically:
    • paying the exact amount
  • if paying with cash, round to the closest 5 cents:
    • cost is $1.02 – payment is $1.00
    • cost is $1.03 – payment is $1.05
    • cost is $1.08 – payment is $1.10
• estimating and calculating change for a cash transaction involving dollars and cents, including sales tax:
  • item priced at $30, with a 13% sales tax, paying with a $50 bill:
    • Estimate the sales tax as 15%, which is one tenth of 30 = $3.00 and then another half of that, so $1.50 + $3.00 = $4.50, making the total cost about $35. The change is estimated to be $15.
    • Use a calculator to verify the exact cost and the change:
      • $30 + 13% = $33.90, so the change is $16.10.

• Estimating and calculating the cost and change required in cash transactions requires the application of addition, subtraction, multiplication, division, mental math strategies, and math facts.
• Sales tax has an impact on the total cost of a purchase. 

Note

• In Grade 5, students should be representing money amounts using standard currency notation, including for calculations.
• Real-life contexts provide opportunities to practise strategies for accurately calculating money amounts that include cents (decimals to hundredths).
• Practice with estimating and calculating money amounts and determining change strengthens students’ understanding of addition, subtraction, and place value.
• Working with money reinforces students' understanding of the concepts of percent and of decimals to hundredths and helps to connect their understanding of the concept of place value to its use in real-life contexts.

• designing a sample basic budget:
  • identifying the purpose and time frame
  • brainstorming:
    • possible earnings
    • possible spending
  • sharing budget for feedback
  • adjusting budget as needed

• Budgets are financial planning tools that can be used in real-life contexts.
• Creating a sample basic budget requires the consideration of factors involved (e.g., earnings, expenses, the goals of the budget) and how to use a budget to inform financial decisions.
• Keeping a record of earnings and expenditures is a key component of a budget.

As a class, design a basic budget for a sale (e.g., an arts and crafts sale) that includes the cost of the materials, the cost of the packaging, and a target profit of $100, to be donated to a local charity chosen by the class. Have students determine how much money the class would need to make from the items being sold at the arts and crafts sale to cover all of their costs as well as the $100 donation. (It is recommended to have a class discussion first about giving to charities, which charity to select and, why.)

• credit:
  • the credit limit on a credit card
• debt:
  • money borrowed from an official lender, friend, or family member
  • an unpaid balance on a credit card

• The concepts of credit and debt are introduced to identify how using credit and carrying debt might impact financial well-being.

Note

• Financial decisions involve choices and are based on varying circumstances (e.g., there are many situations where someone may decide to take a loan to acquire an asset, or use a payment plan to purchase an item to meet an immediate need).

• unit rates:
  • $0.85 per litre
  • $1.32 per gram
  • $24 per hour
  • $5 per gigabyte

• Unit rates can be used to make direct comparisons in order to identify the “better buy”. This is a skill that supports consumer awareness, allowing consumers to determine the best value when making a purchase.

Note

• Unit rate is an important concept that can be applied to solve mathematical problems across strands.

• types of taxes:
  • municipal:
    • property taxes
    • dog and cat licences
  • provincial:
    • sales tax
    • income tax
    • health services tax
  • federal:
    • income tax
    • sales tax
• services provided:
  • education
  • health care
  • environmental protection
  • garbage collection and recycling
  • fire services
  • transportation
  • correctional facilities
  • public safety
  • animal control

• Different levels of government and other elected bodies (i.e., federal, provincial, territorial, and municipal governments; band councils) collect a variety of taxes from individuals and businesses in order to pay for facilities, services, and programs (e.g., roads and highways, hospitals, education, national defence, police and fire services, parks and playgrounds, garbage collection, and many other programs and services). 

Note

• Contributing to and distributing financial resources through taxes impacts the standard of living in communities.

Have students work in groups to research, identify, and describe how levels of government and elected bodies provide services to communities using revenue collected through taxes. Students should identify which levels of government and elected bodies are responsible for various services.