General modifications

  • Removed Chapter 13 “Behavioral Finance and Market Behavior” from the original version
  • Removed Chapter 14 “The Practice of Investment” from the original version
  • Updated all sections with Canadian content and spelling, and revised narratives (examples) to reflect a Canadian readership
  • Added Indigenous content throughout the text, including perspectives and information derived from Elder interviews
  • Updated information in tables and relevant examples
  • Transferred manuscript into Pressbooks and recreated tables in the Pressbooks table template in order to adapt and customize this textbook for different courses and audiences
  • Combined the chapters on bonds and mutual funds into one chapter
  • Replaced US-based financial information with relevant Canadian content throughout the textbook
  • Removed some exercises and adapted numerous others at the end of each chapter section in order to ensure the relevant Canadian resources were included
  • Added new tables to reflect the Canadian financial and economic system
  • Revised sections of Chapters 1, 4, 5, 6, 7, 9, 10, and 11
  • Replaced endnotes with Chicago reference style

Front Matter

  • Created a new cover, title page, and revised the book title to better reflect the audience and aim of this adapted textbook
  • Added a new preface and author introduction
  • Added Elder interviews
  • Created a table of contents

Chapter 1

  • Updated information on financial advisors and references to professional organizations for a Canadian context, including Table 1.4.1 “References to Professional Organizations”
  • Modified the discussion on employment and participation rates
  • Replaced US-specific tables with Canadian content

Chapter 2

  • Added Indigenous perspectives on the basics of personal finance and the importance and development of financial literacy
  • Modified exercises to include Canadian content

Chapter 3

  • Added information from the Financial Consumer Agency of Canada on the key components of financial planning and options for personal finance planning software

Chapter 4

  • Added time value of money exercises to build student confidence in basic math equations
  • Modified some of the language explaining the time value of money

Chapter 5

  • Enhanced content with Indigenous perspectives on budgeting and saving money

Chapter 6

  • Significantly adapted the chapter to focus on the Canadian tax system, including a detailed review of tax jurisdictions, tax brackets, and taxation with regard to Indigenous peoples

Chapter 7

  • Updated information on the Canadian banking system and institutions
  • Added information on Indigenous banking and financing
  • Enhanced content with information on Indigenous traditional resource management practices
  • Added information on Canadian savings instruments
  • Updated the section on credit—kinds, cost, and use of credit, credit ratings, credit troubles and protection, insolvency—with Canadian content
  • Updated the section on debt—uses (student loans), risk (interest rates), and cost—with Canadian content

Chapter 8

  • Added information on federal, provincial, and territorial consumer affairs offices throughout Canada
  • Updated information on consumer scams and how to protect yourself with facts from the Canadian Competition Bureau
  • Added information on purchasing and financing a car in Canada

Chapter 9

  • Enhanced the benefits and drawbacks analysis on renting versus home ownership
  • Added an overview of the Canada Mortgage Housing Corporation
  • Added an explanation of the importance of determining one’s gross debt service and total debt service ratios when considering the purchase of a home and inserted links to convenient online calculators (e.g., a mortgage calculator)
  • Added information on the mortgage pre-approval and qualifying process
  • Replaced US-specific tables with Canadian content
  • Added a standard home inspection checklist
  • Added content on financing the purchase of a home in Canada
  • Added Canadian content to, and expanded on certain terminology in, the section on monthly mortgage payments
  • Added information on housing for Indigenous peoples in Canada

Chapter 10

  • Added information on risk management, risk avoidance, risk reduction, and risk assumption
  • Outlined the different Indigenous insurance companies and insurance companies in Canada that serve primarily First Nations clients
  • Added information on tenant’s insurance
  • Adapted for Canadian health insurance, auto insurance, and life insurance

Chapter 11

  • Added Canadian content on projecting needs and estimating expenses with regard to retirement planning
  • Introduced defined benefit and contribution plans in Canada
  • Added discussion of public pensions in Canada and personal retirement plans (e.g., RRSPs, TFSAs)
  • Updated information on wills and estate planning, trusts and gifts, with Canadian content

Chapter 12

  • Added a section on creating an investment climate to support the growth of Indigenous entrepreneurs and businesses
  • Added information on socially responsible investing

Chapter 13

  • Added Canadian content on stocks and exchanges

Chapter 14

  • Identified and described various Canadian federal, provincial, and municipal government bonds and mutual funds

Chapter 15

  • Revised career planning and job search scenarios with Canadian examples
  • Revised information on employment protection and voluntary or involuntary job loss with Canadian content
  • Enhanced chapter content with information on Indigenous employment networks


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Financial Empowerment: Personal Finance for Indigenous and Non-Indigenous People Copyright © 2018 by Bettina Schneider and Saylor Academy is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted.

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