The t-J-U model of high-Tc copper-oxide superconductors incorporates both the on-site Coulomb repulsion and kinetic exchange interaction and yields a semi-quantitative description of the static properties of those materials. We extend this analysis to dynamic quantities and address collective spin- and charge excitations in the correlated metallic state of the t-J-U model. We employ VWF+1/Nf approach that combines the variational wave function (VWF) approach with the expansion in the inverse number of fermionic flavors (1/Nf). It is shown that the resonant (paramagnon) contribution to the dynamic magnetic susceptibility remains robust as one interpolates between the Hubbard- and t-J-model limits, whereas the incoherent continuum undergoes substantial renormalization. Energy of the collective charge mode diminishes as the strong-coupling limit is approached. We also introduce the concept of effective kinetic exchange interaction that allows for a unified interpretation of magnetic dynamics in the Hubbard, t-J, and t-J-U models. The results are discussed in the context of recent resonant inelastic x-ray scattering experiments for the high-Tc cuprates.