The increasing financial vulnerability of Canadian households

The ballooning cost of living has had a disproportionate impact on low-income households, 77.6% of whom are financially vulnerable or extremely financially vulnerable. Prosper Canada's recently commissioned study from the Financial Resilience Institute, shows the unarguable deteriorating state of finances of Canadian households.

Eloise Duncan (Founder and CEO Financial Resilience Institute) presents an Overview of Financial Vulnerability of Low-Income Canadians: A Rising Tide study data.

The overview is followed by a panel discussion on how increasing financial vulnerability is playing out in communities and how policymakers should respond.

Panel speakers are:

  • Sasha McNicoll (Prosper Canada)
  • Eloise Duncan, (Financial Resilience Institute)
  • Louise Simbandumwe (SEED Winnipeg)

Click 'Get it' below to access the video link and scroll down to access video timestamps for this webinar.

Download the full Overview of Financial Vulnerability of Low-Income Canadians: A Rising Tide report here

 



Read the presentation slides for this webinar.

Download the Overview of Financial vulnerability of Low-Income Canadians: A Rising Tide

Time-stamps for the video recording:
00:00 – Start

6:05 – Agenda and Introductions

8:24 – Overview of Financial vulnerability, of low-income Canadians: A rising tide (Speaker: Eloise Duncan)

25:40 – Panel discussion: how increasing financial vulnerability is playing out in community and how policy makers should respond.

45:35 – Q&A

Financial Vulnerability of Low-Income Canadians: A Rising Tide

This report provides a call to action for more targeted support from policymakers, financial institutions and community non profit organizations for low-income households and Canadian households who are more financially vulnerable. This is particularly important given inequities, systemic barriers and challenges many of these households face, along with difficulties in accessing financial help.



Survey on savings for persons with disabilities

Residents in Canada who have a severe and prolonged mental or physical disability are eligible for the Disability Tax Credit (DTC). This opens the door to other programs, one of which is the RDSP.

Less than one-third of eligible residents in Canada (up to age 59) have a Registered Disability Savings Plan (RDSP)—about 31.5% in 2020.

To understand why more eligible residents in Canada do not have an RDSP, Employment and Social Development Canada asked Statistics Canada to conduct the Survey on Savings for Persons with Disabilities. Its goal was to collect data from residents in Canada who were eligible for an RDSP but did not open one.

These respondents included both persons with disabilities and family members or others who care for persons with disabilities, since the holder of the plan may not be the same person as the beneficiary in all cases.

These data show that, in general, eligible residents in Canada lack information about the RDSP, with many not being aware it exists and a substantial portion reporting not having enough information or money to open one.



Ethnography of vulnerable newcomers’ experiences with taxes and benefits

This report presents the findings of an ethnographic research project undertaken by researchers at the Accelerated Business Solutions Lab (ABSL) at the Canada Revenue Agency (CRA). It is the second of a series of ethnographic reports on the experiences of vulnerable populations. The objective of this study is to develop the CRA’s understanding of newcomers’ experiences as they first encounter the Canadian tax and benefit system. These findings illuminate potential directions for improving tax and benefit information and services available for newcomers.



National Financial Empowerment Champions Project: Summary Report

The National Financial Empowerment Champions (NFEC) Project supported leading non-profit community organizations and their local partners to develop, implement and scale proven financial empowerment (FE) interventions across Canada with the aim of improving the financial well-being of over one million Canadians.

This summary report captures the objectives, outputs, outcomes and lessons learned from the NFEC Project. A detailed Evaluation Framework and Evaluation Insights are also available.



Early Planning Toolkit

A toolkit for parents/caregivers with a child with a disability ages 2 to 10, containing:

  • An everyday childhood action guide
  • Early planning priorities for parents with a child with a disability (upcoming webcast)
  • Accessing financial resources for a young child with a disability (upcoming webcast)
  • Early planning checklist



Tax Credit Outreach Resources

The Get It Back Campaign helps eligible workers in the United States claim tax credits and use free tax filing assistance to maximize tax time. A project of the Center on Budget and Policy Priorities, the Campaign partners with community organizations, businesses, government agencies, and financial institutions to conduct outreach nationally. For 30 years, these partnerships have connected lower and moderate-income workers to tax benefits like the Earned Income Tax Credit (EITC), the Child Tax Credit (CTC), and Volunteer Income Tax Assistance (VITA).

Their website contain a variety of outreach materials that can be adapted for your organization, including:



Roadblocks and Resilience

This report, Roadblocks and Resilience Insights from the Access to Benefits for Persons with Disabilities project, provides insights on the barriers people with disabilities in British Columbia face in accessing key income benefits. These insights, and the accompanying service principles that participants identified, were obtained by reviewing existing research, directly engaging 16 B.C. residents with disabilities and interviewing 18 researchers and service providers across Canada. We will use these insights to inform development and testing of a pilot service to support people with disabilities to access disability benefits.

The related journey map Common steps to get disability benefits also illustrates the complexities of this benefits application process. 

This journey map illustrates the process of applying for the Disability Tax Credit.

The journey map Persons with Disability (PWD) status illustrates the process of preparing for and applying for and maintaining Persons with Disabilities Status and disability assistance in B.C.



Budgeting resources webinar

This webinar hosted by Credit Canada features guest expert Prosper Canada's Manager of Learning and Training, Glenna Harris. She shares some of their tried-and-true resources to help get people started on budgeting and debt management.

She also provides a new tool - Financial Relief Navigator - that can help connect people with income supports they might be eligible for.



COVID-19 financial literacy resources

CPA Canada has put together resources to help manage your finances and provide you with the tools you need during this crisis – and beyond.



COVID-19 Financial Resource Centre

Credit Canada has pulled together financial information from trusted sources and released original content to help Canadians manage their finances during COVID-19.