The Old Age Security program is the largest statutory program of the Government of Canada, and consists of the Old Age Security pension, the Guaranteed Income Supplement, and the Allowance. The Guaranteed Income Supplement is provided to low-income seniors aged 65 years and over who receive the Old...
Using data from the Survey of Financial Security (SFS), this article looks at changes in debt, assets and net worth among senior Canadian families over the period from 1999 to 2016. It also examines changes in the debt-to income ratio and the debt to-asset ratio of senior families with debt. This...
The introduction of Tax-Free Savings Accounts (TFSAs) in 2009 transformed how Canadians save. One of the main reasons for creating TFSAs was to provide a taxassisted savings instrument for low-income Canadians to enable them to improve their retirement income. Now, 10 years later, many low-income...
To address challenges around savings, the asset building and financial services fields have developed an array of solutions that attempt to support savings and wealth accumulation. However, the landscape of savings solutions is complex, difficult for households to navigate, and full of solutions...
This infographic from Statistics Canada shows the labour market outcomes for college and university graduates between 2010 and 2014. It shows the median employment income achieved by graduates of different education levels, 2 years and 5 years post-graduation. Overall, it shows that people with...
Use this calculator from GetSmarterAboutMoney.ca to find out how your investment will grow over time, with compound...
Use this tool to estimate how much your registered retirement savings plan (RRSP) will be worth at retirement and how much income it will provide each...
This calculator will help you estimate the value of the investments in your TFSA when you’re ready to withdraw them, and compare this amount to the value of your investments in a non-registered plan to see your overall estimated tax...
This is a one-hour webinar on matched savings programs and personal savings strategies that work for people living on low incomes. Our panelists share experiences from their programs in Ontario and Calgary. The presenters in this webinar are: Dean Estrella, Momentum, Calgary, AB John...
As student loan reform continues to dominate national discourse, a NEFE-funded study shows that financial education in states with state-mandated personal finance graduation requirements causes students to make better decisions about how to pay for college. It increases applications for aid,...
This is a one-hour webinar on increasing take up of Registered Education Savings Plans (RESPs) among people on low incomes. Our panelists share challenges and success stories in their work to help clients save for their children’s post-secondary education. Learn successful outreach strategies,...
This brief explains the asset-building approach to poverty reduction. While many families who live on low incomes struggle to meet basic needs, they miss out on opportunities to save and invest - opportunities that are critical in overcoming poverty. Without income, people are unable to get by...
Children’s education savings accounts are a vital tool in boosting high school completion rates, increasing post-secondary education attainment, and reducing poverty. Research shows that saving for a child’s education is connected to improved child development, greater educational and career...
The Canada Learning Bond (CLB) is an educational savings incentive that provides children from low income families born in 2004 or later with financial support for post-secondary education. Personal contributions are not required to receive the CLB, however take-up remains low among the eligible...
This one-page fact sheet tells you everything you need to know to make your child's future possibilities grow! The Canada Learning Bond (CLB) is a grant of $500 up to $2000 from the Government of Canada to eligible families to help with the cost of a child’s education after high school. It...
This case study is about the Omega Foundation’s SmartSAVER program. It has effectively elevated the Canada Learning Bond (a post-secondary education savings program for low income families) from a struggling idea to a fully-fledged and well-utilized national resource. In so doing, Omega and...
This document explains the basics of group RESPs, including what they are, what they may cost, what you need to know about your group RESP if you are already enrolled in a plan, and how to figure out your...
Through the Group RESP Research and Education Project, SEED Winnipeg, Momentum (Calgary), the Legal Help Centre of Winnipeg, and an interdisciplinary research team studied the regulation of group plan RESPs and the experiences of low-income subscribers, and developed public legal education...
An infographic highlighting how to attend post-secondary education with no student debt. It shows how a family eligible for the Canada Learning Bond, with average family savings, student earnings and available grants can cover the cost of post-secondary education (PSE) with no need to...
Building savings is a fundamental strategy for empowering individuals and families with low incomes. Even relatively small amounts of savings can serve as a buffer against inevitable financial shocks that can otherwise undermine social service efforts and successes – and short-term savings offer...
People manage their money in a variety of different ways, sometimes in ways that others fail to understand, but that work well for them. The research in this new report focuses on one of those ways: informal saving. Informal saving can take many forms: saving in cash at home (sometimes literally...
This Economic Insights article documents the characteristics of families with children under the age of 18 who hold registered education savings plan (RESP) investments. The article also examines the relationship between holding an RESP account at age 15 and postsecondary enrolment between the ages...
Using data from a survey of young, enlisted Army service members, we explore whether soldiers have emergency funds and other types of savings. We find different sets of predictors for having an emergency fund and for the amount held in the fund. In general, education and money management...
Canada’s performance in higher education and skills development has been fairly strong for many years. On key measures we are at or near the top of international rankings and our highly skilled people contribute to economic competitiveness, social innovation, and political and community...
These are the webinar slides from the Center for Financial Security webinar on the role of education in retirement...