On September 9 and 10, 2008, Reaching Higher: Canadian Conference on Financial Literacy was held in Montréal to highlight the effectiveness of current Canadian financial literacy efforts and to examine international strategies. The hosts of the conference were the Financial Consumer Agency of...

In June 2005, Social and Enterprise Development Innovations (SEDI), the Policy Research Initiative (PRI), and the Financial Consumer Agency of Canada (FCAC) organized Canadians and Their Money: A National Symposium on Financial Capability. The conference stemmed from an initial examination by SEDI...

This report summarizes the main themes, ideas and discussion points that emerged from the fourth national conference on financial literacy, which was hosted by the Financial Consumer Agency of Canada (FCAC) in Vancouver, B.C. on November 6 and 7, 2014. The conference brought together the top issues...

SEDI has prepared this report at the request of the Financial Consumer Agency of Canada (FCAC) to assess the current state of the production and delivery of financial capability services and products in Canada. This final report presents our main findings and conclusions based on the quantitative...

Payday loans are an expensive way for consumers to borrow money. The use of these short-term, high-cost loans has more than doubled in Canada recently to four percent of Canadian households. The Financial Consumer Agency of Canada (FCAC) has been tasked with raising public awareness about the costs...

The Financial Consumer Agency of Canada (FCAC) commissioned The Strategic Counsel to undertake an environmental scan of experts and organizations engaged either directly or indirectly in the field of financial literacy, specifically in respect of the challenges facing seniors in Canada. This report...

In 2014, FCAC sponsored the Canadian Financial Capability Survey (the CFCS 2014), a national survey of consumers that was conducted by Statistics Canada, to shed light on Canadians’ self-reported knowledge, abilities and behaviours related to a range of financial issues. The survey results...

The Financial Consumer Agency of Canada (FCAC or the Agency) recently conducted research in the autolending space to better understand market conduct, the regulatory framework, and growing microeconomic risks. This report focuses on the auto loans offered by federally regulated lenders and the...

This is a short guide by the FCAC on how to cash a government of Canada cheque for free. Under Canadian law, you have the right to cash your Government of Canada cheque for free. You can cash a Government of Canada cheque for free at any bank, even if you are not a...

This is a guide on cheque hold periods when banking in Canada. When you receive a cheque, you may consider two things before deciding where to cash it: When can you get your money? How much will it cost you to cash the cheque? Although cheque cashing services may make money available immediately,...

All banks, and trust, loan and insurance companies and retail associations that are federally regulated (or that are incorporated at the federal level) must have a complaint-handling process in place for individuals and small businesses. This process details how a customer may make a complaint, and...

In Economic Action Plan 2013, the Government identified seniors as a priority group and committed to implementing a financial literacy strategy that specifically responds to seniors’ needs. This document, which has been refined through consultation with Canadians and stakeholder organizations...

This short guide explains the process of getting debt management help from a credit counselling agency. Credit counselling agencies provide a range of services for people in financial difficulty. One of the most common services they offer is help with finding the best strategy to pay off your debt...

This is a guide on how to choose a chequing account to manage day-to-day banking needs. A chequing account is a deposit account offered by financial institutions for managing day-to-day financial transactions, such as paying bills, making purchases with a debit card, depositing your paycheque, and...

This short guide explains what rights customers have when a financial institution closes a branch. When a financial institution is planning to close a branch, it must provide proper notice to its customers in order to minimize any inconvenience. To give consumers and communities time to find other...

Compare features for different chequing and savings accounts, including interest rates, monthly fees and transactions. Find an account that best suits your needs. Narrow your search, view search results, and compare your results using this account comparison tool from the Financial Consumer Agency...

The purpose of this report is to provide policy makers, supervisory agencies, researchers, industry stakeholders and the general public with a systematic analysis and broad understanding of the trends related to the banking fees levied on consumers’ deposit accounts in Canada. The principal...

Mobile payments (m-payments) are an important aspect of mobile banking, which is a form of retail financial services that is growing rapidly around the world. Canadian consumers are increasingly migrating away from branch-based banking towards online and mobile banking. Research suggests that the...

This is a guide by the FCAC on how to choose the right savings account for you. A savings account is a good way to save money for short-term goals or to build an emergency fund for unexpected expenses. The interest rate, account fees and the ability to access your money easily are important factors...

This is a guide from the FCAC on variable interest rate mortgages in Canada. A variable interest rate mortgage is a mortgage loan with an interest rate that can change during the term. The interest rate varies with changes in market interest rates (typically the bank’s prime lending rate). The...

This is a document from the Financial Consumer Agency of Canada explaining tips on how to manage your refund at tax time to make the most of...

This tool from the Financial Consumer Agency of Canada will help you compare different payment options to pay off your credit card balance. statement. If you can't, you can still reduce the amount of interest you will have to pay. The credit card payment calculator compares 3 different payment...

This is a guide from the FCAC on shopping around for a mortgage. A mortgage is a loan that is designed to help you purchase a home or other property. Home buyers make a down payment on the purchase price and then borrow the remainder from a lender. Five percent is the minimum down payment home...

This guide explains how to open a bank account in Canada, and your rights when opening a bank...

This is a guide to opening an RESP for education savings in Canada. You can open an RESP at almost any financial institution—including a bank, trust company or credit union—or an investment or scholarship plan dealer. You can open an RESP as soon as the child is born. The money in the plan...