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Resources for Financial Well-Being

October 16, 2020 | Canada

Financial well-being means having financial security and financial freedom of choice, in the present and in the future. More specifically, having financial well-being is when you:

  • Have control over day-to-day, month-to-month finances
  • Have the capacity to absorb a financial shock
  • Are on track to meet your financial goals
  • Have the financial freedom to make the choices that allow you to enjoy life

See below: Resources for Individuals and Businesses

Your Financial Toolkit

A comprehensive learning program that provides basic information and tools to help adults manage their personal finances and gain the confidence they need to make better financial decisions. Learn more about the program and how to use the learning modules.

Three ways to use Your Financial Toolkit

The toolkit is flexible and modular. You can complete the entire program page by page, use the menu below to find topics of interest, or try the  Self-assessment tool to find out what modules and tools could be useful for you based on your situation and needs.

Module 1: Income, expenses and  budget

Module 2: Banking

Module 3: Saving

Module 4: Credit and debt management

Module 5: Mortgages

Module 6: Insurance

Module 7: Investing

Module 8: Income taxes

Module 9: Income taxes Quebec

Module 10: Retirement and pensions

Module 11: Financial planning

Module 12: Fraud protection

 

Welcome to the Financial Literacy self-assessment quiz

Take this self-assessment quiz to figure out how your financial literacy skills and knowledge measure up compared to other Canadians.

Once you have completed the quiz, your results will include a link to the  Canadian Financial Literacy Database. The database results page is pre-filtered to show resources and events that best meet your identified areas of need based on your responses and help improve or maintain your money management skills and knowledge.

Getting started:

The questionnaire takes approximately 8 minutes to complete. You will answer approximately 30 questions testing your skills and knowledge at keeping track, making ends meet, planning ahead, staying informed and choosing products. You may complete all the questions or skip to the end at any time by pressing the “Show results” button.

Take the quiz!

 

Teaching children about money

Money concepts for different ages, including allowances, spending, credit cards and cellphones.

Begin  teaching children about money

Teach children early about needs versus wants, where money comes from and how to save using a bank account.

Money concepts for each age

What to teach your preschool, school-aged, preteen and teenaged children about money management.

Giving children an allowance

What to consider when deciding to give an allowance: how much to give, how often to give and if it should be earned.

Teaching children about smart spending

How to teach your children to track spending, say no to impulse shopping and be careful when shopping online.

Teaching teens about credit

Teach teens how to use credit, make payments in full, build a credit history and co-sign a credit card.

Your teen's first cell phone

Choose a cell phone service plan, budget for monthly bills, co-sign a contract and protect your teen's credit history.

 

Knowledge of Financial Education (KOFE) - Financial Coach/Credit Counseling

What is Knowledge of Financial Education (KOFE)?

KOFE is a web‐based financial education centre, set up exclusively for our Jamat through Consolidated Credit Counselling Services of Canada, a national accredited non‐profit organization.

Ask a Financial Coach (English-French-Farsi-Arabic)

  • For tailored solutions to get out of debt
  • Am I ready to purchase a home?
  • How do I make a budget?
  • Get answers to your financial questions
  • Private & Confidential

Contact your qualified financial coach today for free. Register today with KOFE (only username & e-mail required) to access all the free services, various tools and calculators, a variety of educational resources like interactive courses, informative videos, publications and webinars to help you build a strong financial future. Toll free number (844) 329-3834.

 

How-to Guides for Personal Finance

Find the help you need with these detailed How-to guides built to educate, empower, and save you money.

As easy as it can be to get into debt, getting out is difficult by comparison. There is no cookie-cutter approach to reaching financial freedom. Whether you’re looking to set up a budget, pay down your credit fast, or just understand your money better, we’ve got a guide for that. Use the Consolidated Credit library of how-to guides below to learn better spending habits, manage your finances, and get out of debt on your own terms.

Life Events & Your Money

 

Services and Information

 

Losing your job

Replacing your income, buy-out options and severance packages.

Living as a couple

Managing money, money conversations, insurance, legal matters, taxes and budgeting for a wedding.

Buying a home

Saving for a home, tax credits, closing costs, working with a real estate agent and more.

Maintaining a home

Ongoing homeownership costs, tax credits and deductions, household budgeting and home renovations.

Selling a home

Setting a sale price, tax implications, working with a real estate agent or selling your home yourself.

Starting a family

Preparing financially for children, maternity and parental leave benefits, insurance and estate planning.

Starting your first job

Managing your money, employee benefits, payroll deductions and employment fraud.

Renting your first apartment or house

The costs of living on your own, budgeting for your move, having roommates and rental agreements.

Getting separated or divorced

Managing and separating your finances, dividing property, insurance and legal matters.

Living with a disability

Managing your money, studying, tax credits, benefits and working with a disability.

Teaching children about money

Money concepts for different ages, including allowances, spending, credit cards and cellphones.

Caring for someone who is ill or disabled

The costs associated with being a caregiver, managing financial priorities and more.

 

 

Interactive Courses

Financial preparedness means peace of mind for you and your family. It is critical for Jamati members to assess their finances and spending habits, especially during times of uncertainty. Taking a course or using tools to learn more about topics such as budgeting can help you escape unhealthy spending habits that lead to personal credit debt.

Living within your means entails setting personal financial goals and balancing your income with household expenses. It also means setting aside savings for key life events such as getting married, purchasing a home, pursuing higher education, retirement planning, and any unexpected crises.

Learn more about how to take simple steps toward financial stability by exploring the resources below.

 

McGill Personal and Financial Essentials

McGill Personal and Financial Essentials is a free, online course with learning modules that help build your financial literacy in areas such as debt management, investing, and real estate. This course includes a certificate from McGill University upon completion.

 

Credit Dojo

Credit Dojo helps people better understand their finances through free, interactive courses on a wide range of financial topics including Budgeting Basics, Smart Spending, and Reading Your Credit Report. Each lesson comes with videos, illustrations, and examples that break down complex material into simple language for the average learner. The end of each unit comes with a quiz that tests your knowledge and mastery of the subject. Take the courses at your own pace, and jump around as needed!

Start Learning Today - Register for free!

Learn more

Credit Dojo topics include:

 

Investments

Get Smarter Re: Investing (OSC) 

Investing and the investment world can be complex. Re: Investing offers clear, unbiased answers to your questions on investing, from a trusted source. Here are some examples of questions asked:

  • "Can I transfer money from my RRSP to a GIC without having to close my RRSP?"
  • "What actions are required to take advantage of the federal government's reduction in the mandatory RRIF withdrawal amount due to COVID-19?"
  • "Does a maturing GIC affect TFSA contribution room?"
  • "COVID-19 has impacted my investments. What resources are there to help me?"

 

Investor Fact Cards

Fact Cards are a new way to share unbiased information about investing from the Ontario Securities Commission’s Investor Office. These ‘digital index cards’ explain a wide range of investing and financial literacy topics, including understanding mutual funds, working with a financial advisor and recognizing the red flags of investment fraud, with new cards being added all the time.

 

Brochures

The OSC website offers electronic copies of brochures covering a wide variety of topics.

Check out their brochures to learn more about investing and how to protect your money. You can view or download them below.

Getting Started
  • Investing basics: Getting started ( HTML or  PDF)
  • Investments at a glance ( HTML or  PDF)
  • Understanding mutual funds ( HTML or  PDF)
  • Researching your investments ( HTML or  PDF)
Family Finances
  • Borrowing to invest ( HTML or  PDF)
  • RESP Checklist ( HTML or  PDF)
  • Saving for your child’s education - RESPs ( HTML or  PDF)
  • Sandwich Generation: Are you caught in the middle? ( HTML or  PDF)
Avoiding Fraud
  • Protect your money: Avoiding frauds and scams ( HTML or  PDF)
  • Investment fraud checklist ( HTML or  PDF)
  • Investment fraud on the Internet ( HTML or  PDF)
  • Scam artists pursue adults over 50 ( HTML or  PDF)
  • "Boiler room" scams: Could you be vulnerable? ( HTML or  PDF)
  • The Little Black Book of Scams 2nd edition ( HTML or  PDF)
For Young Investors
Wills & Estate Planning

Estate planning means arranging how you will leave your money and property when you die and what you intend to leave for your spouse, children or other family members. It involves a variety of topics, including:

  • writing your will and naming someone to be responsible for carrying out your wishes
  • deciding who will look after your children if you die while they are minors
  • distributing assets during your lifetime
  • arranging your assets so that you will pay only the minimum taxes necessary
  • arranging insurance to cover costs, provide for your survivors and pass on assets
  • arranging who will handle your affairs if you become unable to manage them yourself, and giving them directions.

 

Resources - Government of Canada
Additional Resources

 

Resources for Businesses

Essential Financial Literacy Learning Path for Entrepreneurs

Having your financials figured out is key to running a successful business. This short video series will give you a general overview on how to build your financial statements and link them together. It also discusses how to develop an operational budget. Note that the information presented is more of an introduction to start-up financing and does not cover all the small details when building your financial statements. An added value is that it also gives insights from both the entrepreneur and the investor's perspectives.

 

See more videos from the series

 

BDC - Financial Literacy

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Services and Information

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