Resources for Financial Well-Being
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
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.
- 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.
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.
- Teaching children about money
Money concepts for different ages, including allowances, spending, credit cards and cellphones.
Teach children early about needs versus wants, where money comes from and how to save using a bank account.
What to teach your preschool, school-aged, preteen and teenaged children about money management.
What to consider when deciding to give an allowance: how much to give, how often to give and if it should be earned.
How to teach your children to track spending, say no to impulse shopping and be careful when shopping online.
Teach teens how to use credit, make payments in full, build a credit history and co-sign a credit card.
Choose a cell phone service plan, budget for monthly bills, co-sign a contract and protect your teen's credit history.
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
Replacing your income, buy-out options and severance packages.
Managing money, money conversations, insurance, legal matters, taxes and budgeting for a wedding.
Saving for a home, tax credits, closing costs, working with a real estate agent and more.
Ongoing homeownership costs, tax credits and deductions, household budgeting and home renovations.
Setting a sale price, tax implications, working with a real estate agent or selling your home yourself.
Preparing financially for children, maternity and parental leave benefits, insurance and estate planning.
Managing your money, employee benefits, payroll deductions and employment fraud.
The costs of living on your own, budgeting for your move, having roommates and rental agreements.
Managing and separating your finances, dividing property, insurance and legal matters.
Managing your money, studying, tax credits, benefits and working with a disability.
Money concepts for different ages, including allowances, spending, credit cards and cellphones.
The costs associated with being a caregiver, managing financial priorities and more.
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 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:
- Budgeting Basics
- Smart Spending
- Saving Money
- Managing Debt
- All about Credit Card Debt
- How to Consolidate Debt
- How Credit Counseling Can Help You
- Reading Your Credit Report
- Credit Repair: Making Credit Disputes
- Master Your Credit Score
- Mortgage Basics
- A Guide to Homebuying
- Protecting Home Equity
- Forging Ahead from Foreclosure
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.
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
- Family Finances
- 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)
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
Canadian Legal Wills (to receive a 25% discount use code “EPB25”)
Axes Law (Ontario – use coupon code 16001)
Access Pro Bono Wills Clinic (British Columbia)
Law Students’ Legal Advice Program Clinics (British Columbia)
Federation of Law Societies of Canada (select your region’s law society)
Trying to figure out how much money to save, invest or borrow for your imminent and long-term financial needs can be overwhelming. The Ontario Securities Commission makes it easier with pre-developed worksheets to do all the math for you!
- View all the Financial Calculators
- Compound Interest Calculator
- Education Cost Calculator
- Emergency Fund Calculator
- Fee Calculator
- Investment Recovery
- Mortgage Payment Calculator
- Mutual Fund Fee Net Worth Calculator
- Pay Down Debt or Invest
- Pay Off Credit Cards and Debt
- Portfolio Benchmark Calculator
- RESP Savings Calculator
- Retirement Budget Worksheet
- Retirement Cash Flow Calculator
- RRIF Withdrawal Calculator
- RRSP Savings Calculator
- Spending Habits Calculator
- View all Financial tools
- View all Financial worksheets
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
- View details
Financial fundamentals I (Cost: FREE): Discover the basic financial knowledge and skills you need to manage your business’ finances and make sound decisions to guide your company’s growth.
Financial fundamentals II (Cost: FREE): Learn key financial skills, as well as how to prepare for a loan request and speak to a banker with credibility to get the financing you need.
Cash flow (Cost: FREE): Learn how to manage and forecast your cash flow to ensure you always have enough money and resources available to successfully run your company.
Financial statements (Cost: FREE): Learn how your business is performing by having a clear understanding of your financial statements.
Discover BDC’s complete course catalog (Cost: FREE): Find a variety of courses designed to increase your knowledge and skills so you can successfully manage your company.
Glossary (Cost: FREE): With over 300 terms, BDC’s dictionary will help you better understand terms you may come across daily as an entrepreneur
Services and Information
- View details
- Financial planning and budgeting: Managing your finances and cash flow, reducing expenses and increasing profits.
- Budgeting and forecasting: Improving the financial health of your business through good budgeting and forecasting.
- Bookkeeping and accounting: Employer obligations for keeping financial records.
- Financial benchmarking tools and ratio calculators: Calculating your liquidity, leverage, inventory turnover, sales, net profits and more.
- How to get financing: Being prepared to deal with your banker, assessing risks, securing private funding and more.
- Insolvency for business: Help for businesses when filing for bankruptcy or making a proposal.
- Accepting credit card and debit card payments: Merchant rights, how card payments work and choosing a service provider.
- Vehicle lease or buy calculator: Compare the costs of financing or leasing a vehicle.