2016 National Financial Capabilities Study Released

On July 12, 2016, GFLEC and the FINRA Investor Education Foundation co-hosted the release of the data from the 2015 National Financial Capability Study (NFCS). The NFCS is an ongoing, multi-year project by FINRA Foundation aimed at monitoring and better understanding financial capability in America. The first wave of NFCS data was collected in 2009…

Back to School! Teaching Savings vs Spending to Kids

Explaining Savings Versus Spending To Your Kids Oct 2015 Teaching your kids good money habits is not easy. It is not a one-time tutorial, but instead an ongoing process of setting good examples, explaining money concepts and letting them learn by trial and error. However, it is an important lesson that is often learned from…

Talk to Your Kids about Money Month

April 20 is Talk to Your Kids About Money Day, a program of the Canadian Foundation for Economic Education.  Find a list of tips for creating money-talk opportunities here: TALK WITH OUR KIDS ABOUT MONEY  There are also resources for educators and professionals in the financial services industry. Make money matters a family matter!    

Help Your Debt, Help Your Health

As more studies are done on the correlation between physical and financial health, one thing has become crystal clear: the more affluent you are, the better your physical health is likely to be. According to the Public Health Agency of Canada, social and economic status “seem to be the most important determinants of health”. There…

New Graduated Minimum Down Payment Rules

As of February 15, 2016, the minimum down payment for new insured mortgages increases from five per cent to 10 per cent for the portion of the house price above $500,000. The five per cent minimum down payment for properties up to $500,000 remains unchanged. Finance Minister Bill Morneau announced these changes in December 2015.…

Has Ho! Ho! Ho! become Owe! Owe! Owe?

Community Financial Counselling Services is offering a free workshop on Saturday, January 30th, 2016. This workshop is focused on post-holiday money management and it is open to the general public, professionals, as well as current CFCS clients. Workshop details:  Poster -2016 Ho ho ho to I Owe Owe Owe (Jan 30th) From HO, HO, HO…

Findings from the S&P Global FinLit Survey

On November 18, 2015, the findings of the landmark Standard & Poor’s Ratings Services Global Financial Literacy Survey were released at Gallup headquarters in Washington, D.C. This is the most extensive measurement of financial literacy around the world. The survey probes four basic financial concepts: numeracy, risk diversification, inflation, and compound interest. The data was…

Manitoba’s Volunteer Income Tax Programs

Photo of mother and son

The Community Volunteer Income Tax Program (CVITP) is a national outreach program run in collaboration between the Canada Revenue Agency (CRA) and community organizations in each province. The CVITP volunteers prepare basic income tax returns for low income individuals (with individual incomes under $30,000 or family incomes under $35,000) whom are unable to do so themselves. This enables low income individuals to file for benefits they otherwise would not receive. As well, many senior centres across the province offer special clinics for income tax preparation.

1 in 5 Manitobans Feel Little Control Over Their Financial Situation: Manitoba Financial Literacy Forum Survey

Winnipeg, Manitoba (November 19, 2015) – One in five Manitobans say that there is little they can do to control their financial situation, according to a new survey from the Manitoba Financial Literacy Forum. The survey, conducted by Prairie Research Associates, also revealed: 15 per cent of Manitobans believe that they would put off dealing…