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Littératie Financière

Financial literacy in the Black community is crucial for the economic prosperity of Black families across Canada. According to a 2015 report released by the Canadian Center for Policy Alternatives, 60 percent of Black Canadians fell into the bottom half of the national distribution of economic family incomes, compared to 47 per cent of non-racialized Canadians. The 2015 study also exposed further data on members of racialized communities in relation to financial literacy and economic freedom.

Did you know?

30.8%
30.8 percent of non-racialized Canadians reported getting investment income that year, compared to 25.1 percent of racialized Canadians.
11.9%
11.9 percent of non-racialized Canadians reported capital gains, compared to just 8.3 per cent of those in racialized groups

Racialized Canadian investors earned an average of $7,774 in investment income, compared to $11,428 for non-racialized Canadian investors.

Black Wealth Gap in Canada

The importance of financial literacy / Intersection: Intersection of socio-economic status and Race (4th-8th)

According to Crenshaw, an intersectional approach examines how power relations intersect across diverse societies and influence everyday life for different individuals (Crenshaw, 1989). Intersectionality describes how racial, gender, class, sexuality, nation, ability, ethnicity, and age categories are integrated and interact with each other (Huang, Ma, Craig, Wong, Forth, 2020). Intersectionality ultimately highlights and explains the complexities in people, experiences, and society (Crenshaw, 1989). Financial literacy ultimately determines an individual’s socio-economic status. Black individuals, due to lack of access are almost always at the bottom of the chart when it comes to overall income.

Generational Wealth is built with Knowledge

  • Education in one generation leads to knowledge in the next.
  • Being financially aware strengthens economic security
  • Financial literacy gives you the ability to clearly articulate your financial expectations.

Sources: https://cba.ca/Assets/CBA/Documents/Files/Article%20Category/PDF/misc_abacus_millennial-polling-report3_en.pdf

Financial Literacy 101

  • Tax Free Savings Account (TFSA)
  • Emergency Fund
  • Registered Retirement Savings Plan (RRSP)
  • Child Tax Credit

Tax Free Savings Account (TFSA)

A tax-free savings account is an account available in Canada that provides tax benefits for saving. Investment income, including capital gains and dividends, earned in a TFSA is not taxed in most cases, even when withdrawn

Who can open a TSFA?
  • Any individual that is a resident of Canada who has a valid SIN and who is 18 years of age or older is eligible to open a TFSA.
The TFSA contribution room is the total amount of all of the following:
  • the TFSA dollar limit of the current year
  • any unused TFSA contribution room from previous years
  • any withdrawals made from the TFSA in the previous year

To learn more about your TFSA click here

Resources

Tax Free Clinics Across Canada

Alberta: Salvation Army
Alberta: CPA Tax Clinic
Niagara Falls: CVITP Tax Clinic
Niagara Falls: The Alzheimer Society of Niagara
British Columbia: Kiwassa
British Columbia: NVLC
Saskatchewan
New Brunswick
Quebec
Ontario

Financial Literacy Workshops

Life Literacy Canada
InCharge
Government of Canada
Islamic Foundation of Toronto
WealthSimple

Educational Resources by Black Authors

The 21-Day Financial Fast: Your Path to Financial Peace and Freedom
Get Good with Money: Ten Simple Steps to Becoming Financially Whole
We Should All Be Millionaires

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