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.
Racialized Canadian investors earned an average of $7,774 in investment income, compared to $11,428 for non-racialized Canadian investors.
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 Investment income, including capital gains and dividends, earned in a TFSA is not taxed in most cases, even when withdrawn
To learn more about your TFSA click here
An emergency fund, also known as contingency fund, is a personal budget set aside as a financial safety net for future mishaps or unexpected expenses.
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Emergency Funds are NOT for:
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Emergency Funds are for:
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Watch this short clip to find out more!
A registered retirement savings plan, or retirement savings plan, is a type of financial account in Canada for holding savings and investment assets. RRSPs have various tax advantages compared to investing outside of tax-preferred accounts.
The Canada child benefit (CCB) is administered by the Canada Revenue Agency (CRA). It is a tax-free monthly payment made to eligible families to help with the cost of raising children under 18 years of age. The CCB may include the child disability benefit and any related provincial and territorial programs.
Who can apply? Find out here
The Canada Learning Bond (CLB) is a $500 – $2,000 per person benefit that the Canadian Government adds to an RESP to help pay for full-time or part-time post-secondary education.
Eligibility for the Canada Learning Bond
Parents
Must be a Canadian resident
Must have a child, or children, born on or after January 1, 2004
Must have a household income of less than $49,021
More than three kids? Check here for more details
Must have a valid Social Insurance Number (SIN) for yourself and your child
Young Adults
Must be a Canadian resident
Must be turning 18 on or after January 1, 2022
Parents must have a household income of less than $49,021
Must have a valid Social Insurance Number (SIN)
Learn more about this benefit here
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
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