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Financial Literacy

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 percent of non-racialized Canadians reported getting investment income that year, compared to 25.1 percent of racialized Canadians.
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 of socio-economic status and Race 

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.


Financial Literacy 101

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

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 Investment income, including capital gains and dividends, earned in a TFSA is not taxed in most cases, even when withdrawn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

Emergency Fund

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.

Emergency Funds are NOT for:

  • Shopping sprees
  • Weddings
  • New pets
  • A new Car

Emergency Funds are for:

  • Unexpected job loss
  • Home repairs
  • Medical Bills

Watch this short clip to find out more!

Registered Retirement Savings Plan (RRSP)

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.


  1. Contributions to your RRSP reduce your income tax
  2. Your savings grow tax free!
  3. The amount you can contribute is determined by the “earned income” you report on your tax return.
  4. If you do not make your maximum annual RRSP contribution, any unused portion is automatically brought forward, so you can use it in any future year(s).

Child Tax Fund

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

Canada Learning Bond

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 


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 

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