Getting Started with Financial Empowerment
Financial empowerment is an approach to poverty reduction that focuses on improving the financial security of low-income people. It does this by introducing a set of interventions that together help low-income Canadians to grow their incomes, improve their credit scores, savings and debt levels, and build wealth through education, money management, and setting financial goals. Topics include:
- Banking
- Benefits
- Budgeting
- Buying vs. renting
- Credit and Credit cards, savings and asset building
- Debt
- Education funding
- Financial Literacy
- Frauds and scams and safe financial products
- Insurance
- Interest rates
- Investing
- Mortgages
- Pensions, retirement planning
- Taxes
Websites
The following websites include not only information (e.g. articles, fact sheets) but also calculators and tools.
The Canadian Encyclopedia
thecanadianencyclopedia.ca provides updated information about Canadians and Canada, covering all branches of knowledge or aspects of a subject in one body of work dating back to 1728 in England.
Browse > Things = Business & Economics > Finance or Money.
CPA Canada
cpacanada.ca issue guidance and publish professional literature on financial topics.
The CPA Profession > Business and Accounting Resources > Financial literacy resources > Just the facts (PDF fact sheets). E.g.:
- Home Ownership and Renting a Home
- Saving Strategies
- Understanding Your Paycheque
The “Financial literacy resources” page includes a “Financial wellness guide”—a questionnaire “about your current financial situation” leading to a “straightforward report that includes tools and information you can use to plan your next steps.”
Prosper Canada's Financial Empowerment page and Financial Relief Navigator (FRN)
The Financial Empowerment page links to information on financial literacy and coaching, taxes and access to benefits, safe financial products, savings and asset building and consumer protection.
The Financial Relief Navigator (FRN) is a bilingual online portal that helps Canadians identify financial relief efforts created during the COVID-19 pandemic. This mobile-friendly tool includes information on the supports from federal, provincial and territorial governments. It also curates relief from banks, credit unions, and bills such as utility, internet and telecom.
Get Smarter About Money
Getting Smarter About Money is an Ontario Securities Commission website of articles and calculators “to help you make better financial decisions.” Articles on various subjects are under the topics at the top of the page, e.g. Invest, Plan & manage, Life events, and Protect your Money. Select Calculators & tools for a full list of calculators and tools. E.g.:
- Budget worksheet
- Pay off Credit Cards and Debt Calculator
- Spending Habits Calculator
Resources page has more information to help you make better financial decisions. They include anti-fraud/consumer protection resources, introduction to investing and clear answers to investing questions. The videos are a series of fraud alerts on scams, fake government messages and warnings about your finances.
Steps to Justice
“Step-by-step information, practical tools, such as checklists, fillable forms, and self-help guides.”
stepstojustice.ca > Legal Topics > Debt and Consumer Rights (e.g. Collection agencies and Payday loans) or Income Assistance.
Additional information, etc. on specific topics
Banking
Canadian Bankers Association. cba.ca > Selection Category > Banking Basics or Banking Industry or Financial Literacy.
“Banking in Canada,” The Canadian Encyclopedia. thecanadianencyclopedia.ca.
Benefits
“Benefits,” Government of Canada. canada.ca > Benefits. E.g.: Benefits by audience, Student aid and education planning and a Benefits Finder tool.
“Benefits and financial support,” Government of Ontario. ontario.ca > Taxes and benefits.
Credit and debt
Office of the Superintendent of Bankruptcy. “We license and regulate the insolvency profession”. ic.gc.ca/eic/site/bsf-osb.nsf/eng/home > You owe money.
Education funding
“Student aid,” Government of Ontario. ontario.ca > Education and training.
“National Student Loans Service Centre,” Government of Canada. csnpe-nslsc.canada.ca.
Fraud
Canadian Anti-Fraud Centre. antifraudcentre-centreantifraude.ca/scams-fraudes/index-eng.htm.
Canadian Bankers Association. cba.ca > Selection Category > Fraud Prevention.
“Preventing Fraud,” Competition Bureau Canada. competitionbureau.gc.ca. Includes “The Little Black Book of Scams.”
Canadian Bankers Association. cba.ca > Selection Category > Fraud Prevention.
“Preventing Fraud,” Competition Bureau Canada. competitionbureau.gc.ca. Includes “The Little Black Book of Scams.”
Insurance
Canadian Life and Health Insurance Association Inc., “a not-for-profit, membership-based organization that represents 99% of Canada's life and health insurance companies.” clhia.ca > Consumer Information.
Investing
Canadian Securities Administrators. securities-administrators.ca > Investor Tools.
Mortgages
“Homebuying step by step,” Canada Mortgage and Housing Corporation. cmhc-schl.gc.ca > Consumers > Buying a home > Buying guides.
“Understanding mortgages,” Financial Services Commission of Ontario. fsco.gov.on.ca/en/understanding-mortgages/Pages/index.html.
Taxes
“Personal income tax,” Government of Canada. canada.ca > Taxes > Income tax.
“Taxes and charges,” Government of Ontario. ontario.ca > Taxes and benefits.
“Property Tax,” City of Toronto. toronto.ca > Services & Payments > Property Taxes & Utilities.
Newsletters and newspapers
Read the newsletters of two of the websites listed above:
- Financial Literacy Newsletter (FCAC). canada.ca/en/financial-consumer-agency/news/newsletters.html
- Investor News (Get smarter about money). getsmarteraboutmoney.ca/resources/publications/investor-news/
Read articles on personal finance in The Globe and Mail or Toronto Star newspapers in a TPL eResource:
In Canadian Newsstream, do a “Publications” search. Select the title (not the “online” version.) Articles are listed by section. Scroll down to section B.
In Canadian Periodicals Index (CPI.Q), do a “Publication Search.” Select the date of the current issue, then filter the results by Sections > Business News.
eLearning
Search terms: personal finance; money management; debt / debt management; credit card; credit management
Gale Courses (Instructor-led online courses on a variety of topics)
- Where Does All My Money Go? Learn how to get control of your money once and for all.
- Keys to Successful Money Management is presented by a certified financial planner who shows you how most wealthy people build their fortunes.
- Personal Finance session has information on how to protect your assets and discover how best to achieve all your financial goals.
- Stocks, Bonds, and Investing: Oh, My! teaches how to make wise investment decisions so that you have enough money to live comfortably through your retirement.
Kanopy (On-demand streaming courses)
- Money Management Skills are a series of 12 episodes covering information you need to build a financial plan to achieve your goals from understanding your financial brain to putting your financial plan together.
- Understanding Investments are a series of 24 episodes on how to invest with skill and confidence so you can achieve your financial goals from the basics to financial planning to taking charge of your investments.
LinkedIn Learning (Video tutorials led by experts in the field)
- Budgeting in Real Life
- Build Sustainable Wealth and Get Out of Debt
- Build Your Financial Literacy
- Financial Basics Everyone Should Know
- Financial Wellness for Couples and Families
- Financial Wellness: Managing Personal Cash Flow
- Managing Your Personal Finances
- Personal Finance Tips and Tricks
- Stay Ahead in Personal Finance
- The Dumb Things Smart People Do with Their Money
- The Five-step Guide to Mastering Your Money
- Your Money or Your Life: Transforming Your Relationship with Money and Achieving Financial Independence
Programs
The Personal Finance Programs page on Toronto Public Library's website lists upcoming programs on personal finance to help public focus on maximizing their income through all stages of their life.
Past programs of interest available for replay on Crowdcast (TPL Programs) includes:
- Beat The Bank: The Canadian Guide to Simply Successful Investing, Nov 30, 2020
- TFSAs: What You Need To Know, Jan 14, 2021
- Make Tax Your Hero, Jan 25, 2021
- Tax Tips for Freelancers, Feb 16, 2021
- Basics in Personal Financial Literacy, Mar 17, 2021
- Basics in Investing and How to Find Help, Mar 18, 2021
- Investing 10, Mar 25, 2021
- Seven Questions To Ask Your Investment Advisor, Mar 31, 2021
- Fighting Fraud: Avoiding Scams, Jul 20, 2021
- Effective Tax Strategies, Oct 19, 2021
- Estate Planning, Nov 30, 2021
- RRSP vs TFSA: Where To Put Your Money, Feb 9, 2022
- Planning for Retirement on a Low Income, Feb 15, 2022
- How To Conquer Debt: 10 Ways To Improve Your Finances This Year with Enoch Omololu, Mar 1, 2022
- Intentional vs. Impulsive Spending: How To Stop Overspending, Mar 16, 2022
- Understanding Risk: What Investors Need To Know, Mar 22, 2022
Books and eBooks
Find books on the shelf under these Dewey numbers or books and eBooks in the TPL catalogue with these subject headings. torontopubliclibrary.ca > Advanced > All fields = Subject.
| Topic(s) | Dewey Call Number(s) |
| Banks and banking | 332.1 |
| Banks and banking - Canada | 332.10971 |
| Budgets, Personal | 332.024 |
| Debt | 332.02402 |
| Electronic funds transfers | 332.178 |
| Estate planning - Canada | 332.02401, 346.71054 |
| Finance, Personal | 332.024 |
| Financial security | 332.024 |
| Income tax - Canada | 336.24, 343.71052 |
| Inflation (Finance) | 332.41 |
| Insurance | 368 |
| Investments | 332.63, 332.6322 |
| Money, Cryptocurrencies | 332.4 |
| Real estate investment | 332.6324 |
| Retirement income - Canada - Planning | 332.02401 |
| Retirement - Canada - Planning | 332.02401 |
Check out also the Financial Empowerment shared list
Find eBooks and eAudiobooks in OverDrive eBooks & eAudiobooks (toronto.overdrive.com). Search terms = personal finance. Filter results with the subject Finance.
Resources
- Toronto Public Library Partners with Prosper Canada July 14, 2020
- TPL Blogs