Blog

Via OMSAA's June Blog

Now more than ever Canadians are recognizing the importance of financial well-being – achieving peace of mind about our financial situation, feeling secure in our ability to absorb a money setback, and having the freedom to make choices that allow us to enjoy life. However, research shows that 63% of Canadians living on low-income are very concerned about their ability to meet basic expenses and that 54% of Canadians with income under $50,000 say they are in poor or terrible financial shape. Financial stress severely impacts our physical, emotional, and mental health.

As a society, we often perceive education as a powerful tool that opens a world of opportunities, including a way to overcome financial hardships. Through education, individuals can secure employment and improve their standard of living. While education can serve as a steppingstone towards financial stability, it is important to recognize that without the right resources, it can be difficult to attain financial independence.
 

Dr. Meta Van Den Heuvel, a pediatrician at The Hospital for Sick Children (SickKids), learned about financial empowerment, including tax filing and access to benefits services, when previously working on a study about food insecurity. Dr. Van Den Heuvel, and her colleague, Dr. Catherine Birken, received funding from SickKids Foundation to look at food insecurity amongst families with children requiring inpatient hospital care. 

“What if Canada Revenue Agency decides to freeze my bank account and seize all my assets because I haven’t filed my taxes for so long?” Roger nervously asked the Financial Empowerment and Problem Solving (FEPS) worker at Agincourt Community Service Association (ACSA) during his initial call seeking help with his back taxes. Staff could see Roger was extremely nervous about his situation and knew it would only be possible to help him if they took the time to listen and to understand his story and concerns.

Carla Macias, an Ecuadorian who came to Canada in 2007, shares her journey of integrating into a new country, outlining the ups and downs of facing a world where not only learning a new language is key to success but financial literacy proves equally important. Carla articulates just how instrumental the Jane/Finch Centre was to helping her embark on a path to ensure financial success for herself and her family.