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News & Media
Anxiety looms as funding for financial empowerment programs for low-income Ontarians set to expire
17 March 2021
CBC News // Programs have helped more than 100,000 Ontarians tap into $391.3M in new income. Carla Macias barely spoke English when she landed in Toronto from Ecuador with her two sons 14 years ago. As a newcomer, she struggled to find out how she could go to school, earn a living and help support her children. She later came to Toronto's Jane Finch Commun...
Time for automatic tax filing?
23 February 2021
Investment Executive // Tax and financial planning experts are applauding a recent federal government proposal that would see the Canada Revenue Agency (CRA) automatically prepare tax returns for Canadian residents with simple tax situations. “Most of the information that people provide on a tax return the CRA already has,” said Jamie Golombek, managing director...
New support for organizations hosting free tax clinics
8 January 2021
Cision // The Canada Revenue Agency recognizes the value of free tax clinics that help Canadians do their taxes so they can get the benefit and credits they are entitled to. We also know the costs of running these clinics can be a challenge for organizations who want to participate. To support these organizations, the Honourable Diane Lebouthillier, Minister of ...
Debt repayments make up more than 30% of lower-income households' spending
6 January 2021
MortgageBrokerNews.ca // As much as half of Canada’s lower-earning households are spending around 31% of their incomes on debt repayments, according to a new survey by charity group Prosper Canada. In its recently released report, Prosper Canada also said that the debt-repayment ratio among moderate-income households is at an average of 18%, although it wa...
Many paying nearly one-third of earnings on debt repayment
27 December 2020
Toronto Sun// With COVID-19 wreaking economic havoc, half of Canada’s low-income households are spending 31% of their income on debt repayments, a charity study says. Prosper Canada also says 62% of moderate-income households are struggling financially. The group’s report, Roadblock to Recovery: Consumer debt of low and moderate-income Canadians in the...
Program aims to improve Indigenous financial confidence
10 December 2020
Winnipeg Free Press // IG Wealth Management is embarking on a five-year, $5-million project to help enhance the financial confidence of Indigenous communities in Canada. The Winnipeg-based national financial planning company may be starting to target more high net-worth clients, but its new CEO, Damon Murchison, says that its focus is on the financial well-being...
Financial empowerment at a crossroads: Are we going big or going home?
26 November 2020
This November, the Financial Consumer Agency of Canada (FCAC) is celebrating the 10-year anniversary of Financial Literacy Month (FLM), an idea originally conceived by a handful of nonprofit organizations in a boardroom one Friday afternoon in an effort to raise awareness and support for their efforts to build the financial capability and health of Canadians. S...
More than 60 per cent of Canadian households carry debt
20 November 2020
insauga.com: A recent report from Prosper Canada found 62 per cent of moderate-income households have debt, and low-income households spend approximately 31 per cent of their income on debt repayments. Based on the findings, the most common forms of debt for low- and moderate-income households are credit card and installment loans. Additionally, most indebted ho...
90-year-old RBC client allegedly lost $60K to fraud by longtime advisor
19 November 2020
Global News: When Janet Yu drove to Toronto from Texas in June to assist her 90-year-old mother, who was recovering from a spinal injury, she never thought she’d end up dealing with not one but two emergencies. The second crisis emerged when Yu, a chartered professional accountant, sat down with her mother to review her retirement accounts after a trip to t...
Phaseout of COVID-19 aid programs bringing bankruptcies back
17 November 2020
Wealth Professional / Experts warn of impending insolvency wave as income support and deferral programs end. Last week, the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) sounded the alarm as September statistics on insolvencies pointed to a painful reckoning for households across Canada. Citing figures from the Office of the Sup...
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