Prosper Canada - Parners in Financial Empowerment September 2016 | Issue No. 18

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Where have all our nest eggs gone?

There was a time, not very long ago, when Canadians were savers. In 1982, we routinely set aside 20 per cent of our yearly income for large household purchases, education, starting businesses, retirement or just plain rainy days. Having a savings ‘nest egg’ was accepted wisdom and the norm. Then something changed…


Highlights in this Issue

What's New

Funding opportunity to expand financial empowerment across Ontario

We are currently accepting applications from not-for-profit and charitable organizations that are interested in becoming Ontario Financial Empowerment Champions. Please review the application materials and apply online by 5:00 p.m. (EDT) on Friday, November 4, 2016. This project aims to expand proven financial empowerment interventions across Ontario over the next four and a half years.


Benefits Screening Tool’s success leads to Phase 2

The Benefits Screening Tool enables health practitioners to screen patients for poverty and suggest government benefits they may be eligible for, but not receiving. Read the project report to see the results from Phase 1 and the details for Phase 2.


Help us improve our website

If you’ve visited our website at please help us improve the visitor experience. Kindly take a moment to complete our brief survey.


Prosper Canada one of six charities in Gift the Code Hackathon

Capital One has chosen Prosper Canada as one of six charities for their Gift the Code Hackathon on October 21-23 in Toronto. The Hackathon is a 40-hour coding event where over 100 coders and designers will work together to form solutions to the digital challenges faced by the six charities. Learn what challenges coders will be working on for Prosper Canada.

Learn about Financial Empowerment


Health-care providers join the fight against poverty

Dr. Gary Bloch, a family physician at St. Michael’s Hospital in Toronto, has spent years treating patients living on a low income for many illnesses he believes are linked to poverty.


Highlights from the Field

Financial empowerment mentioned in Edmonton’s poverty reduction strategy

The financial empowerment field continues to grow, especially with the recent mention of expanding the spectrum of financial empowerment initiatives as a method to reduce poverty in EndPovertyEdmonton's poverty reduction Implementation Road Map. See page 31 of the Road Map for details.


The Canada Learning Bond: A saving success story

When micro-financiers first began extending small loans to low-income households decades ago their approach challenged conventional notions of business and charity and was dismissed as high-risk and unsustainable. The skeptics were wrong. Around the world, micro-lending proved that low-income clients are not only responsible money managers they’re also an excellent investment.



The following resources may assist you in your work:

*Registered Disability Savings Plan (RDSP) Calculator, Prosper Canada in partnership with PLAN

*Empower U financial literacy program, United Way Alberta Capital Region

*The role of financial literacy in financial decisions and retirement preparedness among seniors and near-seniors, Social Research and Demonstration Corporation

*Matched Savings Programs Evaluation Report 2014, Prepared for SEED Winnipeg


Youth with savings are 50% more likely to attend post-secondary school.

Upcoming Events

October 4-5, 2016
Free Financial Literacy Facilitator Training Workshop – Saint John

Do you work with Newcomers to Canada? Would you like to offer them financial literacy education? Please join us for a Financial Literacy Facilitator Training Workshop!

November 1-2, 2016
Mastering Money Conference – Toronto

CPA Canada’s first annual financial literacy conference is a must-attend for those who want to learn how organizations are improving the financial health of Canadians.

November 2, 2016
Insights on hosting volunteer income tax clinics – Webinar

Experts will share their knowledge and practices on what it takes to host volunteer income tax clinics in this 1.5 hour webinar.

November 7-11, 2016
Credit Education Week

Credit Education Week Canada (CEWC) is now in its 10th year. This year’s theme is titled “Financial Wins”, with a focus on helping Canadians successfully launch to reach their financial goals.

November 14-20, 2016
Education Savings Week

Join organizations across Canada the week of November 14-20, 2016 for Education Savings Week.

November 30, 2016
Tax filing supports: Alternatives to tax clinics – Webinar

In this webinar we will hear from frontline organizations supporting tax filing in ways other than (or in addition to) the community tax clinic – for example, drop-off tax filing or one-on-one client support.


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60 St. Clair Avenue East,
Suite 700,
Toronto, Ontario M4T 1N5

Tel: 416 665 2828
Toll free: 1 877 568 1571

September 2016 | Issue No. 18