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.”
Financial Consumer Agency of Canada
Money and finances page has information on managing your money, debt and investments, planning for retirement and protecting yourself from consumer fraud.
Many services and information links on specific topics such as: Debt and borrowing; Education funding; Financial tools and calculators; Managing your money; Pensions and retirement; Protection from frauds and scams; Savings and investments; Taxes
Prosper Canada's Financial Empowerment page and Benefits Wayfinder/Disability Benefits Compass
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 Benefits Wayfinder is a simple, easy to use, plain language tool that helps people on low and modest incomes find and track benefits they could get. The information and resources provided are from federal, provincial, and territorial governments, updated on an ongoing basis as new information becomes available. Individuals can use the tool on their own or with the support of an agency staff person.
The Disability Benefits Compass is a new tool for people with disabilities, caregivers, family members, and organizations. Like the Benefits Wayfinder, the Disability Benefits Compass provides people with the information they need to apply for federal and provincial/territorial benefits. While the Benefits Wayfinder includes both disability and non-disability benefits, the Disability Benefits Compass focuses specifically on four disability benefits available in Canada.
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
“Banking in Canada,” The Canadian Encyclopedia. thecanadianencyclopedia.ca.
Canadian Bankers Association. cba.ca > Selection Category > Banking Basics or Banking Industry or Financial Literacy.
Money and finances > Managing your money > Banking includes bank accounts, debit cards, online banking
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
Money and finances > debt and borrowing > Loans and lines of credit includes lines of credit, personal loans, payday loans, what to consider before you borrow.
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
Education funding, Government of Canada. canada.ca. Information on scholarships, paying for education, RESPs, budgeting tips and paying off student debt
“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
Periodically check for upcoming Financial Empowerment programs. In addition, 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 that are 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
- What Can I do if I have a Complaint about my Investments?, Mar 22, 2021
- Investing 101, Mar 25, 2021
- Take Care: Avoid Financial and Investment Scams & Fraud, Mar 20, 2021
- Seven Questions To Ask Your Investment Advisor, Mar 31, 2021
- Retiring Well: How to Protect Your Finances, Jun 22, 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
- 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
- Protect Your Money with the Ontario Securities Commission, Nov 10, 2022
- Planning for Retirement on a Low Income, Nov 16, 2022
- Introduction to the Stock Market and Stock Chart Analysis, Jan 19, 2023
- Investing 101 for Younger Adults, Feb 9, 2023
- Tax-Free Savings Accounts: What Everyone Should Know, Mar 9, 2023
- Paying for Post Secondary, March 23, 2023
- Mortgages and Home Affordability, April 6, 2023
Check TPL Programs channel on Crowdcast periodically for upcoming Live & Online Canada Revenue Agency (CRA) programs on topics such as: How To File a Simple Tax Return; Tax Benefits for People with Disabilities; and more. Recordings for these programs are available for replay for 72 hours after the programs have taken place.
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 for a list of recommended titles related to financial empowerment. Other lists includes OverDrive's Finance eCollection on Financial Literacy and:
- Personal Finance – Must Reads
- Retirement Planning
- Teen Financial Literacy
- Toronto-based Financial Experts
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
- TPL Financial Empowerment website
Revised: May 8, 2023
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