Financial Literacy Month reminds us that open conversations about finances can lead to better decisions and less stress.
Many Canadians have decades of experience managing their finances, but we don’t always talk about what we’ve learned.
That’s where Financial Literacy Month comes in. Led by the Financial Consumer Agency of Canada (FCAC), this year’s theme, "Talk Money", invites Canadians to speak more openly about finances and explore the many resources and learning opportunities available. The FCAC also offers a social media toolkit with ready-to-share messages, hashtags and graphics to help Canadians participate online.
Understanding government supports
A range of government programs have been designed with older Canadians and their loved ones in mind. If you’re not sure where to begin, the Benefits Finder can help identify federal, provincial and territorial programs that may meet your needs. To confirm your eligibility or learn more, contact a Government of Canada representative at 1-800-O-Canada (1-800-622-6232). Information about what to expect when you call, including current wait times, is available online.
The guide What every older Canadian should know about: Income and benefits from government programs notes that many benefits — including Old Age Security (OAS), the Guaranteed Income Supplement (GIS) and the Canada Pension Plan (CPP) — rely on your annual tax return to determine eligibility and payment levels. Filing every year, even if you have no income to report, helps ensure you receive the benefits you qualify for.
Your personal financial plan
What every older Canadian should know about: Financial planning, a helpful primer, encourages Canadians to see this type of planning as a way to connect the dots between income, savings, expenses and long-term goals. It’s never too late to review your finances, and a financial plan doesn’t have to be complicated to be effective. Free Government of Canada tools, including the ones outlined below, can help turn complex choices into manageable steps.
Financial tools and calculators
- The Canadian Retirement Income Calculator estimates your future retirement income from public and private sources.
- The Budget Planner helps you create a budget in three simple steps.
- The Financial Goal Calculator supports planning for long-term goals and debt management.
Free online learning with McGill University
If you prefer to learn at your own pace, McGill University’s free, bilingual course, Personal Finance Essentials, offers clear, practical lessons on budgeting, debt, investments and retirement planning. Taught by professors from McGill’s Desautels Faculty of Management, this course takes an average of three to four hours to complete. While it’s mainly designed for Canadians who are new to financial planning, the modules are valuable for anyone looking to better understand money management.
A parting thought
Our approach to money evolves as our circumstances and priorities change. This November, consider revisiting your own financial plan or exploring a new tool or course that could help you feel more organized.