Government Helps Canadians to Build Their Financial Health
The Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development, today announced more than $5.3 million in funding to Prosper Canada for its Financial Empowerment Champions project for vulnerable Canadians. Funded through the Children and Families component of the Social Development and Partnerships Program (SDPP), the project sets out to help more than one million vulnerable Canadians over the next four and a half years by developing the partnerships, tools and community supports they need to build their financial capability and health.
With this support from the Government of Canada, and matching funds raised from other partners, Prosper Canada will recruit, train and support five not-for-profit organizations across Canada to: deliver a suite of proven financial empowerment programs to Canadians with low incomes, train other community organizations to deliver these services, mobilize local partners and resources, and work with municipal and provincial governments to build financial empowerment solutions into existing services for people with low incomes where this can help improve program effectiveness and financial outcomes for participants.
Vulnerable Canadians will benefit from access to quality financial education and counselling and help tax filing, accessing income benefits, opening bank accounts, and opening RESPs and RDSPs—supports that have been shown to improve their incomes, savings, debt levels and credit scores, when delivered effectively with other community programs.
The Government of Canada’s Budget 2016 highlighted action slated to revitalize the economy and create opportunity for all Canadians. In supporting this project, the Government demonstrates its commitment to growing the middle class and those working hard to join it. By helping to boost the economic and social security of Canadian families and children, the Government is delivering positive change Canadians deserve.
This project builds on previous SDPP commitments to encourage the development of partnerships that cross traditional boundaries between the public, for-profit and not-for-profit sectors. This project will benefit from substantial matching investments by the TD Bank Group and other private-sector, philanthropic, and government supporters. By leveraging these partnerships, working closely with communities, and relying on local expertise to find local solutions to social issues, the Government is exploring new approaches to increasing the impact of federal investments in social innovation and communities.
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