Financial Literacy Resources

The Saskatchewan Teachers’ Federation offers some financial literacy supports through the Member & Family Assistance Plan, but there are also a number of other free resources available to help you learn more about financial literacy:

Free Online Courses

McGill Personal Finance

This course, taught by professors from McGill’s Desautels Faculty of Management, covers a wide range of topics related to personal finances specifically for Canadians. Topics include budgeting and saving, your money, debt and borrowing, investing, retirement planning, real estate and behavioural finance. With short, engaging videos and transcripts, it appeals to different learning styles. The tests can be taken repeatedly until you get a passing grade. You’ll also receive a certificate upon completion.

Learn About Your Taxes

This course from the Government of Canada is great for anyone doing their taxes for the first time, starting their first job or wanting a better understanding of how income taxes work. There are several mini courses with a few lessons each. The courses range from 12 to 76 minutes, and you can work through them at your own speed and in any order you choose.

Association of Canadian Pension Management – Retirement Savings Course

The course will provide you an overview of the building blocks of retirement savings and insight into the role that government pensions and workplace pension plans may play in your future. The six modules each have four lessons, a quiz, a recap, and a resources section and take just 20 to 30 minutes each to complete. No prior knowledge of pensions is needed. It also has tutorials on setting up a My CRA online account and a My Service Canada account.

Financial Consumer Agency of Canada – Your Financial Toolkit

This 12-module course covers the following subjects: income, expenses and budget; banking; saving; credit and debt management; mortgages; insurance; investing; income taxes and contribution; income taxes and contributions Quebec; retirement and pensions; financial planning; and fraud protection. The modules, which can be completed in any order, feature interactive tools to help you figure out your personal circumstances and needs.

Online Tools

There are many free, online tools to help you make decisions or get more information about budgets, loans, mortgages, credit cards and more.

Canadian Retirement Income Calculator

The Canadian Retirement Income Calculator will provide you with retirement income information, including the Old Age Security (OAS) pension and Canada Pension Plan (CPP) retirement benefits. It takes approximately 30 minutes to use the calculator.

Financial Consumer Agency of Canada

The Financial Consumer Agency of Canada has many tools and calculators to help you with a variety of financial subjects:

  • Budget Planner: The Budget Planner helps you create a customized budget in three simple steps. Gather information regarding your income and expenses and get started. If you don’t have all your information, you can always save and continue later.
  • Financial Goal Calculator: Calculate how to pay down your debt and reach your savings goals.
  • Mortgage Qualifier Tool: This calculator helps you determine whether or not you can qualify for a home mortgage based on income and expenses.
  • Mortgage Calculator: This calculator determines your mortgage payment and provides you with a mortgage payment schedule. The calculator also shows how much money and how many years you can save by making prepayments.
  • Vehicle Lease or Loan Calculator: Compare the costs of leasing a vehicle or obtaining a loan to buy one.
  • Account Comparison Tool: Compare bank account interest rates, monthly fees, transaction fees and services.
  • Credit Card Comparison Tool: Compare credit card interest rates, annual fees, rewards and other features.

Registered Accounts and Plans

Lifelong Learning Plan

The Lifelong Learning Plan allows you to withdraw up to $10,000 in a calendar year from your RRSPs to finance full-time training or education for you or your spouse or common-law partner.

Home Buyers’ Plan

The Home Buyers’ Plan allows you to withdraw from your RRSPs to buy or build a qualifying home for yourself or for a specified disabled person. Income tax will not be deducted from the amount withdrawn, and the withdrawal amount will not be included in your income. You have 15 years to repay the amount withdrawn from the RRSP.

First Home Savings Account

A first home savings account (FHSA) is a registered savings account that allows prospective first-time home buyers to save to buy or build a first home. Each year you can contribute up to $8,000 tax-free. The money in an FHSA must be used within 15 years to buy or build a first home.

Registered Retirement Income Fund

Learn how to use a Registered Retirement Income Fund (RRIF), which is an account registered with the federal government that provides you with an income stream from your RRSP during your retirement.

Other Helpful Resources

Disclaimer:

The information shared in the links above is intended solely as a list of available financial literacy resources. It is not financial advice and is not intended as a recommendation or endorsement of any specific financial literacy course or tool. Rather, it is shared for general informational purposes only and as reference to helpful financial literacy resources.