CanThrive Financial Literacy Course

Canada has a comprehensive taxation system which is extremely relevant and impactful for our entire society. Taxes fund many publicly-funded health and social services that Canadians across the country enjoy. A better understanding of taxation empowers one to make more informed personal financial decisions.

Insurance protects you and your loved ones from financial risks. It helps cover costs if something unexpected happens to you, your family, your vehicle, your home, your belongings, or your job. A variety of insurance products exist; many of which will be explored in this lesson, which adapts a potentially confusing concept into a digestible read.

A better grasp of the money management structure in Canada enables wiser decisions when it comes to getting a loan or investing savings. Here’s an overview of the complex, yet easily understood system we all rely on - banking.

Investing is like planting seeds that grow over time; instead of letting your money sit idle, investing allows it to work for you. With patience and the right investment decisions, your money may grow, giving you the opportunity to achieve your dreams and aspirations. As we will see, investment is a deciding aspect of the financial world, and learning about it ultimately helps you navigate the path toward financial success.

As a newcomer to Canada, it’s important to build a good credit history here and use credit to your advantage. You’ll enjoy more favourable terms (like a better interest rate) if you need to borrow money in the future, for instance. Gaining insight into credit opens doors to better financial opportunities and helps you make choices that set you up for long-term success in Canada.

Particularly as a first-time home buyer, you’ll want to learn as much as you can about mortgages: what they are, how they work and how they can benefit you. The more knowledgeable you can become about mortgages, the more likely you’ll be able to articulate what you need—and want—in a mortgage. Here’s a short primer on mortgages to help get you started on this journey to residential well-being.

Essentially dishonest schemes that attempt to get people to hand over money or give financial and personal information, scams & fraud succeed often. Knowledge and awareness are thus crucial to the mitigation of scams & fraud - which is where our simple yet worthwile rundown comes into play.

Ensuring financial security in the present may take priority over longer-term financial goals like retirement planning. However, regardless of whether you currently have resources to set aside for retirement, it’s important that you start planning sooner rather than later. We hope this introduction can get you started.