Category: Canada

Consultations will focus on other priority groups in the second phase of the Government’s work towards a national strategy that is inclusive, relevant and accessible to all Canadians.

October 17, 2014 – Saskatoon, Saskatchewan – Financial Consumer Agency of Canada

Today, Minister of State (Finance) Kevin Sorenson, Canada’s Financial Literacy Leader Jane Rooney and Member of Parliament (Saskatoon-Rosetown-Biggar) Kelly Block consulted on the development of a national strategy to strengthen the financial literacy of Canadians. Recognizing that not one size fits all, the second phase of consultations will help the Government develop an effective financial literacy strategy that meets the needs of all Canadians.

The consultation paper Toward a National Strategy for Financial Literacy, Phase 2: Priority Groups is intended to encourage discussion. It invites comments on how to bolster financial literacy for Canadians, including those with low incomes, newcomers to Canada, Aboriginal peoples and people with disabilities. Stakeholders from the public, private and non-profit sectors will take part in in-person sessions across the country. All Canadians are encouraged to submit their comments on the consultation paper by mail or email by December 10, 2014.

Quick Facts
In Economic Action Plan 2013, the Government committed to working with partners to develop a financial literacy strategy that specifically responds to the needs of seniors.
The Government fulfilled this commitment by launching the Strengthening Seniors’ Financial Literacy Strategy on October 16, 2014.
This seniors’ strategy will be part of the national strategy for financial literacy to be released in 2015.
Aboriginal peoples, newcomers to Canada and low-income Canadians were identified as priority groups because the 2009 Canadian Financial Capability Survey found that they could benefit from further strengthening in at least three of the five areas that make up the Financial Literacy index. 
Other research has shown that the low-income population includes disproportionate numbers of people with disabilities, women and single adults.
Consultations for the third phase of the national strategy for financial literacy will begin in November and will focus on the needs of children, youth and adults, generally.
Quotes

“Canadians are faced with a constantly evolving financial and economic world, with increasingly complex financial choices. Offering opportunities for all Canadians to learn and incorporate relevant financial knowledge and skills into their daily lives can have a profound impact on their financial well-being and our entire economy.”

– Kevin Sorenson, Minister of State (Finance)

“Financial literacy is a critical life skills for all Canadians, regardless of age or financial circumstances. As we develop a national strategy for financial literacy, we want to hear from Canadians to ensure that it is inclusive, relevant and accessible for all Canadians.”

– Jane Rooney, Financial Literacy Leader

“The Government of Canada has made financial literacy a priority. As I am focused on making Saskatchewan and Canada the best place to live, work, and start a family, an integral part of this is ensuring that my constituents and all Canadians gain the skills and have access to the tools they need to make the best financial decisions for their situation.” 

– Kelly Block, Member of Parliament (Saskatoon-Rosetown-Biggar)

Related Products
Associated Links
Contacts

Office of the Minister of State (Finance)
Mark Glendenning
Office of the Minister of State (Finance)
1-613-369-5696
Mark.Glendenning@fin.gc.ca

Financial Consumer Agency of Canada
Natasha Nystrom
Media Relations Officer
1-613-941-4168
Natasha.Nystrom@fcac-acfc.gc.ca

Source:: http://news.gc.ca/web/article-en.do?nid=894659

      

October 17, 2014 – Ottawa, ON – Financial Consumer Agency of Canada

For Financial Literacy Month in November, the Financial Consumer Agency of Canada (FCAC) invites Canadians to take part in activities that will help increase their financial know-how. FCAC is running a photo contest called “My financial literacy selfie” to raise awareness about financial literacy for Canadians. This contest aims to engage youth and Canadians of all ages to explore ways they can enhance their financial skills so that they can make the best financial decisions for them and their families.

To participate, contestants have to submit a selfie showing how they put their financial skills to use or how they help educate others about financial literacy. Eligible photos will be posted on the Financial Literacy Month Facebook page.

A panel selected by FCAC will judge the photos on originality, quality and adherence to the theme. Three prizes will be awarded: a Macbook Pro (first place), a Mac Mini (second place) and an iPod Touch (third place). The photo that gets the most “Likes” on the FLM Facebook page will receive the “People’s Choice” award, a $50 iTunes gift card. Participants have until November 19 at 11:59 p.m. EST to submit their photos. The winners will be announced at the end of Financial Literacy Month.

The selfie contest is one of many events taking place in Canada during Financial Literacy Month. A Calendar of events with information on financial education activities being held across the country in November is available on FCAC’s website.

Quick Facts
November is Financial Literacy Month in Canada. It is the ideal opportunity for all Canadians to enhance their financial knowledge.
Created in 2011, this is the fourth annual Financial Literacy Month. Last year, more than 90 public, private and non-profit organizations held some 400 workshops, conferences and other educational activities during FLM to help Canadians improve their financial skills.
In order to have their activities included on the Financial Literacy Month Calendar of events, organizations must submit their information online using the input tool.
Financial Literacy Month is led by FCAC and its new Financial Literacy Leader, Jane Rooney. FCAC was created in 2001 to protect and inform financial consumers. Jane Rooney was appointed the first Financial Literacy Leader in April 2014.
Quotes

“Knowing that financial literacy contributes to a robust economy as a whole, our government is committed to helping Canadians improve their financial skills, and Financial Literacy Month is the perfect time to do so. I encourage all Canadians to take full advantage of the various financial education activities organized across the country in November.”

– Kevin Sorenson, Minister of State (Finance)

“Through this photo contest, I hope Canadians demonstrate and realize that financial literacy is already part of their daily lives, that it’s a skill they likely already have and that it’s up to them to strengthen it. Perhaps they will find personal finances a little less daunting, which will motivate them to learn more.  A number of tools, programs and resources are available to help Canadians improve their financial literacy skills, and Financial Literacy Month is the perfect time to discover them.”

– Jane Rooney, Canada’s Financial Literacy Leader

Related Links
Media Contacts

Natasha Nystrom
Media Relations Officer
Financial Consumer Agency of Canada
613-941-4168
natasha.nystrom@fcac-acfc.gc.ca

Source:: http://news.gc.ca/web/article-en.do?nid=894649

      

Strengthening Seniors’ Financial Literacy is the first phase of a comprehensive national strategy for financial literacy

October 16, 2014 – Winnipeg, Manitoba – Financial Consumer Agency of Canada

Canada’s Minister of State (Finance) Kevin Sorenson and Canada’s first Financial Literacy Leader Jane Rooney today announced the release of the National Strategy for Financial Literacy, Phase 1: Strengthening Seniors’ Financial Literacy.

In Economic Action Plan 2013, the Government committed to implementing a financial literacy strategy that specifically responds to seniors’ needs. Strengthening Seniors’ Financial Literacy, which has been refined through consultation with Canadians and stakeholder organizations involved in financial literacy, responds to that commitment and is the first component of the national strategy for financial literacy for all Canadians.

The seniors’ strategy establishes goals and objectives that will require collaboration among public, private and non-profit organizations across Canada. Supported by members of the National Steering Committee on Financial Literacy, Canada’s Financial Literacy Leader, Jane Rooney, will oversee and coordinate implementation of the seniors’ strategy as a component of the wider national strategy for financial literacy.

Beginning today, Minister Sorenson and Jane Rooney will also begin consultations on Phase 2 of the national strategy on financial literacy which will focus on the unique needs of low-income Canadians, Canadians with disabilities, newcomers to Canada and Aboriginal peoples.

Quick Facts
The 2009 Canadian Financial Capability Survey shows that financial literacy skills among seniors are lower overall compared to other groups of Canadians.
In 2011, an estimated 5 million people were 65 or older. That number is expected to double by 2036, reaching about 10.4 million seniors.
The National Strategy for Financial Literacy is expected to be released in 2015, following consultations on Phase 3 which includes children, youth and adults.
Quotes

“This comprehensive strategy will help Canadian seniors ensure they have the knowledge and tools needed to navigate an increasingly complex financial marketplace. I look forward to seeing the collaborative effort of public, private and non-profit sector groups that will enable seniors to improve their own personal finances, strengthening the economy as a whole.”

– Kevin Sorenson, Minister of State (Finance)

“The strategy demonstrates our Government’s concern for the well-being of seniors, who face unique financial challenges and require a broad base of support to ensure they can make confident and informed decisions on financial matters. I was very pleased to participate in the public consultations in June, which saw substantial and valuable feedback from individuals and groups representing seniors across Canada.”

– Alice Wong, Minister of State (Seniors)

“The public consultations have resulted in a strategy that addresses the diverse range of financial literacy issues facing Canadians as they move through their senior years. A broad range of organizations have stepped forward to participate in the work of developing this strategy that will help improve the financial literacy of Canada’s senior population.”

– Jane Rooney, Financial Literacy Leader

Associated Links
Contacts

Office of the Minister of State (Finance)
Meagan Murdoch
Communications
613-369-5696

Financial Consumer Agency of Canada
Natasha Nystrom
Media Relations Officer
613-941-4168
natasha.nystrom@fcac-acfc.gc.ca

Source:: http://news.gc.ca/web/article-en.do?nid=893999

      

90 ELGIN STREET TO BECOME THE JAMES MICHAEL FLAHERTY BUILDING

Ottawa, Ontario – 15 October 2014

Introduction

Prime Minister Stephen Harper today announced that the Government of Canada building located at 90 Elgin Street in Ottawa will be named the James Michael Flaherty Building in honour of the former Minister of Finance who passed away on April 10, 2014. The Prime Minister was joined by Christine Elliott and her sons John, Galen and Quinn.    

The new James Michael Flaherty Building is a modern facility that will accommodate the Department of Finance and the Treasury Board of Canada Secretariat. It is being named in honour of Jim Flaherty as a tribute to the eight years that he spent dedicating his life to the financial well-being of Canadians. A commemorative plaque, which will bear the name of the building, will be affixed to the wall in the lobby.

One of the longest-serving Ministers of Finance in the country’s history, Mr. Flaherty served from February 6, 2006 until his resignation on March 18, 2014. Throughout his career, he exemplified the best qualities of those who enter public life: a true commitment to service and a sincere desire to make the country a better place. This commitment to public service earned him the respect and admiration of parliamentarians of all political parties. Mr. Flaherty played an integral role in steering Canada through the highly turbulent international financial crisis which began in 2008. He was named Euromoney magazine’s Finance Minister of the Year in 2009, in recognition of Canada’s strong policy response to the global economic crisis which has contributed to our country’s heightened reputation on the global stage. Mr. Flaherty’s legacy also includes leading the return to fiscal balance, strategic investments under Canada’s Economic Action Plan and the introduction of key tax measures, such as the Tax-Free Savings Account and the Registered Disability Savings Plan.

Quick Facts
The new 17-storey James Michael Flaherty Building includes 60,000 m2 of office space, which will accommodate approximately 2,600 federal employees and a ground floor retail space accessible from Elgin, Albert and Slater streets. It is 3.5 times larger than the original Lorne Building, which was previously located on this site.
The James Michael Flaherty Building was designed and constructed to meet National Capital Commission requirements and target LEED® Gold certification, showcasing a green building on a prominent site on Confederation Boulevard. Elgin Street in Ottawa is a symbolically important part of Confederation Boulevard.
Construction of the building began in spring 2011 and it was ready for occupancy in July 2014.
Department of Finance employees have moved into the building and Treasury Board of Canada Secretariat employees will be relocated there by May 2015.
Quote

“It is a fitting tribute to Jim Flaherty’s contribution to Canada to name the new federal finance building in Ottawa in his honour. Jim will be remembered as one of the best ministers of finance in the history of Canada. He dedicated the last years of his life to one of his greatest passions: ensuring the economic well-being of Canadians. I know that the federal government employees working in the new James Michael Flaherty Building will remember with fondness and respect the remarkable human being he was and all that he accomplished for Canada.”

– Prime Minister Stephen Harper

Source:: http://news.gc.ca/web/article-en.do?nid=893549