Managing Your Money

Learn how money can work for you

Managing Your Money

The ability to manage your money is an important part of successful renting or owning a home. New Journey Housing teaches free rental and managing your money workshops to help you.

Retirement Planning

You may start planning for your retirement as soon as you land your first job! Retirement planning may involve a few things including:

1. setting your retirement goals
2. deciding when you would like to retire
3. thinking how your retirement spending will look like
4. projecting how much money you would need during retirement

To help you start thinking and planning for retirement, the Government of Canada lists down some useful information: https://www.canada.ca/en/financial-consumer-agency/services/retirement-planning/money-to-retire.html

Savings Programs

If you are thinking of saving money for your children’s college or university education, or save for your retirement, or for any other purpose, here are several savings plans available to you.

RESP or Registered Education Savings Plan

If you would like to save money for the education of your children, the Canada Revenue Agency implements RESP for this purpose.

RESP is a savings plan in which an individual (called the subscriber) enters into contract with a person or organization (called the promoter).

The subscriber can name one or more beneficiaries who will be the future student(s) and commits to make regular cash contributions for the beneficiaries. The promoter agrees to pay educational assistance payments (EAPs) to the beneficiaries in the future.

There are two different types of RESP available: family plans and specified plans.

Visit Canada Revenue Agency for more information about RESP.

RRSP or Registered Retirement Savings Plan

If you would like to save money for your future retirement, the Canada Revenue Agency (CRA) implements the RRSP for this purpose.

You will have to establish an RRSP account, which CRA will register, and to which you or your spouse or common-law partner will contribute. Your RRSP contributions can be used to reduce your tax.

Any income you earn in the RRSP is usually exempt from tax as long as the funds remain in the plan.

Visit Canada Revenue Agency for more information about RRSP.

SEED Winnipeg Inc.

Supporting Employment or Economic Development or SEED Winnipeg is an organization that helps low-income Winnipeg residents build their assets and save money for household necessities. They help clients meet their savings goals through programs like money management training classes, matched savings credits that are added to the funds that clients save on their own, opportunities for peer support from fellow participants, and one-to-one support from SEED staff.

Find out more about SEED Winnipeg’s programs.

Benefits

Canada Child Benefit

If you are taking care of your children who are aged 18 years and below, you may be eligible for the Canada Child Benefit (CCB). It is a tax-free monthly financial support to eligible families to help them cover the cost of raising children under 18 years old. To calculate your benefits, Canada Revenue Agency uses information from your income tax and benefit return.

Manitoba Child Benefit

If you have minor dependents and you have just moved off from welfare, the Manitoba Child Benefit will provide you financial assistance to help in supporting your children. It also provides parents with additional assistance to help with some of the costs of prescription eyeglasses for their children.

Learn more about Manitoba Child Benefit and see if you are eligible.

55 Plus Program

The 55 PLUS Program is a Manitoba Income Supplement that provides quarterly benefits to Manitobans who are 55 years of age and over, and whose incomes are within certain levels. Eligibility is based on income reported in your tax return from the previous year.

Visit the Manitoba Employment and Income Assistance for more information about 55 Plus Program.

Talking About Money is a new booklet that lets you understand how money works. It contains information about sources of income and income tax, banking, investments, credit, and preventing fraud.

To help newcomers learn about money and how it works, we developed 2 kinds of workshop:

Teaches about the basics of saving, budgeting, and credit.

Teaches more advanced topics to include basics of investing, retirement, income and taxes, fraud prevention.

Financial and Budgeting Calculators

The Canada Mortgage and Housing Corporation provides calculators to help you establish your financial situation, determine how much house you can afford, and the maximum price that you should be considering.

Debt Service Calculator will help you evaluate your financial situation and understand how much you can comfortably afford to spend on a mortgage.

Household Budget Calculator will help you compare your income with your current or planned expenses and debt payments and see what you can afford.

Other Resources

Many community resources, counselling services and publications can help you learn more about money.

Community Resources

immigrant centres and settlement offices
organizations that support people with disabilities
adult learning centres
youth centres
libraries
employment centres
financial counselling agencies

We can help you find a centre in your community.

Read FCAC newsletters about money education programs, workshops, and tools

CFCS is a non-profit credit counselling agency that can help you with a debt management plan.

OFFICE LOCATION

New Journey Housing
200-305 Broadway Winnipeg MB R3C 3J7
(Corner of Broadway and Donald. Up on the 2nd floor)

OFFICE HOURS

Monday to Friday: 9:30 am – 5:00 pm

Phone: 204-942-2238
Fax: 204-942-2239
E-mail: info@newjourneyhousing.com