While there seem to be endless ways people are targeted with fraudulent programs and scams, here are some red flags to watch out for.

1. Being asked to do something urgently because the matter is time sensitive.
2. Told not to share the details of the call with anyone.
3. Asked to provide personal information including contact information, SIN, and financial card details.
4. Being told to purchase gift cards online or in store.
5. Asked to contribute towards something since others are doing it.
6. Pretending that someone you know is in trouble and needs help.
7. Being threatened with being apprehended if you do not pay the stipulated sum.
8. Receiving an email under the guise of a friend or acquaintance.
9. Offering a too-good-to-be-true offer that will magically do away with your financial woes.
10. An unknown person claiming to receive your regular debt payments, telling you to transfer to them instead of following the process you have with the Financial Institution you work with.
11. Being asked to wire money to someone you don’t know.
12. Real-estate and rental agents offering a questionably high selling rate or low cost of rent, sometimes requiring you to make an unofficial upfront payment on the sidelines.
13. Receiving a dubious job offer that requires you to process transactions, make phone calls from a company you haven’t heard about and isn’t credible.

If you have succumbed to such ploys, here are the steps you need to take immediately.

1. Make a note of the name, phone and email of the person who contacted you.
2. If you were directed to a website, make a note of the website address, and take screenshots of the pages you were directed to. Note their IP address if you can.
3. Keep all your personal documents such as bank information, cheque books, SIN, health card, etc., in a safe location.
4. Contact your local Law Enforcement office. As directed by them, report the matter to the Canadian Anti-Fraud Centre.
5. Make sure you contact your bank (or relevant financial partners) to block your payment cards and cheque books, and change the passwords to your online accounts. Request for new payment cards and cheque books, and never share this information with anyone.
6. Add a statement to your credit report and check frequently for any fraudulent activity.

Check with your bank for the right financial products and plans for your needs. For more articles on how to safeguard yourself from scams, read here for resources provided by the Government of Canada.

To speak to one of our accredited credit counsellors who can help you choose safe and legitimate insurance or other financial options, click here.

The post How To Stay Safe From Financial Fraud appeared first on Credit Counselling Canada.

5 tips To Avoid Holiday Scams

Research The Charity You Are Giving To

The request for charitable donations ramp up during the holiday giving season. Be sure you know the charity you are considering donating to so you don’t give your cash away to those with less than charitable intentions.  It’s OK to say “no”. Try offering “thank you, but I am not in the position to donate right now”. You could also deploy the Hug and Release approach. “Thank you for your time and I do appreciate your efforts (hug). However, I have other areas of interest and passion that need whatever resources I can offer (release)”.

Be Wary Of Re-Gifted Gift Cards

After the presents have been unwrapped, the tree is down and left overs are consumed, scammers could try to sell you gift cards that have no value on them. The gift cards are sold at a reduced price giving the appearance that you are getting a great deal. When you attempt to use the card, you will soon discover that there is no credit left and you certainly didn’t get what you paid for. One solution is meet the seller at the store where the gift card is issued and verify the balance. You can get a great deal by paying 15-20% less than the value of the gift card but be sure to verify the value.

Avoid Getting Short Changed at the Register

Don’t get caught up in the hustle and bustle and get distracted at the checkout.  Pay attention to the bills you are handing out and the change you are getting back. Check your receipt for scanning errors.

Keep Eyes On Your Purse Or Wallet

Holiday Scammers lurk in busy malls waiting for you to become distracted and when you turn your back, your purse or wallet is gone! Keep an eye on your purse, securely closed and within reach. Stow your wallet in a zipped jacket or your front pocket.

Holiday Job That Leaves You Holding The Bag

This time of year can be financially stressful and therefore some people want to earn a bit of extra holiday shopping cash. Be wary of “work now, get paid later” type of jobs and check out the employer’s credentials ensuring this isn’t a phishing expedition for your personal information.

The Better Business Bureau has identify more holiday scams and tips to protect yourself.

If you are struggling with holiday debt, find an accredited Credit Counsellor near you.

The post Don’t Be Scrooged By Holiday Scams appeared first on Credit Counselling Canada.

September is such a beautiful month with the cooler, crisper weather and all the vegetation turning into the brilliant colours of fall, including a few of my pumpkins I planted in the spring.

For many of us who still have the muscle memory of starting school in September, this time of year can feel like a new beginning. For me, it’s a time for reflection on how the last eight months of the year have gone and then I step into that fresh piece of paper and a pen and start to dream about new goals.

This time of year, can also bring about a lot of change and transition. Perhaps you’ve just started school and are still wrapping your arms around the whole experience. Maybe you’ve embraced the ‘great resignation’ and decided to change jobs or retire. Possibly you’ve welcomed a new family member into the world or said goodbye to a loved one. All of this change can create stress and/or joy but one thing is for sure, these changes can impact your finances.

You may have to pay for tuition and books, reinstate your bus pass because you may be returning to your workplace, or put your car back on the road.  Many people living in Canada have adjusted, at least somewhat, to this new normal of pandemic living.  This includes the budget we’ve been living with over the last 18 months and introducing a new expense can feel uncomfortable.

This is actually a good thing – that uncomfortable feeling is your internal warning system giving you the heads up to pay attention. Paying attention doesn’t require us to panic, it just means we need to be conscious about the extra cost and integrating it into our existing budget.

Now if this sounds like it’s stressful or too much work or not interesting enough, fair enough. Your experience and feelings about this are totally valid. And here’s the great news, there’s someone who can be a coach, guide, or even a partner throughout your whole financial journey, including creating a manageable budget because a lot of people think budgeting is boring.  But not our credit counsellors, financial coaches, and financial educators, they LOVE budgeting!

I like to think of non-profit credit counsellors and financial educators as the person you take on a road trip, a financial one that is. You decide on the destination (e.g. being debt free, rebuilding your credit, saving for an emergency or a goal) and they’ll help you create the roadmap to get there.  They’ll make sure you’ve got good tunes to carry you through (e.g. financial tools and resources) as you progress towards your goals. They’ll cheer you on when you’re weary, they’ll hand you tissue when you feel overwhelmed and need a good cry, and they will celebrate with you when you achieve your goals, big and small.

If you want to start your fall feeling positive about your money, come chat with one of Credit Counselling Canada’s member agencies. They are non-profit organizations dedicated to helping consumers in Canada resolve their debt and build solid financial skills for a lifetime.

As an aside, speaking of new beginnings, I would like to introduce myself – I am the interim CEO for Credit Counselling Canada. I’ve had the privilege of leading teams of credit counsellors and financial educators for the last 13 years and I’m deeply passionate about eliminating financial shame for consumers in Canada. I live on a small farm in BC with my husband Brad, dog Duke, and kitties Lasercat and Keanu. In my spare time, I love to be outside farming, walking, reading, and working with stained glass.

Stacy Yanchuk-Oleksy

CEO, Credit Counselling Canada

The post September – A Time for New Beginnings, including Your Budget appeared first on Credit Counselling Canada.

Here are the top 6 online financial literacy tools offered by our members:

7 Steps Money Management Workbook- This is offered by the Credit Counselling Society and is a valuable financial literacy tool for anyone who wants to know how to budget efficiently. It outlines everything involved in setting up a simple budget in 7 easy steps, giving users a handy guide to keeping their expenses below their income on an ongoing basis.

Online Personal Budgeting Webinars – Webinars are a popular way for busy individuals to learn whenever and wherever they have time. The Credit Counselling Society puts on free personal budgeting webinars on a regular basis. These are geared towards teaching personal budgeting strategies rather than family budgeting.

Online Financial Courses – For those who prefer to learn over a longer period and who may not have the time to attend traditional classes, Money Mentors offer online financial courses. Courses are free and topics covered include; budgeting, managing credit, debt management, retirement planning and much more.

Surviving a Layoff Booklet – This handy booklet is offered by Credit Canada Debt Solutions and provides advice for those who find themselves suddenly without an income. There are valuable tips for dealing with creditors including template letters to use for communicating your situation.

It’s Your Right: Protecting Yourself Financially as You Age Toolkit – This is offered by Family Service PEI and is geared towards helping seniors protect and empower themselves financially as they age and become more vulnerable. It’s a perfect financial literacy tool for seniors who value their independence and who want to remain in control of their financial lives.

Money Mentors Podcast – This podcast, offered by Money Mentors, is a new initiative broadcasting interviews with money experts. The topics discussed are wide and varied and the format makes for easy learning while on the go.

Credit Counselling Canada members work hard to empower Canadians to better manage their money. To learn more about the education initiatives taking place through not-for-profit credit counselling, visit our financial literacy education page.

The post Online Financial Literacy Tools: Our Top 6 Picks appeared first on Credit Counselling Canada.

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To make filing your income tax easier, we suggest collecting all your income and expense information ahead of time.

Here are 6 action items to make your filing easier this tax season

1. Gather personal information including the legal names for yourself and your dependents
2. Have handy social insurance numbers and birth dates
3. Collect all your income slips and don’t forget any RRSP contributions and charitable donations (medical receipts, tuition statements)
4. Organize and tally your allowable deductions. To find out more information about deductions and credits you can claim to reduce the amount of taxes you will have to pay. Learn more about deductions, credits, and expenses.
5. Know your banking information for direct deposit
6. Review your tax filing from previous years. Previous tax returns provide great reminders of areas easily overlooked.

Let’s add one more. #7 – Start preparing NOW for next year!

Each year, Canadians are leaving cash and other benefits behind by not filing an income tax return. Our member at Credit Canada has 10 surefire tips to take the fear out of filing your income tax return.

Free Tax Clinics are here to help

There are free tax clinics in Canada staffed by trained volunteers to help you this tax season. Check out our member, Community Financial Counselling Services and their community volunteer income tax program. This is the largest single tax clinic site in Canada!

Visit us at Credit Counselling Canada to find a not for profit credit counsellor near you.

The post Tax Clinics are here to help this Tax Season appeared first on Credit Counselling Canada.

So the song goes, anyway. While those words may ring true for some, others struggle to find ways to enjoy the warm weather and stay within budget. A study revealed that 52 percent of Canadians admit that their summer spending habits have a long-term impact on their savings, while 28 percent will go into debt thanks to their spending over the summer months. That overspending can set your financial goals back weeks, months, maybe even an entire year. However, there are a number of ways to cut back on summer splurging and save money this summer—some are simple everyday tips, others may have you reconsidering your summer plans, but all can help you save money.

1. Watch your air conditioning usage.

Those of us with A/C may use it liberally in the summer months because we’re just not accustomed to the heat! But A/C can be one of the costliest items on your electric bill. Try using it sparingly, and instead turn on fans, which use far less electricity, and close the drapes or blinds during peak sun hours. (These are just some of the ways Canadians are keeping their cool during summer but you can read more here). In addition, remember to replace air conditioner filters. A dirty filter restricts airflow and A/C efficiency, making it run more often and driving up your energy bill. Here are more “green” money saving tips that you can easily incorporate into your everyday life.

2. Start a garden.

You don’t need to have a green thumb to grow some of your favorite fruits and vegetables. Take advantage of the warmer weather to harvest easy-to-grow eats such as potatoes, tomatoes, lettuce, cucumbers, jalapenos, and herbs this summer. It’s a great way to get outside, eat healthier, and save money. If you’ve got children, it’s also a great learning experience for them.

3. Cook outside.

You probably planned to do some outdoor barbecuing anyhow—because it’s fun. However, consider taking the kitchen outside more often this summer and you can save money too. We don’t often think about it, but using the stove or baking in the oven creates a lot of heat within the home that simply causes the air conditioner to run more frequently, costing a lot more money.

4. Dry laundry outdoors.

It may seem old-fashioned, but letting the sun and summer breeze do your drying for you can save you a lot of money on electricity, especially if you have a full house. Plus, dryer sheets and the dryer’s heat are an expensive substitute for the smell and feel of a sun-dried shirt!

5. Take advantage of free sponsored events.

On weekends, we may have a tendency to think about dining out, going to the movies, drinking on patios or hitting the clubs. But big cities and small towns alike generally have some sort of free festival (a foodie event, a concert, a movie in the park, etc.) that can save you a ton of cash. The events are often ideal for the whole family, or can be a great place to gather with friends and meet new people.

6. Shop garage and yard sales (or host your own).

Once spring cleaning is done, many people host garage and yard sales to make some extra money and get rid of items they no longer need. But attending garage sales has its own set of perks, too. Not only does it give you something interesting to do on weekend mornings, but it could also yield some great, inexpensive finds that would’ve cost you much more at a retail store or shop.

7. Walk and bike.

Let’s face it, the idea of trudging through snow on foot is no fun, and biking is certainly not an option during winter. So it’s no wonder we get into the habit of using our vehicles to get around. But summer months give us a reprieve from the cold, so make an effort to either walk or jump on a bike instead of jumping in the car. It’s good exercise, it has many mental health benefits, and it’s good for your wallet to boot.

8. Shop off-season.

Okay, this one might not directly save you money during summer, but it’ll save you money in the long-run. Oftentimes, we buy items when we need them; retailers know this, and that’s when the prices goes up. So during the summer months, consider purchasing your winter gear, heavy blankets, snowblowers, shovels—anything cold-weather related that you think you’ll need come winter. These items are almost guaranteed to be much less expensive when purchased off-season.

9. Go camping.

If that far away vacation destination is going to set you back a few bucks, consider a camping trip instead. Camping is a great and fun way for friends and families to enjoy being outside, go hiking, swimming, and cooking outdoors (some might even say food tastes better when cooked on an open-fire) for a very, very small cost. Not into tents or roughing it? No problem. Many campgrounds have cabins that can be rented very inexpensively. Canada is one of the most beautiful countries in the world, and it has a ton of breath-taking, jaw-dropping national and provincial parks that anyone can easily fall in love with. Take advantage of our good fortune and get outside!

10. Vacation with Family or Friends.

If camping or a staycation just isn’t your thing, skip the overcrowded, tiny hotel rooms and rent an entire house with a group of friends (or family) instead. You can have great in-home amenities most hotels don’t offer, and your combined monies can save you a bundle. Airbnb is a great place to start planning your group trip.

The summer months can be expensive ones, but they also offer money-saving opportunities we don’t have the rest of the year. Take advantage of some of these tips to save money this summer and keep your finances on track, and if you’re still determined to take an extended getaway be sure to read 7 Steps for Vacationing on a Budget. Here’s to summer, and here’s to saving!

Submitted by: Credit Canada Debt Solutions

Credit Canada is Canada’s first and longest-standing credit counselling agency, a leader in financial wellness, and a proud member of Credit Counselling Canada. For more than 50 years, Credit Canada has been helping Canadians successfully manage their debt and lead financially healthy lives by providing non-profit debt help, free credit counselling services, as well as free money management tools and budgeting solutions.

The post 10 Tips to Save Money This Summer appeared first on Credit Counselling Canada.

After listening to speaker after speaker talk pension lingo I realized I knew little about, I knew I had to start planning for my future.

The first thing I did following that informative day was book a session with a financial planner. Of course not everyone needs financial planner, however, for me it just helped me focus on what I had to think about for my retirement and start planning for that stage in my life. Talking to a professional will assist you in figuring out how much you need to put aside and when you will be able say goodbye to paid work.

Between the advice and guidance from the financial planner, and the many retirement planning websites available to Canadians, I’ve been preparing for the day when working to live is no more. I’ve done some research and analysis of my needs and desires and think I am making progress on my retirement plan.

Here are some things I’ve learned from my experience which can hopefully help guide your retirement planning.

1. Attend A Retirement Seminar. If your employer doesn’t offer retirement planning seminars, check with your human resources department, financial institution, credit counselling agency or online to find one that suits your needs.
2. Prepare A Budget For Your After Work Life. What will you need to live on?  You should have less work related expenses, such as taxes, pension contributions, long term disability contributions and commuting expenses.  Will you live in your home, downsize or pay rent? Will you travel more or less? What hobbies or activities will you participate in?
3. Pay Down Or Pay Off Your Mortgage. One of the most valuable things I learned from my retirement planning is that I need to pay down or pay off my mortgage. I don’t want to be retired and have a large mortgage payment.
4. Review Your Life Insurance. My term life insurance was purchased when I needed to ensure that my son was looked after. Now that he is on his own, my insurance needs are different, so my policy is much smaller.
5. Determine Your Canada Pension And Old Age Security Benefits. As you don’t get an automatic pension statement each year (or at least I don’t) I had to find out exactly what type of public pension I would get. I got an online account and can sign in through my bank which allows me to see the pension I can expect at 60 and 65. I’ve also been reading up on the different perspectives on when you should take your Canada pension plan and they are useful reads.
6. Update Or Create A Will. My will was done when I needed to ensure that my son was looked after, so things like executors and beneficiaries are now different. I updated it a few years ago, but now realize that it has to change again so just visited a lawyer to make more changes. It always helps to get professional advice to ensure your wishes are carried out and if your situation is simple, it can be very affordable.
7. Read About Retirement. As part of my preparation for retirement I have also read books from the local public library, and made use of many free online and other resources. There are many books you can borrow or purchase which give you advice on things you need to do for retirement, investing in retirement, and much more. The pensions section of the Government of Canada’s website and the Financial Consumer Agency of Canada are two great sources of information. Banks and credit unions, insurance companies and related businesses or organizations also have online retirement calculators and other resources.

All the work in the past few years makes me realize that I should have been paying more attention to retirement planning when I was much younger. I also know that it is never too late to start.

If you are wondering where to get help with your retirement planning, reach out to a not-for-profit credit counselling agency. They will be happy to assist and point you in the right direction!

Submitted by: Joan Butler, Board Member, Credit Counselling Canada

The post The Beginner’s Guide to Retirement Planning appeared first on Credit Counselling Canada.

Start by focusing on the positive. Talk about something new you learned, for example, how to pay a bill online or how to save money by switching to a bank with fewer fees. Share how good you felt learning a new skill.

Being stereotypical Canadians, we are often afraid we may insult someone, especially when it comes to talking about money. Play a game with your family or friends that can teach you about your personality/priorities with money, for example Money Habitudes for Adults. This exercise can give both parties valuable insight, helping you to understand different financial priorities and perspectives. Hopefully, you will be able to appreciate where the other person may be coming from.

Consider the following points to overcome your fear of talking about money:

1. Find ways to make talking about money easier.

• Normalize talking about money. Talk more often about simple money matters: where do you bank and why, offer some information on challenges you’ve had with money and how you’ve overcome them such as paying a bill late, having some debt or a loan to repay.
• Learn about each other’s values and attitudes toward money (Money Habitudes, past experiences that shape their values, barriers). Discuss what their goals and interests are and how they plan to achieve them with regard to finances.
• Share with each other your knowledge of personal finance and resources available.

2. Decide what you want to talk to about. Stick to one issue at a time.

• Resource: Talking About Money Is a Good Thing, Have a Conversation– Why It’s Important | When To Start | What To Cover

3. Assess what type of conversation you could have about it (productive, difficult).

• How open will the receiver be to talking about it?
• What barriers might prevent a positive discussion? Differing values, financial literacy, money problems etc.

4. Plan a time to talk about money and discuss the matter.

• Ensure the time leaves both parties in a good mindset to discuss things.
• Ensure you plan enough time for the discussion so that no one will be stressed for time to be somewhere else and be distracted or unable to fully engage.

5. Discuss the matter in a non-judgmental and blame free manner.

• Take into account their values and priorities with money and explain yours so that they understand where you are coming from.
• Plan for a realistic goal that you and the other person can meet with regard to the matter.
• Discuss the possibility of bringing in a third party if necessary.

6. Encourage continued open and honest conversation about finances going forward and regular check-ins regarding the resolution of the current issue.

Talking about money can be less stressful when all parties are honest, open and respectful with a common goal in mind.

Submitted by: Ashley Kaartinen, UofM student for Community Financial Counselling Services

The post Detest Talking About Money? Here’s How To Fix It appeared first on Credit Counselling Canada.

Here are 6 things you can do to prepare them to manage money in university:

1. Help them develop a spending plan before they start school. Whether they will be living at home, in residence or off-campus, help them develop a spending plan (budget) for the school year. 70% of Canadians will rely on student loans to fund part or all their education. Receiving large sums of money without a plan on how to manage money in university and make the money last can leave students feeling overwhelmed and stressed. Encourage them to review the free Money 101: Budgeting Basics for Further Education book published by the Government of Alberta. The Government of Canada also provides information on how to fund post-secondary studies.
2. Help them learn the importance of paying bills on time and managing expenses. With little financial responsibility, many young people have a lot of discretionary income. Help them learn the importance of spending on both their needs and wants. Get them to take on some financial responsibilities like paying for their cell phone bill, gas, vehicle insurance etc.
3. Help them understand how student loans work and repayment options before they take out the loan. Have them attend a free Student Loan Repayment webinar. This webinar is facilitated by the National Student Loan Service Centre (NSLSC). If they will be taking out a student line of credit, be sure to go over the loan agreement and their responsibility for repayment.
4. Teach them the importance of delayed gratification. Delayed gratification teaches us, we can get some of the things we want, just not all at the same time. Learning this lesson at an early age can help your adolescent minimize financial stress in the future. A good way to help them learn is to have them set a SMART financial goal for an expensive item they want to buy. This goal should be specific, measurable, attainable, realistic and time-bound. Have them save their own money towards this goal and encourage them along the way.
5. Assist them in understanding the responsibilities of having a credit card. Since you must be at least 18 years old to get a credit card, many young people’s exposure to credit happens during their post-secondary studies. Teach them the importance of paying off debt in full and on time. Be open to lending them money, but be sure to draft a loan agreement spelling out the terms of the loan and the responsibilities of the borrower. This exercise can teach them credit can be costly if not paid back in a timely manner.
6. Have them borrow a book or research online how to save money while in school. From buying or renting used books, purchasing e-books, working on campus, applying for scholarships to using a student discount card, there are many tips for students to save and  manage money in university. Encourage them to do some research on how they can cut down on expenses. Visit the Money Mentors website to access free online finanical literacy resources.

Guest Post By: Money Mentors

Money Mentors is an Alberta-based, not-for-profit credit counselling agency and member of Credit Counselling Canada. Through a number of services, they help families and individuals recover from financial crisis and move forward. Since opening their doors in 1997 they’ve helped thousands of Albertans discover financial solutions, become debt free and ultimately live happier lives.

The post Managing Money in University- 6 Ways to Financially Prepare Your Kid appeared first on Credit Counselling Canada.