Managing Money & RESPs

Providing financial literacy courses that will help individuals to improve not only their personal money management skills, but also to recognize the benefits of opening a Registered Education Savings Plan (RESP).

Thanks to funding from HRSDC, from Oct. 2010 – Sept. 2013 EFLS will be providing Financial Literacy courses with an RESP component to clients in Alberta either through direct delivery or via train the trainer in partnership with other local organizations.


In providing Financial Literacy courses, EFLS recognizes that individuals will gain stronger skills and be better able to manage their finances by learning:


  • The benefits of tracking spending and keeping receipts
  • How to live within a budget
  • To recognize and control spending leaks
  • To adjust a budget and spending to suit individual values
  • Ways to address destructive or negative financial related behaviors
  • How to improve credit and use credit wisely
  • How to reduce and pay off debts
  • Methods to protect oneself from scams and identity theft
  • Effective use of debit and credit cards

As part of the ESCO project, EFLS will adapt its materials to include an RESP component that will encompass the following:

  • Defining and clarifying exactly what an RESP is
  • How to find the money to save in an RESP
  • Different types of RESP options
  • RESP related incentives offered by the Government of Canada
  • How RESPs operate, and what can and cannot be done with them
  • The benefit to families and children of saving money in RESPs
  • How post secondary education can significantly impact one's earning potential

How we will do it?

EFLS will work in partnership with other community organizations in Edmonton or within 450 kms. Each partnership will differ, and EFLS will be able to provide direct delivery to clients or provide train the trainer to allow the partner organization to deliver the materials. EFLS will look to work with any suitable organizations, and EFLS materials will be focused on low-moderate income clients.

EFLS will provide gift cards to clients to obtain their comments on the impact of the course. EFLS will also provide a limited amount of clients with attendance incentive gift cards to evaluate how this impacts on a client's ability to attend and learn from the course.

EFLS materials will contain a strong behavioural content to support their learning, and increase a client's ability to apply desired skills in their life.


Reports

Phase one report:Download PDF

One year report:Download PDF


What help do we need?

Community Organizations:
EFLS is currently seeking to partner with other community organizations and agencies in Edmonton and surrounding areas (within 450kms). Each agency should have a desire to enhance the skills of their clients, and recognize how important financial literacy is to their clientele. EFLS can then conduct a needs analysis to identify if it is a suitable partnership, and if so, what the responsibilities of each partner organization will be.

Ideal partner organizations will include organizations that have experience in delivering courses & workshops for the following population segments:

  • Aboriginals
  • Recent Immigrants
  • Low income households with children
  • Parents

Facilitators:
As the needs arrive, EFLS is looking to find local facilitators for occasional contract work. If you have experience as a facilitator and feel that you would be interested in facilitating 1-3 courses per year please send us a copy of your resume.

RESP basics

  • An RESP is a savings plan that is registered with the Government of Canada.
  • It will allow someone to save money for a child's post-secondary education.
  • It can be opened at most financial institutions and with some financial planners.
  • It can be investment based (with differing degrees or risk), or cash based.
  • If the child decides not to proceed to post-secondary education, the funds can be withdrawn by the depositor.
  • The Government of Canada provides incentives of up to $10,025 when an RESP is opened for those who qualify.
  • Overall, children who pursue and complete post-secondary education are in a better position to establish financial and employment stability.
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    As every person's situation may differ, EFLS recommends that everyone should consult with a qualified advisor and fully understand how the RESP will impact them and their family before opening one.

Learn more