School is out and summer is here. Before you start planning your vacation or summer activities, it’s a good time to take stock of your financial plan for the year to keep your summertime spending in check and your savings goals on track. Saving money is an important part of your financial health. Regardless of the season, putting money aside each month will help you prepare for emergencies, stay out of debt and reach your financial goals. Use our budget worksheet to plan for the right balance between summertime fun and savings.

Mortgage Payment Calculator

Buying a home is the most expensive purchase many of us will ever make in our life. Can you afford to make mortgage payments without being house-poor?

Use our new Mortgage Payment Calculator to estimate your mortgage payment amount, the impact of making extra payments and the balance remaining at the end of your mortgage term. The available amortization schedule will also help you understand the principal and interest portions of each mortgage payment.

Visit GetSmarterAboutMoney.ca for more popular and free articles, tools and calculators to help you with your finances.

Importance of Financial Literacy 

Ontario Securities Commission (OSC) staff and community partners were in North Bay to provide local seniors with information on avoiding fraud and making informed investing decisions. The OSC in the Community program visits communities across Ontario to speak to everyday investors on how to protect their money.

Nipissing MPP Vic Fedeli, Mayor Al McDonald, Police Chief Scott Tod and OSC staff delivered remarks and highlighted the importance of financial literacy during Ontario Seniors Month. 

The Canadian Anti-Fraud Centre, Elder Abuse Prevention Ontario, the City of North Bay and the North Bay Police Service also participated and contributed to the event's success. Read coverage of this event in the North Bay Nugget or watch this segment from CTV News.

Find the next OSC in the Community event near you.

Financial Education Highlights

Our consumer website GetSmarterAboutMoney.ca is one of Canada’s most visited financial literacy websites and provides hundreds of free tools and resources for people to help them get smarter about money. It, along with other educational resources such as our digital question and answer website Re: Investing, had 5.4 million visits in fiscal 2018-2019, an increase of 17.1% over last year. Attendance at investor outreach events increased 7.6% to 6,517.

To improve financial literacy of Ontarians, the OSC and the Ministry of Education are currently collaborating to enhance the financial literacy curriculum, an initiative set out in the 2019 Ontario Budget.

Personal Information Inventory

Our new Personal Information Inventory document can help a trusted contact locate your personal and financial accounts, and other records, in the event that you are unable to provide guidance. Learn more

Engaging with Older or Vulnerable Clients

The Canadian Securities Administrators (CSA), which includes the OSC, published a staff notice that outlines suggested practices that registered firms can consider when engaging with older or vulnerable clients. Clients may be or become vulnerable due to changing needs and risks as they age, an illness or injury, or a physical, cognitive or psychological limitation.

The staff notice includes suggestions as to how registered firms can identify and respond to situations involving financial exploitation and diminished mental capacity. It also discusses specific practices firms can consider when assessing their policies and procedures in areas such as complaint handling, communicating with older or vulnerable clients and identifying trusted contact persons. The notice is part of the CSA's ongoing work to develop a flexible and responsive regulatory approach to address financial exploitation and diminished mental capacity among older and vulnerable clients. Learn more

Improving Service for Older Investors

The OSC is working to respond to the needs of older investors as outlined in the OSC Seniors Strategy.

We partnered with Elder Abuse Prevention Ontario to deliver training and education to OSC staff that interact with older individuals, such as when receiving inquiries and complaints, or when conducting compliance reviews or enforcement matters. OSC staff now have improved tools and knowledge on recognizing potential warning signs of issues related to financial exploitation and diminished capacity, and escalating potential issues to the appropriate agencies.

Your Retirement Nest Egg

According to an OSC Investor Office survey, nearly half of pre-retired Ontario homeowners age 45 and over are relying on the value of their home increasing to fund their retirement.

It’s easy to see why—a home is the most valuable asset many households own, and if you purchased a home before the recent housing boom, you’ve likely earned a significant return on your investment so far.

But owning a home isn’t a substitute for planning for retirement. There are some important questions you still need to think through to gauge how close you are to being financially prepared for retirement. Read more on funding your retirement using your home

Pay Off Credit Cards and Debt Calculator

Reduce your debt this summer. Try our Pay Off Credit Cards and Debt Calculator.

This calculator will give you monthly payment plans for up to 8 credit cards or loans, including lines of credit and mortgages. It will show you the order in which you could pay off the debts, and how long it will take.

Visit GetSmarterAboutMoney.ca for more popular and free articles, tools and calculators to help you with your finances.

Power of Attorney

A power of attorney or POA gives someone you trust the right to legally act on your behalf. This person can make decisions related to your health, finances or other matters, depending on the type of POA created. You may consider a POA if you anticipate a physical or mental incapacity that would prevent you from managing your own affairs. Learn more

Tax-Free Savings Accounts 

A Tax-Free Savings Account or TFSA is a registered savings account that provides certain tax advantages. In most cases, investment income, including capital gains and dividends, earned in a TFSA is not taxed, even when withdrawn. There are annual contribution limits, but you can carry forward any unused contribution room from previous years. Learn more