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Poverty reduction

Older adults often live on fixed incomes, which can be a significant challenge, particularly when faced with increases in the cost of living, or with other unexpected costs like auto repairs. These financial pressures may be alleviated through various government programs. Read more in our resources below about how we can strengthen financial supports for current and future older adults to reduce the risk of living in poverty.

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  • Web Resource Rating

    Taking SS Early Retirement: Weigh The Pitfalls First

    National Council on Aging (US)
    Learn about the benefits and disadvantages of taking pension money out early as social security during retirement.
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    9 Free Resources for Managing Your Money

    National Council on Aging (US)
    Use this resource to gain access to a variety of tools that an help you plan financially for your future. Consider using online resources to understand your finances and be able to make informed decisions.
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    Thinking about when you'll claim Social Security benefits is time well spent

    National Council on Aging (US)
    This resource describes Social Security Benefits and when seniors can claim this money. Learn about the best time to claim these benefits using evidence from financial literature.
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    Your Money, Your Goals – Overcoming Barriers Through Financial Empowerment

    National Council on Aging (US)
    This resource describes the barriers that seniors face when making financial decisions such as financial abuse, economic barriers and minority challenges. Learn how the National Indian Council on Aging is helping elders overcome these barriers.
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    Economic Security: Tools for Elder Hispanics

    National Council on Aging (US)
    This resource describes how hispanic seniors are at a greater risk for poverty and the barriers that prevent them from retiring on time. Use this resource to learn tips on how to achieve financial security using online tools.
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    How Financial Counseling Can Help You

    National Council on Aging (US)
    Use this resource to learn more about how to overcome personal debt after retirement and how to spot scams and bad credit counselling agencies.
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    Considering Tapping Your Home Equity? Compare Your Options First

    National Council on Aging (US)
    Use this resource to learn more about your options if you are considering using your home equity as retirement income.
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    Dealing with Debt: Debt levels for Canadian Seniors Growing

    SeniorsZen
    Use this resource to learn how the seniors of this generation are carrying more debt than ever and tips on how to overcome this debt.
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    Canada's financial literacy blog

    Financial Consumer Agency of Canada
    Financial literacy involves knowledge and skills on how to manage money. Access this resource for information from experts on various financial topics.
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    Canadian Financial Literacy Database

    Financial Consumer Agency of Canada
    This resource is a database with information about financial literacy. Access this resource to learn about banking, fraud, insurance, taxes, and more.
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    Financial Life Stages

    Canadian Deposit Insurance Corporation (CDIC)
    Older Canadians rely the most on their savings. They should know how the Canada Deposit Insurance Corporation (CDIC) protects their savings. Use these infographics to learn about the financial situation, and thoughts on savings protection, of older Canadians at the pre-retired, retired, and 75+ stages.
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    Financial literacy self-assessment quiz

    Financial Consumer Agency of Canada
    After you have learned about financial literacy, take this fun quiz to test your knowledge!
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    Managing multiple financial priorities

    Financial Consumer Agency of Canada
    It may be difficult to manage your budget with multiple priorities. Access this resource for information on your current expenses and potential future expenses.
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    Crowdfunding: A Financial Resource for Seniors and Their Caregivers

    Aging Care
    Use this resource to learn more about how crowdfunding is becoming a popular method of fundraising money. Learn how seniors and caregivers can benefit from this growing trend.
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    Elders Should Exercise Caution Before Turning to Payday Loans

    Aging Care
    Use this resource to learn about payday loans and the risks that come along with using them for everyday expenses. The resource also explains how dangerous theses loans can be for the elderly.
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    You Gave, Now Save Guide to Benefits

    National Council on Aging (US)
    Use this guide as a general guide for seniors and learn about housing assistance, transportation, food assistance, health and prescription information and many other subjects related to senior wellbeing. Links to other websites are also provided.
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    Save money on your energy bills

    Age UK
    Use this resource to learn more about ways to save money on energy bills every month by making changes to your living room, kitchen or bathroom.
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    Save on water bills

    Age UK
    Use this resource to learn more about ways to save money on water bills every month by making changes to your kitchen, bathroom or in the garden. Consider looking into discounts you can apply for to reduce your monthly bills.
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    How to trace lost money

    Age UK
    This resource explains how seniors can trace back lost money and tips on how to prevent this from happening again in the future. Watch a short video and learn more about ways money can get lost.
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    Financial jargon checker

    Age UK
    This resource provides a long list of easy to understand definitions of financial terms for seniors to use to make informed decisions about their finances.
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    Debt advice

    Age UK
    Use this resource for debt advice and to answer all your questions about debt in old age. Some examples of issues addressed include when to seek help with debt, who to trust, what debt to pay first and where to go for free help.
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    8 ways to make the most of your savings

    Age UK
    Use this resource to make the most of your life long savings. Learn tips on how to maximize savings while also staying informed about your finances.
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    Income Security Programs

    British Columbia Family & Social Supports
    Use this resource to learn more about government income security programs for seniors who need help maintaining a good quality of life. Links to government resources are also provided.
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    Will I receive financial assistance from the government when I retire?

    Settlement.Org
    This resource describes government pension benefit programs and who is eligible to apply for them. Other links are also provided for seniors who want more information about pension plans.
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    Financial Planning For the Elderly

    Elder Care ABC blog
    Learn how a financial planner can help you understand your financial decisions and assess your needs and resources.
  • Web Resource Rating

    Legal Health Checks: Your Retirement Income

    ClickLaw
    This resource describes what income you can expect to receive after you retire other than your own savings. Be informed about your rights and make use of these programs.
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    Information for seniors about benefits, services, and planning for the future

    ClickLaw
    This resource is for people aged 60 or older and describes benefits, services and other programs they are eligible to receive in British Columbia.
  • Web Resource Rating

    5 reasons to open an RRSP

    Get Smarter About Money
    If you are planning on opening an RRSP account, use this resource to understand what exactly an RRSP account is and how it can benefit you financially in the future.
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    3 types of RRSPs

    Get Smarter About Money
    If you are planning on opening an RRSP account, use this resource to understand the difference between the three types of accounts; individual, spousal and group RRSPs.
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    Opening an RRSP

    Get Smarter About Money
    If you are planning on opening an RRSP account, use this resource to guide you through the process and follow their guidelines to ensure you are fully prepared.
  • Web Resource Rating

    Reverse mortgages

    Seniors First BC
    Use this resource to learn what a reverse mortgage is and its benefits and disadvantages. Learn some tips from the Financial Consumer Agency of Canada as well.
  • Web Resource Rating

    Unlocking Pension funds due to financial hardship

    Retire Happy
    Learn more about when and how you should unlock some of your pension funds in the case of financial hardship. Use this resource to explore your options and for a step by step guide on how to proceed with releasing your money.
  • Web Resource Rating

    Pensions in Canada: Defined Benefit vs Defined Contribution

    Retire Happy
    Learn more about the difference between defined benefit and defined contribution when it comes to pensions in Canada. Use this resource to keep updated on your retirement money.
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    Don’t enhance CPP, Leave the CPP alone!

    Retire Happy
    Use this resource to learn more about why not doubling the Canada pension Plan (CPP) is actually a good thing for retirees. Become more financially literate and read more about alternative savings plans.
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    PRPPs are the future of pension reform

    Retire Happy
    Learn more about PRPPs (Pooled Registered Pension Plan) and how it can affect your retired life. If you are a small business owner or self-employed, use this resource to stay updated on current government financial programs.
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    Income Options for Registered Retirement Plans

    Retire Happy
    Learn more about when and how you should convert you RRSPs into income and which income option will benefit you the most. Use this resource to also learn the rules when it comes to converting pension money into income.
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    3 More Costly Pension Mistakes and How to Avoid Them

    Retire Happy
    Learn about mistakes seniors make when it comes to their pensions and use this resource to learn ways to avoid them. Some example scenarios are given to make it easier to understand.
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    3 Costly Pension Mistakes and How to Avoid Them

    Retire Happy
    Learn about mistakes seniors make when it comes to their pensions and use this resource to learn ways to avoid them. Some example scenarios are given to make it easier to understand.
  • Web Resource Rating

    Maximizing Your Income in Retirement

    Retire Happy
    Learn about ways you can maximize your income during retirement by claiming your CPP (Canada Pension Plan) early, splitting your CPP or your pension. Use this resource to understand your options when it comes to your savings.
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    Extreme mortgage burning: Pay your mortgage off early, save thousands

    Retire Happy
    Read one man’s story on how he paid off his mortgage in only 3 years and learn some tips on how you could pay off your mortgage early and enjoy your later years worry free.
  • Web Resource Rating

    How to Pay Debts Faster and Easier as a Retiree

    Retired Brains
    Learn some tips on how to pay debt faster after retirement by getting a debt consolidation loan, cutting your credit, securing alternative income sources and creating a strict budget.
  • Web Resource Rating

    The Best Financial Ideas for Retirees

    Retired Brains
    Consider new ways to stay financially active during retirement by starting up a small business, buying bonds or investing in stocks. These are all great ways for seniors to remain occupied and achieve financial goals.
  • Web Resource Rating

    Paying for Long-Term Care: How to Overcome this Costly Hurdle to Safeguard Your Future

    Senior Homes
    Use this resource to plan ahead and save for future long term care living arrangements using government services, insurance options and veteran benefits. These tips can help you and your loved ones meet your future financial needs.
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    Federal Income Support programs

    Office of the Senior Advocate Alberta
    Use this resource to learn more about government support programs for seniors who need financial help. Links to government websites are also provided.
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    Seniors: Enjoy Your Golden Years with These Tax Credits and Benefits

    Government of Canada - Benefits
    Learn about all the government benefits and tax credits you are eligible for as a senior living in Canada.
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    Public Pensions

    Government of Canada - Benefits
    Use this resource to explore pension programs offered by the government of Canada and access additional resources related to this topic.
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    How RRSPs work

    Get Smarter About Money
    Learn the special tax advantages that come along with RRSPs and the types of investments that you can hold in an RRSP.
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    RRSP fees

    Get Smarter About Money
    If you are planning on opening an RRSP account, use this resource to learn about fees that you may be charged and questions you should ask.
  • Web Resource Rating

    Veterans Affairs Disability Benefits

    Veterans Affairs Canada
    If you have a service related disability, use this resource to see what benefits you are eligible for and learn about the two types of benefits that the government of Canada offers; disability pensions and awards.
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    Rapid Re-Housing

    Homeless Hub
    Learn what rapid re-housing is and how it helps families and individuals who are not part of traditional housing programs. Rapid re-housing is geared towards those who are experiencing transitional or periodic homelessness.
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    Rent Supplements

    Homeless Hub
    Read about one solution to poverty known as rent supplements where the government funds rent payments in order to allow families to live in affordable housing.
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    Affordable Housing

    Homeless Hub
    Learn about the state of affordable housing in Canada and the effect of the cancellation of the federal social housing program has had on housing.
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    Housing First

    Homeless Hub
    Use this resource and the supplementary video to learn about the housing first program that aims to give homeless individuals a place to live then follows up with additional supports and services as needed.
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    Transitional Housing

    Homeless Hub
    Use this resource to learn more about transitional housing programs and why the temporary nature of this accommodation can be extremely beneficial to the homeless community.
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    Permanent Supportive/ Supported Housing

    Homeless Hub
    Use this resource to learn more about permanent supportive housing programs and when this type of program is appropriate. See attached further readings for more information.
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    Cost analysis of homelessness

    Homeless Hub
    Read the recent cost analysis of homelessness in Canada and use this resource to understand the impact this problem has on our society.
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    Income Supports

    Homeless Hub
    Learn more about social and financial programs that are offered for the homeless in order to help them maintain access to a reliable income.
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    Poverty

    Homeless Hub
    Use this resource to learn more about poverty and how it can change every aspect of someone's life. Also learn about the factors that increase poverty in Canada and why a solution is not so easy to implement.
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    How much you need to save for retirement

    Get Smarter About Money
    Use this resource as a guide for saving for retirement and learn about ways to maximize savings and how much you should save for the future.
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    Ways to save for retirement

    Get Smarter About Money
    Use this resource to learn the three main ways to save for retirement in Canada and use the attached resources for more information.
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    Government benefits (CPP, OAS, GIS)

    Get Smarter About Money
    Use this resource to learn about the main government benefits that seniors in Canada are eligible for and how they can help you financially.
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    Getting retirement income from your RRSP

    Get Smarter About Money
    Learn about your options when converting RRSP money into retirement income and use this resource to choose the best option for you and your family.
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    Housing options for seniors

    Health Canada
    Learn about housing options for seniors, average cost of housing programs and budgeting to your needs. This resource links to programs across provinces in Canada.
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    Evictions Planning and Prevention

    Homeless Hub
    This resource defines homelessness as a combination of low income, unstable housing, and lack of health as well as social supports. Learn about issues homeless individuals face and it’s impact on society.
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    NIMBY (Not In My Backyard)

    Homeless Hub
    This resource discusses how residents of neighbourhoods do not want affordable housing development in their area because they fear there will be increased violence and crime.
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    What every older Canadian should know about financial planning

    Employment and Social Development Canada
    Financial planning is important as you get older and face changes such as retirement. Use this resource to learn about making a financial plan based on your current income and expenses, and where you want to be in the future.
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    Disability lens evaluation of four provincial poverty reduction strategies: Manitoba, New Brunswick, Newfoundland and Labrador, and Nova Scotia

    Council of Canadians with Disabilities (CCD)
    Persons with disabilities are more likely to be unemployed and in poverty than their healthier counterparts. Read this resource for information on poverty reduction strategies for Manitoba, New Brunswick, Newfoundland and Labrador, and Nova Scotia.
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    Mortgage Fraud

    Canada Mortgage and Housing Corporation
    In Canada, seniors are most often the victims of fraud and financial abuse. Use this resource to learn about how to recognize, protect yourself against, and report these crimes.
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    Income programs for older adults

    211 Ontario
    Many older adults require income assistance. Access this resource for information on available income programs for you.
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    Boomers need to consider savings protection

    Canadian Deposit Insurance Corporation (CDIC)
    Make sure your savings are safe by depositing it to a bank that is a member of the Canada Deposit Insurance Corporation (CDIC). The CDIC makes sure your savings are still available even if your bank failed. Use this resource to learn about two kinds of protection given by CDIC banks: RRIF and Trust funds.
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    Are you financially prepared for what's ahead?

    Investment Industry Regulatory Organization of Canada (IIROC)
    It is important to make informed decisions about financial investments. Access this resource for information about working with a financial advisor and how to choose someone appropriate for you.
  • Blog Post

    Fiscal measures to support older adults and reduce poverty

    Fiscal measures are often proposed to reduce the tax burden of older adults and reduce poverty. Finding the fiscal measures to which you are entitled can make anybody feel dizzy, but some professionals and tools can help you.
  • Blog Post

    A socially acceptable gentrification: is it possible?

    Gentrification can exacerbate health problems among vulnerable groups, such as older adults, by limiting their access to needed services, affecting their social networks, and increasing their level of stress. Is it possible to control the negative impacts of gentrification and make it socially acceptable?
  • Blog Post

    How do we measure poverty?

    Measuring poverty is complex because indicators currently used have limitations. In addition to income and market-basket indicators, indicators based on the level of education, health status, geographic region, clothing, housing, food security and social inclusion provide a portrait of poverty closer to reality.
  • Blog Post

    Gentrification: When neighbourhoods change, lives change

    Sometimes central and disadvantaged neighbourhoods experience major changes, referred to as gentrification. Neighbourhood gentrification can have a significant impact on older adults who often have low and fixed incomes.
  • Blog Post

    A nest egg for our old days: Helping older adults manage their finances

    Older adults and their caregivers face a budgetary puzzle – making a realistic budget based on fixed and limited incomes - while juggling many priority expenses. Develop your knowledge, skills and self-confidence to make responsible financial decisions.

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