JAMES MALONEY

Photo: Jennifer Hartley

Member of Parliament Etobicoke-Lakeshore

November is Financial Literacy Month and for many people, money is a source of great stress. One thing the last year and a half has shown, changes can impact our financial situation and that has an effect on our mental health. Sometimes, it feels like it is easier to ignore the problem. On top of that, many of us are unsure where to begin to get a better understanding of our finances.

The Government of Canada has created tools to support you. The Office of Consumer Affairs and the Financial Consumer Agency of Canada have interactive tools to help you get a better handle of your finances and to give you ideas on how to reduce your financial stress.

The Financial Consumer Agency has developed a budgeting tool that helps you track your spending. It has found that creating a budget can help: • set spending limits • find ways to pay down your debts • reduce costs and save more • live within your means • reduce stress • have more money for things that are important to you feel in control of your money

Debt has become a reality for so many of us. The Office of Consumer Affairs can help you take charge of that debt with its six steps to better financial health. If credit card debt concerns you, the Financial Consumer Agency of Canada can help with that too. Visit their sites. https://www.canada.ca/en/services/finance/ manage.html https://itools-ioutils.fcac-acfc.gc.ca/BP-PB/ budget-planner

Have your say: Enhancing Consumer Protection with Banks

If dealing with financial institutions is troublesome, you can have your say. The Financial Consumer Agency of Canada (FCAC) is inviting comments on a proposed Guideline on ComplaintHandling Procedures for Banks and Authorized Foreign Banks (Guideline) in support of the implementation of the new Financial Consumer Protection Framework (FCPF) in the Bank Act. The FCPF introduces new or enhanced consumer protection measures that will further empower and protect consumers in their dealings with banks and authorized foreign banks (banks).

The Guideline sets out clear principles and expectations that banks should use when developing their policies and procedures to ensure they deal with consumer complaints promptly, consistently, and in a manner that is easy for consumers to navigate and understand.

The consultation will give all interested parties an opportunity to express their views and enable FCAC to benefit from a wide range of perspectives.

‘Tis the Season for Giving

This is also the season for giving. The Daily Bread Food Bank reports that there were 1.45 million visits to Toronto food banks last year, the highest number of visits ever recorded in Toronto. This represents a 47% increase compared to the previous year and is 1.5 times higher than the previous record set in 2010 at the peak of the 2008 recession.

For the first time, new clients outnumbered existing clients at food banks with a 61% increase compared to the year prior.

While pandemic restrictions are easing and the economy is re-opening, there are many people in Toronto still living in a state of crisis. If you can, please remember those in need.

JAMES MALONEY

Member of Parliament Etobicoke-Lakeshore james.maloney@parl.gc.ca