Standing Senate Committee on Banking, Commerce and the Economy (BANC) (May 30, 2014)
ISSUE: Funding for Prosper Canada (Budget 2024)

Key messages

• Prosper Canada is a key player in the financial ecosystem.
• As explained in FCAC’s National Financial Literacy Strategy, strengthening the financial literacy of Canadians is a shared responsibility and requires collective action from the financial ecosystem.
• This ecosystem-based approach is key to reaching and engaging more Canadians in consistent, targeted and effective ways.
• FCAC looks forward to continuing its collaboration with Prosper Canada as we work together to advance the goals of the National Financial Literacy Strategy.
• The National Financial Literacy Strategy’s ecosystem approach includes providing Canadians access to the tools and information they need to build financial resilience.

Background information

• Budget 2024 proposes to provide $60 million to Prosper Canada to expand community‑delivered financial help services available to Canadians.
• The expanded services to be delivered by Prosper Canada as part of this announcement are expected to reach 1 million low- to moderate-income Canadians over 5 years, helping them receive nearly $2 billion in unclaimed tax and benefit income.
• Prosper Canada is an adopter of the National Financial Literacy Strategy’s Measurement Plan.