Asset Building Programs
Information Session
Fall 2011
Applications are due before 4:30 PM on February 17th, 2012
Late applications will not be accepted.
Applications may be submitted by:
Mail:
ORGANIZATION
Address
Winnipeg, MB Postal Code
In Person: at Address between (Business Hours)
Make sure you have:
 Filled out all the information.
 Signed and dated the application.
 Included Proof of Income for all household members:
For each person in the household who receives income you must include:
 Proof of all sources of current income (for example: a recent pay stub, a letter from
Employment and Income Assistance, an Employment Insurance Statement, a Resettlement
Assistance Letter)
If you have questions about the application, please call ORGANIZATION at
PHONE NUMBER
SEED Winnipeg
SEED Winnipeg is a community economic development (CED) organization
set up to combat poverty and increase the social and economic vitality of lowincome individuals, groups, organizations and economically distressed
communities, primarily in the Winnipeg area.
SEED Programs:
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Business Development Services
Asset Building Programs
Programs to help parents open Registered Education Savings Plans (RESPs) to save for their
children’s future education
We also develop and support other community economic development initiatives
What Are Asset Building Programs (ABPs)?
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Asset Building Programs are designed to assist low-income individuals and families to buy
assets.
Asset Building Programs use Individual Development Accounts (IDAs) to help you to achieve
these goals. These accounts are matched savings accounts where every $1 you save (up
to a limit) is matched with $3 from ORGANIZATION and our partners.
ORGANIZATION Has Two Asset Building Programs:
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The Saving Circle Program
The Individual Development Account (IDA) Program
AssetBuilders Partnership
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The following organizations, as well as three organizations located outside of Winnipeg, also
offer Asset Building Programs to their clients & participants:
Saving Circle Program
BUILD
Urban Circle Training Centre
Ma Mawi Wi Chi Itata Centre
Villa Rosa
PluriElles
Nor’ West Co-op Community Health Centre
Macdonald Youth Services
Rossbrook House
Saving Circle and IDA Programs
Fort Garry Women’s Resource Centre
Society for Manitobans with Disabilities
IRCOM
SEED Winnipeg
You may apply at more than one organization, but you can only be accepted at one
organization.
The Saving Circle Program
The Saving Circle Program allows you to save up to $250 and receive a match of up to
$750 from ORGANIZATION.
What Can I Save for in Saving Circle?
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The asset that you save for has to be one that you need and that will improve quality of life
for yourself, your household, and/or the community at large.
This can include assets such as:
• Basic household furniture and some appliances
• A computer
• Education for you, your child, or your spouse
• Starting or expanding a small business
• Health needs such as eyeglasses or dental work
• Disability supports
• Government of Canada pardons
What Can’t I Save for in Saving Circle?
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You
You
You
You
You
cannot pay off any debts
cannot buy the asset before you finish the program
cannot buy items that cost more than you can save by the end of the savings period
cannot buy a car
cannot use this money for wants (computer games, trips, TV or DVD, gifts, etc.)
Saving for Your Asset
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Minimum monthly deposit: $5
Maximum monthly deposit: $65
Maximum individual savings: $250
Minimum savings period: 4 months (average $63)
Maximum savings period: 6 months (average $42)
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Plus 1 month to use your money
The Power of a 3:1 Match Rate
Maximum Savings
Your Savings
Matched Credit
Total Savings
$250
$750
$1,000
The IDA Program
The Individual Development Account (IDA) Program allows you to save up to $1,000
and receive a match of up to $3,000 from ORGANIZATION.
What Can I Save for in IDA?
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Education for you, your child, or your spouse
Starting or expanding a small business
Buying a home (special conditions apply)
Home renovations
Disability supports
What Can’t I Save for in IDA?
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You cannot pay off any existing debts
You cannot buy anything with the matched funds before you have reached the minimum
number of saving months
You cannot buy the asset before you finish the program
Saving for Your Asset
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Minimum monthly deposit: $10
Maximum monthly deposit: $175
Maximum individual savings: $1,000
Minimum savings period: 12 months (average $84)
Maximum savings period: 24 months (average $42)
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Plus 1 year to use your money
The Power of a 3:1 Match Rate
Maximum Savings
Your Savings
Matched Credit
Total Savings
$1,000
$3,000
$4,000
Enhanced Home Ownership IDA Program
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ORGANIZATION also has an Enhanced Home Ownership IDA program that has different
savings rules.
Who Can Apply?
To Qualify You Must…
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Live in Winnipeg
Have a total household income at or below the programs’ income cut-offs
Have a strong desire to improve your financial future
Have a positive attitude and realistic goals
Be willing and able to attend Money Management Training workshops
Please Note:
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You are not eligible for the Saving Circle or IDA Programs if you or someone in your household
has previously received funds from the IDA Program.
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If you have already received funds from the Saving Circle Program, you can apply for the IDA
Program.
Maximum Annual Household Income
Based on the 2009 Statistics Canada Low Income Cut-Off:
Household Size
Saving Circle Program Cut-Off
IDA Program Cut-Off
1 person
$16,670
$26,670
2 persons
$20,760
$33,210
3 persons
$25,520
$40,830
4 persons
$30,980
$49,570
5 persons
$35,140
$56,220
6 persons
$39,630
$63,410
7 or more persons
$44,120
$70,590
* Please Note: If the income you receive through the Canada Child Tax Benefit puts you
over the income cut-off, please apply anyways and discuss your situation with an Asset
Building Program Coordinator.
How to Apply
1. Fill out an application.
2. Provide supporting documents and proof of income.
Next…
3. If you meet the program guidelines, you may be called to attend a meeting to talk about your
application.
4. Acceptance into the programs will be based on an evaluation of your savings goal and financial
need.
5. If you are accepted into one of the programs, you will be invited to attend an intake meeting
where you will officially enter the program.
How Do the Programs Work?
The Saving Circle and IDA Programs Include:
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Money Management Training
Peer Support
Matched Savings
Asset Building
One-on-One Support from ORGANIZATION staff
How Do the Programs Work?
1.
2.
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Open an account at Assiniboine Credit Union.
Attend Money Management Training workshops.
Make a monthly deposit.
ORGANIZATION will match $3 for every $1 you save.
Purchase your asset!
Saving for Your Asset
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If you receive Employment and Income Assistance (EIA), your benefits will not be affected by
the money you receive from the program.
Every month we will send you a statement showing how much you have saved and how much
you are getting from the program.
You will need to contact a Program Coordinator to take out the money you have saved.
Training and Support
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A major part of our Asset Building Programs is a ten-week series of Money Management
Training workshops which help individuals and families learn and share their knowledge on
budgeting, banking, credit, debt, and more.
You MUST attend a Money Management Training class once a week for ten weeks.
 We also offer Asset Specific Workshops and One-to-One Support