TORONTO, Jan. 26 /CNW/ - TD and Social and Enterprise Development Innovations (SEDI) announced today that TD will provide $14.5 million in funding to SEDI, a charitable organization that helps low income and otherwise economically disadvantaged Canadians gain financial independence. Tim Hockey, President and CEO, TD Canada Trust, and Peter Nares, Executive Director of SEDI made the announcement at the Thorncliffe Neighbourhood Office in Toronto's Thorncliffe Park, saying the money will go to SEDI's Canadian Centre for Financial Literacy (CCFL), which was co-founded by TD and offers financial literacy programs across Canada. Funds will also be used to launch the TD Financial Literacy Grant Fund, which is the first of its kind in Canada and will distribute millions in grants to community groups for financial literacy training.
"Financial literacy has been an issue for some time but the recent recession brought the issue into focus for many Canadians, especially those in economically vulnerable groups," said Tim Hockey, CEO and President, TD Canada Trust. "Although many factors have contributed to the need for greater financial literacy, no single organization will be the solution. Instead it will take all of us working together to make an impact. The Canadian government has already shown leadership by establishing the Task Force on Financial Literacy. At TD we believe that we can also play a lead role, not only by working with our customers to help increase their financial knowledge, but by increasing access to financial literacy for all Canadians by working in partnership with groups like SEDI, and committing to fund initiatives over a sustained period of time through the Canadian Centre for Financial Literacy and the TD Financial Literacy Grant Fund."
"Thanks to TD's contribution, thousands of Canadians, like those who visit the Thorncliffe Neighbourhood Office, will have opportunities to better understand their finances and make more informed decisions about spending, saving and investing," said Peter Nares, SEDI founder and executive director. "Within five years, this new funding will make it possible for the Canadian Centre for Financial Literacy to reach out to over 230,000 people among lower-income groups. With over 4.7 million people living on a low income in our country, we hope that the current economic climate, and initiatives such as this one by TD, will lead the business community and governments to recognize that financial literacy is an essential life skill and to champion this cause."
The Canadian Centre for Financial Literacy, a division of the national charity SEDI, was started in 2008 to help build and develop financial literacy among low income Canadians. The CCFL delivers easy-to-use money management training for low income groups through social agencies. The CCFL will receive $3.5 million from TD to support the training of staff and build the capacity of nonprofits to deliver financial literacy programs throughout the country.
The remaining $11 million dollars will be used to create The TD Financial Literacy Grant Fund to significantly accelerate the pace at which SEDI can bring financial literacy skills to low income and disadvantaged individuals. The new fund, administered by SEDI, will provide grants ranging from $25,000 to $100,000 to qualified community based agencies, charities and not-for-profit organizations to help integrate financial literacy training into services they deliver to their clients.
Since its founding in 1986, SEDI has been at the forefront of groundbreaking projects and social policies that help Canadians living on low incomes or that are otherwise economically disadvantaged participate in the economic mainstream. Most recently, SEDI recommended the creation of a task force to boost financial literacy in Canada in a coordinated, strategic manner. Canada's Task Force on Financial Literacy was established by Ottawa in 2009.
TD has been a strong supporter of SEDI's financial literacy programs over the last 5 years. TD provided the $14.5 million in funding announced today as part of a class action settlement (Cassano vs TD) agreed to in 2009, a donation that was approved by the court as reasonable and fair and that was in the best interest of Canadians.
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About TD Bank Financial Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Financial Group. TD Bank Financial Group is the sixth largest bank in North America by branches and serves more than 18 million customers in four key businesses operating in a number of locations in key financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Insurance; Wealth Management, including TD Waterhouse and an investment in TD Ameritrade; U.S. Personal and Commercial Banking, including TD Bank, America's Most Convenient Bank; and Wholesale Banking, including TD Securities. TD Bank Financial Group also ranks among the world's leading online financial services firms, with more than 6 million online customers. TD Bank Financial Group had CDN$557 billion in assets on October 31, 2009. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
About SEDI
Social and Enterprise Development Innovations is a national charitable organization that uses innovative approaches to help low-income Canadians gain financial independence. For over 22 years, SEDI has worked with businesses, governments and more than 800 not-for-profit organizations across Canada on financial literacy, asset building and entrepreneurship initiatives. SEDI's expertise allows it to influence public policy, opening the way for Canadians to enter the social and economic mainstream. Visit www.sedi.org for more information.
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