TORONTO, Oct. 23, 2014 /CNW/ - Recognizing that financial literacy has become a key social issue nationally, Chartered Professional Accountants of Canada (CPA Canada) is teaming with Great-West Life, London Life and Canada Life to help all Canadians acquire the knowledge required to make sound financial decisions.
"People who lack money management skills are at a distinct disadvantage and may make financial decisions that are not in their long-term interest," explains Cairine Wilson, Vice-President, Corporate Citizenship, CPA Canada. "Our two organizations share a common goal of wanting to assist Canadians in helping themselves."
Great-West Life, London Life and Canada Life are providing an initial gift of $518,000 as part of a long-term relationship with CPA Canada to help the professional body grow its comprehensive and award-winning financial literacy program.
The funds will be used to:
- Expand CPA Canada's Community Connect initiative, which involves more than 9,000 volunteer professional accountants giving free, financially focused sessions across the country.
- Create programs to address the growing need for financial education of new Canadians, small business owners, seniors and students.
- Raise awareness of the importance of financial literacy for all Canadians.
"Our companies are committed to advancing the financial literacy of all Canadians, and we believe that CPA Canada has the expertise to deliver these programs effectively," says Dave Johnston, President and Chief Operating Officer of Great-West Life, London Life and Canada Life. "Our donation reflects our ongoing commitment to improving the financial, physical and mental well-being of all Canadians."
As sponsor of CPA Canada's program, Great-West Life, London Life and Canada Life's financial assistance and in-kind support will create greater social awareness of how helping Canadians today can position them for a better tomorrow.
CPA Canada's financial literacy program reflects how the financial needs of people change over time with major life events, such as attending university, getting married, buying a home, having children and, ultimately, retiring.
"The generous gift provided by Great-West Life will assist Canadians in gaining the skills, knowledge and confidence required to make the best financial decisions based on their individual circumstances," says Wilson. "This is exciting because our two organizations, both passionate about financial literacy, are working together to deliver positive results."
About CPA Canada
Canada's accounting profession is uniting under a new single designation, Chartered Professional Accountant (CPA). The profession's national body, Chartered Professional Accountants of Canada (CPA Canada), represents and supports more than 190,000 members across the country. CPAs are valued for their financial and tax expertise, strategic thinking, business insight, management skills and leadership. CPA Canada has consolidated the operations of three national accounting bodies: The Canadian Institute of Chartered Accountants, the Certified General Accountants of Canada and The Society of Management Accountants of Canada. CPA Canada conducts research into current and emerging business issues and supports the setting of accounting, auditing and assurance standards for business, not-for-profit organizations and government. It also issues guidance on control and governance, publishes professional literature and develops certification and continuing education programs.
About Great-West Life, London Life and Canada Life
Great-West Life, London Life and Canada Life offer a broad portfolio of financial and benefit plan solutions, and serve the financial security needs of more than 12 million people across Canada. Responsible and ethical management is an intrinsic value of the companies and is essential to long-term profitability and value creation. As an Imagine Caring Company supporting the principles of corporate citizenship and benchmarks for community investment established by Imagine Canada, the companies donate a minimum of one per cent of average pre-tax profits to non-profit, charitable and community organizations each year.
SOURCE: CPA Canada
For further information: Justine Toqué, Communications Advisor, CPA Canada, T. 604 694.6700, firstname.lastname@example.org, www.cpacanada.ca; Marlene Klassen, APR, Assistant Vice-President. Communication Services, Great-West Life, T. (204) 946-7705, Marlene.Klassen@gwl.ca, Gwl.com