Programs

Individual Development Account - “Not offered for 2023”

IDA is currently on pause at SEED Winnipeg. There are limited spots at partner organizations outlined in the ‘how do I apply’ section. Otherwise check back in 2024 for more information.

How does it work?

Participants receive $2 for every $1 they save. $1000 saved within a period of 6 to 12 months qualifies for $2000 of matching funds for a total of $3000 that is used to purchase an asset goal.

Participants can use their savings for the following goals:

• Employment:
• Record suspension
• Licensing for a profession
• Computer

Education:

• Education or training courses
• Textbooks, course materials, computer
• Registered Education Savings Plan

Business:

• Business start or expansion needs

Disability Supports:

• Necessary dental work
• Accessibility and mobility needs
• Registered Disability Savings Plan

Emergency Savings:

• In a Tax Free Savings Account at Assiniboine Credit Union (must be paired with another eligible goal)

Other Assets:

• Citizenship application
• Co-op housing share

Am I eligible?

To qualify, applicants must…

• be a Saving Circle graduate
• meet the program low income cut-offs (see below)
• have a strong desire to improve their financial future
• be willing and able to attend 3 financial literacy workshops

Applicants are not eligible if they, or someone in their household, has previously received matching funds from an IDA program in Manitoba

How do I apply?

The following partner agencies are accepting applications for IDA from people who have already completed Saving Circle.

• Manitoba Possible: open to people living with a disability. Call 204-975-3103, Visit: https://www.manitobapossible.ca/financial-empowerment
• IRCOM: open to newcomers to Canada. Call 204-943-8765, Visit: https://www.ircom.ca/programs/asset-building/

Low Income Qualification Chart

Household Size	Maximum Gross Household Income
1 person	$27,514
2 persons	$34,254
3 persons	$42,111
4 persons	$51,128
5 persons	$57,989
6 persons	$65,401
7 or more persons	$72,814

SEED Winnipeg looks at household income to help determine eligibility for our programs. We use Statistics Canada’s Low-Income Cut-Off (LICO) as a guide (we use 100% of LICO). Other factors besides LICO are also considered.