Individual Development Account
A program for Saving Circle graduates to save toward a larger goal, and to continue building on the money management training received through the Saving Circle program.
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:
- Record suspension
- Licensing for a profession
- Education or training courses
- Textbooks, course materials, computer
- Registered Education Savings Plan
- Business start or expansion needs
- Necessary dental work
- Accessibility assets
- Registered Disability Savings Plan
- Mobility needs
- In a Tax Free Savings Account at Assiniboine Credit Union (must be paired with another eligible goal)
- 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 two elective and two core 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?
Individuals can apply to the Matched Saving Programs at SEED by phoning (204) 927-9947 and leaving their name and phone number after the voicemail prompt.
The IDA Program is run in partnership with Assiniboine Credit Union and the United Way of Winnipeg.
Individual Development Account Booklet: IDA Booklet
Low Income Qualification Chart
|Household Size||Maximum Gross Household Income|
|7 or more persons||$69,935|
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.