Individual Development Account
IDA is offered through partner organizations outlined in the ‘How do I apply’ section.
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 and mobility needs
- Registered Disability Savings Plan
- In a Tax Free Savings Account at Assiniboine Credit Union (must be paired with another eligible goal)
- Citizenship application
- Co-op housing share
- Peg City Car Coop Membership
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?
IDA is offered at the following partner sites for people who have 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|
|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.