How Does It Work?
Individual Development Account (IDA) is a matched savings program. For every $1 you save in the program (up to $1,000), you receive a $2 match (up to $2,000). Your savings and the matched savings combine for up to $3,000 that you can use to buy things that:
- Help you get a job
For example: getting licensing for a profession, uniforms and equipment, a computer, a Peg City Car Co-op Membership
- Help you or your children get further education
For example: education or training courses, textbooks and course materials, a computer, a Registered Education Savings Plan (RESP)
- Help you improve your health or quality of life if you live with a disability
For example: necessary dental work, accessibility and mobility needs, a Registered Disability Plan (RDSP)
- Help you improve your quality of life
For example: a Canadian Citizenship application, a co-op housing share
- Help you build up emergency savings in a Tax-Free Savings Account (TFSA) at Assiniboine Credit Union.
Please note: this must be paired with another eligible goal
Am I Eligible?
To qualify, you need to:
- Live in Manitoba
- Be a Saving Circle graduate
- Have a strong desire to improve your financial future
- Be willing and able to attend at least three financial literacy workshops
- Have a gross household income less than the amount listed below. Enter the number of people who live in your household to see the maximum household income for this program. Your household includes you, your spouse (if you have a spouse), and children under 18 (if you have children) who live with you.
Low Income Qualification Calculator
How Do I Apply?
Note: IDA spots at SEED are currently full for 2024.
IDA is also offered through two Empower Manitoba partner sites for people who have completed Saving Circle. Please reach out to one of the partner sites to apply:
Immigrant and Refugee Communities of Winnipeg (IRCOM)
(204)-943-8765
Who Do I Contact If I Have Questions?
Please call (204) 927-9947 or email ABPAdmin@seedwinnipeg.ca for more information.
Lindiwe
Lindiwe moved back to Winnipeg with her daughters to start fresh and was looking for resources to help her get started. After completing the Saving Circle program, she joined the Individual Development Account (IDA) program in 2019.