Income Security

Income security increases the ability of individuals and families to thrive and contribute to the social and economic wellbeing of the community.

Income security includes broad safety net programs delivered by Federal, Provincial or Municipal governments to address low income and related needs. It includes access to programs including Employment Insurance, Child Tax Benefit, Canada Pension Plan, Savings, Work Safety, and Veteran's programs.

Goal

Equitable and inclusive access to income that results in adequate income security for Peel residents

Desired Change

Short–Term (1–3 Years)

  • Increased awareness about tax programs or benefits available to residents experiencing income inequality
  • Increased access to income supports available to residents experiencing income inequality
  • Increased awareness about the impact of income inequality among stakeholders

Intermediate (4–7 Years)

  • Improved affordable banking options for low income individuals and families such as short term loans, credit and bank accounts that offer reduced interest rates and increased savings programs
  • Increased use of payday loan map (tool) by stakeholders to inform income based program planning and development

Long–Term (8–10 years)

  • Decreased percentage of people below poverty line due to access to income programs such tax and social assistance benefits
  • Greater advocacy that eliminate barriers to increased savings and participation in government programs such as RESPs and subsidy programs

Strategic Actions

Short–Term (1–3 Years)

  • Partner with stakeholders to pilot financial literacy initiatives
  • Mobilize community partners to influence and advocate for the elimination of barriers to increased savings and participation in government programs such as RESPs and subsidy programs
  • Organize speaker series and information sessions about income inequality
  • Advocate for Peel's area municipalities to implement stricter regulations on pay day loan lenders

Intermediate (4–7 Years)

  • Partner with financial institutions to create affordable and accessible banking options including short term loans, credit and bank accounts that offer reduced interest rates and increased subsidized programs for low income families
  • Promote the use of the pay day loan map to inform income security programs and initiatives among stakeholders

Long–Term (8–10 years)

  • Advocate for the expansion of policies that increase access to income programs for residents including basic guaranteed income and access to subsidized programs
  • Leverage Provincial and Federal income security strategies to empower residents experiencing poverty to achieve economic and social inclusion