Is FCAC misleading the public regarding an agency’s charitable status?

 

Financial literacy among Canadians is simply abysmal and it is a contributing factor to an ocean of misery in this country.  I encourage the federal government, provincial governments and others to promote practical, unbiased information on the topic of financial literacy.

The Federal Government encourages Canadians seeking advice regarding financial literacy to visit the website of the Government of Canada’s Financial Consumer Agency of Canada (FCAC) at www.fcac-acf.gc.ca.  This website is designed to be a resource to assist Canadians improve their financial literacy.

But is it possible that the FCAC is actually providing the public with questionable information–information which could potentially harm members of the public?

The following paragraph can be found on the FCAC’s website on a webpage titled “Managing debt: Getting help from a credit counselling agency”.

Find out about the credit counselling agency’s reputation and qualifications

You can find out if an agency is a recognized member in good standing of a   provincial or national association such as Credit Counselling Canada, the Canadian Association of Credit Counselling Services or the Ontario Association of Credit Counselling Services, which all require their members to maintain specifc standards of practice.

 

FCACMasthead

This copy appears on the FCAC website.

This copy appears on the FCAC website.

 

For the purposes of determinting the reputation and qualifications of a credit counselling agency, the first industry assocation recommended by the Financial Consumer Agency of Canada is Credit Counselling Canada.

 

Credit Counselling Canada only accredits “registered charitable organizations”

On Credit Counselling Canada’s website, www.creditcounsellingcanada.ca, on a webpage titled “Who We Are – A Non-Profit Credit Counseling Association”, it states that the association only accredits “registered charitable organizations”.

 

Credit Counselling Canada's website states its membership is limited to "registered charitable institutions".

Credit Counselling Canada’s website states its membership is limited to “registered charitable institutions”.

 

Is the statement on Credit Counselling Canada’s website–that it only accredits “registered charitable organizations” actually true because it would appear that one of its accredited members is Credit Counselling Services of Atlantic Canada Inc., an agency that had its charitable status annulled by the Canada Revenue Agency on July 12, 2013, more than eighteen months ago!

 

According to CRA's website, Credit Counselling Services of Atlantic Canada Inc. had its charitable status annulled on July 12, 2013.

According to CRA’s website, Credit Counselling Services of Atlantic Canada Inc. had its charitable status annulled on July 12, 2013.

 

We know that Credit Counselling Services of Atlantic Canada Inc. had its charitable status annulled by the Canada Revenue Agency on July 12, 2013.  We know that Credit Counselling Canada’s website states that it only accredits members who are “registered charitable organizations” and yet it continues to list Credit Counselling Services of Atlantic Canada Inc. as an accredited member despite the July 12, 2013 annullment.

Then why is the Government of Canada’s Financial Consumer Agency of Canada (FCAC) recommeding to Canadians on its website  that they contact Credit Counselling Canada for advice about the reputation and qualifications of credit counselling agencies?

Is this yet another example of taxpayers’ hard-earned tax dollars being wasted or has someone at Financial Consumer Agency of Canada (FCAC) not been monitoring the activities of industry associations like Credit Counselling Canada?

 

One comment

  1. It’s really a great and useful piece of information. I am satisfied that you just shared this useful info with us.
    Please keep us up to date like this. Thanks for sharing.

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