Location: McMaster University Student Centre – CIBC Hall
Who should attend:  Individuals engaged in financial functions at McMaster

Featuring:

• Keynote address by Martin Hicks, Executive Director, Data & Statistics at the Higher Education Quality Council of Ontario (HECQO).
• Assistant Vice President and CFO, Deidre (Dee) Henne will present on McMaster’s historical and future financial outlook.

Afternoon and morning breakout sessions include:

• MacBill – Building on the Successes of Phase 1
• Building a Brighter World – Strategic Plan for Research 2018-2023
• Your CFO told you to transfer what? Identifying & Preventing the Wrecking Ball of Technology Related Fraud
• Foundations for Excellence – Office Productivity and Efficiency Tools
  

Registration is required for this exciting all-day event as capacity is limited, so book now!

Last day to register is Friday, November 9, 2018
Continental breakfast and buffet lunch are provided.

Register Now

For additional information contact

Tamara Martin by phone at 905-525-9140 x 24621 or by email at mccoolt@mcmaster.ca

Providing students with the tools they need to protect themselves is a priority for Mac’s Money Centre, especially since students and recent graduates are often considered to be a target. From leaving laptops unmonitored in the library to using free public Wi-Fi while accessing personal information or applying for a job posting on classified websites like Indeed or Workopolis, there are many everyday tasks that can put a person at risk. 

As recent events have shown, international students have become a notable target for fraud, with scammers applying pressure and scare-tactics on international students to share their information; scare tactics include the threat of deportation, arrest, and passport status. In these cases, international students are encouraged to remember that immigration will not get in contact through phone or door-to-door, and will not require immediate funds.

For Mac’s Money Centre, Fraud Awareness Month is an opportunity to empower students to develop a stronger awareness of fraud schemes so that they can confidently identify and handle potential scams. On Monday, March 19, 2018, Mac’s Money Centre will welcome the Hamilton Police for a presentation, where students can attend to learn and ask questions; food and refreshments will be provided.

One of the key takeaways from this presentation will be the power of awareness and confidence. Many fraud schemes involve creating a sense of urgency and awareness; for students who are uncertain about situations that have higher financial stakes or that involve sharing personal information, it is recommended that they take a moment to reflect, examine the situation, and seek advice before making a decision.

“There is sometimes a fine line between outright fraud and scams; but, they’re in the same category. Scams such as free products and giveaways can sometimes be just as financially risky,” says Gina Robinson, Associate Dean of Student Affairs and Director of the Student Success Centre. “If it’s too good to be true, it likely isn’t true. Have confidence and go with your gut when things don’t feel right. Report when you come across a situation so that scammers know you’re onto them.”

In a potential fraud situation, students or members of the McMaster community on-campus should get in contact with McMaster Security (dial 88 on any on-campus phone); members of the Hamilton community, including students living in the Westdale area, should get in contact with the Hamilton Police.

To attend the Fraud Awareness Month presentation, students can register on OSCARplus.

To learn more about Mac’s Money Centre, visit the website.

Original Article Link: Daily News

Financial support for students is about to get better, thanks to the Net Tuition Project. As part of a financial wellness initiative implemented by the provincial government, post-secondary institutions across Ontario will now provide a more transparent breakdown of educational expenses and resources, as well as more opportunities to receive funding.

Students can now access their net bill and have a better sense of how much they owe; net bill includes all non-payable aid from grants, bursaries, and scholarships. Incoming students also have access to their net tuition upon their offer of admission, so that they can make informed financial decisions. Net tuition is the full cost education after tuition, grants, bursaries, and scholarships; having access to this information allows prospective students to compare and contrast financial options across institutions.

“The new Ontario Student Grant program provides more upfront grant funding to students,” says Leanne Ruiz, Manager of Student Financial Aid and Scholarships. “Students also have the opportunity to only accept the grants and waive the loan funding. Increased grant funding decreases overall student debt upon graduation.”

Liz McDonough, Coordinator of Customer Service at Student Accounts and Cashiers, adds, “We are seeing much less traffic in the Student Accounts office this year and we believe it’s because of three things. Students are using online payment services; Mosaic was more user-friendly; and most importantly, the Account Summary was made available through Mosaic this year.”

As a leader in advocating for the financial wellness of students, McMaster University is committed to providing education and resources for students, right from the moment they receive their offer of admission. This year, for instance, Mac’s Money Centre hosted their second Smart Start workshop in June 2017, where over 250 incoming students and their parents took part in a workshop session about building a realistic financial budget and plan for University, while also opening larger discussions about money. More recently, screens about the Net Tuition Project were created and displayed across the Student Centre in time for Welcome Week, so that students could better understand their expenses and resources the moment they arrived on-campus.

“If you think about it, when students leave home for the first time, they are forced to be financially independent and responsible,” says Gina Robinson, Associate Dean of Student Affairs and Director of the Student Success Centre. “All of a sudden, students are faced with managing their day-to-day expenses while also juggling academic pressures and work. It’s a lot to handle, which is why we’re here to help.”

“We think incoming students and parents were better informed this year due to awesome McMaster programs like Smart Start and Orientation Week,” McDonough adds.

Mac’s Money Centre is a resource that is unique to McMaster University. Responding to survey results that revealed finances as a top three stressor facing McMaster students, Mac’s Money Centre formed as a resource to help students become better equipped to handle financial challenges; it is now a partnership between the Student Success Centre, Catholic Family Services, Student Financial Aid and Scholarships, and Student Accounts that offers free workshops, one-on-one coaching, tax clinics, and speaker’s events for students.

In addition to workshops and one-on-one appointments available throughout the year, Mac’s Money Centre will lead McMaster University’s digital campaign for financial literacy month. Throughout the month of November, students will have access to a number of talks and social media discussions about myths and truths about money management. Students can also look forward to money topics related to careers.

“What students perceive usually comes from what family and friends think, which might be wrong,” says Robinson. “It is important to set the record straight.”

One of the November guest speakers will be Rob Carrick, a Personal Finance Columnist for the Globe and Mail and author of How Not to Move Back With Your Parents. Robert will offer students a perspective of what to do while they are in school and financial mistakes to avoid, as well as insight into the many decisions students will make when they graduate. This event will take place on Tuesday, November 7, 2017.

For more information about Mac’s Money Centre, visit money.mcmaster.ca.

To attend a workshop or book an appointment with a Money Coach, register on OSCARplus.

As Liz McDonough, coordinator of Customer Service at Student Accounts and Cashiers, shared, “Smart Start is a proactive financial information session for incoming students and their parents, focused on opening dialogues about money, building a realistic financial plan and budget, managing student accounts, and building critical life skills for financial success during their years at McMaster and for life after.”

“Getting your finances in order means you can hit the ground running at the start of school and be focused on your academics not money,” continued Gina Robinson, Associate Dean of Student Affairs and Director of the Student Success Centre. “That means having a plan that looks at what you have in savings, how much more you need to borrow and the most economical options available. It is important students and parents/guardians work together on a plan – university education is a big financial commitment.”

Smart Start tackled these objectives with students and their parents/guardians by presenting them in three steps: apply for OSAP, start discussions about paying for university, and create a financial plan.

Of these steps, submitting applications for OSAP by Friday, June 30, 2017 should be the highest priority for incoming students and their parents/guardians. Meeting the June 30 deadline can help ensure that funds arrive in time and will proactively alleviate some of the stress facing incoming students, who will be adjusting to a new environment and academic system come September.

This year, OSAP presents their new online application, which allows students to submit their documents and track progress online. For those who are new to OSAP, keep in mind that students will still need to mail their MSFAA to Canada post following the initial application. All of these details are outlined in the application process.

While parents/guardians remain influencers for students when it comes to spending habits, it is important for students to learn how to budget and financially plan. As Smart Start’s workshops suggested, having those conversations about money can take away the stress and address challenges before a crisis situation occurs. These conversations need to include a discussion about expenses and resources, as well as where to go when assistance is needed.

“University does not only teach students academics, but life lessons as well,” said Leanne Ruiz, Manager of Student Services Student Financial Aid & Scholarships. “University is stressful. Students benefit by understanding the supports and resources available at McMaster.”

Smart Start workshops are only the beginning for students who are looking to continue the conversation throughout their undergraduate careers. Mac’s Money Centre, an initiative between the Student Success Centre, McMaster Students Union, Student Financial Aid and Scholarships, and Student Accounts, offers students and recent alumni the chance to develop their financial literacy and create a realistic financial plan for university and life after. Through Mac’s Money Centre, students and recent alumni can take workshops, attend one-on-one counselling appointments with a certified financial counsellor, and attend events geared towards their financial wellness – all at no cost.

As incoming students ready themselves for the challenges and excitement that come with attending university, there are some new projects they can look forward to at McMaster University. Starting this year, McMaster University will operate as one of Ontario’s pilot schools for the net tuition project. This project will provide new tools for students to better understand their finances, such as understanding the cost of university outside of tuition, living and textbook expenses. Additionally, current students can look forward to no longer reporting their RESPs and PSSSPs on the OSAP application, increasing the financial support available to students.

For more information, visit the Mac’s Money Centre website.

To book a one-on-one appointment with Mac’s Money Centre’s certified counsellor, visit OSCARplus.

Filing taxes is often viewed as an expensive and time-consuming process that can feel daunting for students; but, this is an important year for students to file returns. The 2016 tax year will be the last year that students can claim education and textbook credits. This new federal tax measure will be put towards supporting tuition costs for post-secondary students from low income families (gross incomes of less than $50,000 per year).

Current students are still eligible to file for their education and textbook credits this year, a decision that will provide future tax savings when students are working. For a full time student, these credits amount to $465 a month and total $3,720. With future tax savings calculated at 15%, students can receive a return of $558. Starting in 2018, only the tuition credit will remain available.

Mac’s Money Centre encourages students who have not filed their taxes to learn more and stay on top of their taxes, as the savings could be used towards paying student loans and cost of living. Students who are not yet working can apply their tuition credit to their taxes owed later on; they also have the option to transfer up to $5,000 of their tuition, education, and textbook credits to their parents’ income taxes.

“For students, tax season means getting money back and accumulating future tax savings. I think that’s really exciting,” says Gina Robinson, Associate Dean of Student Affairs and Director of the Student Success Centre. “Through Mac’s Money Centre, I want to empower students – it feels good to know how it all works and to take charge.”

Mac’s Money Centre is a collaborative initiative between the Student Success Centre, McMaster Students Union, Financial Aid and Scholarships, and Student Accounts that works towards nurturing the financial wellness of McMaster students and alumni. In addition to an informational website that provides resources and tools to help with taxes, budgeting, and financial decision making, Mac’s Money Centre also holds workshops and one-on-one money coaching every Wednesday.

This year, Mac’s Money Centre will be introducing D.I.Y. Tax Labs, a free session for students and recent alumni to file their own taxes. Those who attend will bring in their laptops and work with CPA professionals to ensure that they file their taxes correctly and maximize their tax benefits. By the end of the session, students will be able to submit their tax returns online through the Canada Revenue Agency (CRA) website.

As Gina shares, “There’s this myth that taxes are complicated and that you need to be making an income to file; but, students have a lot to look forward to when it comes to tax season. Claiming the GST/HST rebate and the Ontario Trillium Grant, alone, could help students get almost $1000 back immediately. That’s a lot of money and doesn’t include what they can later claim when they’re working full time. It’s just about being aware and starting early.”

D.I.Y. Tax Labs will take place on March 28 and March 30 from 4:00 p.m. to 8:00 p.m. There will also be shorter information workshops about filing student taxes on March 22 and March 29 from 12:30 p.m. to 1:30 p.m. To register for any of these sessions, visit OSCARplus (listed under events).

For those who cannot attend sessions in March, Mac’s Money Centre will hold tax clinics in April. Mac’s Money Centre also recommends that students and alumni register for an online account on the CRA website so that they come to sessions prepared and ready to get to work.

For more tax information and resources, visit the Mac’s Money Centre website.

In the recent National College Health Assessment Survey, results confirmed that finances were one of the top three stressors facing McMaster University students. Results showed that while academics remain a top stressor, finances and careers are not far behind.

Responding to student concerns, the Student Success Centre, McMaster Students Union, Student Financial Aid and Scholarships, and Student Accounts launched Mac’s Money Centre, a collaborative initiative that acts as a central hub for students and alumni to access financial information, resources, coaching, and financial tips.

“When you think about it, money and careers actually go together,” says Gina Robinson, Associate Dean of Student Affairs and Director of the Student Success Centre. “Mac’s Money Centre is a call to action. We often see students get really stressed in their final year, when they know they have to start paying back their OSAP loan and find a job; we help students manage money and debt wisely, plan, save, and stay protected.”

Studies show that while financial wellness affects Canadians, only 6 out of 10 Canadians have basic financial skills. To bridge the gap, in 2012, the Federal Government developed Canada’s Financial Literacy Strategy and officially designated November as Financial Literacy Month to create awareness and conversation. To celebrate Financial Literacy Month and respond to student needs, Mac’s Money Centre is rolling out free workshops, money coaching, and financial tips on social media for the month of November; they will also welcome two financial experts to campus to speak on financial literacy in a fun and motivating way.

As Gina suggests, “Talking about money doesn’t have to be stressful; talking about these things can be fun and empowering, too. In fact, it’s absolutely necessary that students talk about finances so that they can make informed financial decisions that will impact their future self.”

The first speaker to visit McMaster University is author and financial expert, Robert Brown. Known for his witty combination of pop culture and financial expertise, Brown will tackle financial issues facing students on Thursday, November 17 from 5:30 p.m. to 7:30 p.m. in the Student Success Centre (Gilmour Hall 110). The event will include book giveaways and pizza, as well as a chance for students to bring their questions.

The second speaker, Preet Banerjee, is a former neuroscientist and racecar driver who has become a financial expert and advocate, quoted for saying that “personal finance is 90% psychology and 8% math.” His talk, The Science of Money, will take place on Tuesday, November 29, 2016 from 5:30 p.m. – 7:30 p.m. in TwelvEighty.

For those interested in taking control of their financial wellness, registration is on OSCARplus. For more information about Financial Literacy Month, visit bit.ly/FLM16.

In November of 2015, in honour of National Novel Writing Month (NaNoWriMo) and Financial Literacy Month, McMaster students were challenged to reflect and write on the topic of money in one of two ways, a personal essay or a short piece of prose.

Over 80 students submitted entries chronicling their personal experiences and thoughts related to money – ranging from its effect on their upbringing, to how its presence or absence changes in level of importance throughout one’s life, to learning and appreciating the “true value” of a dollar.

While all of the submissions were inspiring, there were several standouts in each category. In the essay category, first place was awarded to Kyle Doucette, with his piece entitled, Double Doubles and Dollar Signs. Mavra Choudhry, claimed first place in the short story and poetry category with her piece, Counting. Winners were selected based on a range of criteria including creativity, writing style, language, and mechanics. In addition, the submissions selected as winners in each category delved deep into the theme of this year’s contest, sharing honest, insightful, and emotionally compelling stories.

Run in conjunction with Mac’s Money Centre, this year’s writing contest was part of a broader initiative to increase the level of financial wellness on campus. Officially launched in November 2014, Mac’s Money Centre aims to give students the confidence and knowledge to effectively manage their money during university through the provision of online resources and in-person programming, counselling, and workshops. As demonstrated by the response to the writing contest this year, this topic resonates with students.

Doucette, the first place winner in the essay category, states “Money is a pretty big concern for all of us [university students], and I think we all have our own opinion of it, and if presented with an opportunity we will share.” This resonated with Choudhry, the winner of the short story and poetry category, who believes that, “talking about money is so essential, but at the same time a sensitive topic.”

Despite its sensitive nature, an open narrative surrounding the topic of money was of common interest to entrants of the writing contest. Doucette remarked, “There is more than a dollar value to money, which I feel is something not everyone understands;” an increasingly important message for students preparing to move on from university life to balance careers or continued education with increased independence. He continues, “Once you graduate, it’s all on you. The more you learn now about how to manage your own finances is definitely key.”

To read the winning submissions from this year’s writing contest, as well as the honourable mentions, visit Mac’s Money Centre online.

Students interested in furthering their financial wellness are encouraged to visit the Mac’s Money Centre website or book a one-on-one financial counselling appointment through OSCARplus.

Click here to view the original article. 

Challenges, no matter how big or small, are best faced head-on. This is the message Jackie Cruz will deliver to students Nov. 17.

Cruz, best known for her role as Marisol “Flaca” Gonzales on Netflix’s number-one rated series Orange is the New Black, will be on campus recounting stories about struggle and determination in order to achieve dreams, no matter how ambitious.

When she was still a teenager, Cruz moved out of her mother’s apartment and slept on friends’ couches for six months. When she was 17, not long after leaving home, she was the victim of a near-fatal car accident that collapsed one of her lungs and left her in a three-day coma. Without a doubt, it was the lowest point in her life.

Twelve years later — following short-term stints as a model, singer, waitress and reality TV bit player — she’s become one of the most recognizable faces on Netflix.

“Inviting Jackie to McMaster was an easy decision for us. Her perseverance and determination is an admirable quality,” says Joey Duong, marketing and outreach intern with the Student Success Centre.

“She delivers a message that will resonate with students and hopefully provide some motivation and momentum for students as they work towards the final few weeks of first semester.”

Presented by Mac’s Money Centre, the event takes place in conjunction with Financial Literacy Month — a Canada-wide initiative now in its fifth year. Financial Literacy Month was officially recognized by the Government of Canada in 2012.

This year’s theme of “Count Me In, Canada” aims to raise awareness about the importance of financial literacy in order to strengthen an individual’s financial well-being. Understanding the basics of money is as essential today as numeracy and literacy.

“Cruz’s presentation fits in well with this year’s theme,”  says Gina Robinson, director of the Student Success Centre and assistant dean of Student Affairs.

“Hearing an inspiring story, students will gain confidence not only when making life decisions but also in financial matters.”

A Twitter contest will select five winners who will get front row seating at the event plus a meet-and-greet pass with Jackie Cruz at the end of the event.

To enter, participants must follow @MacsMoneyCentre and tweet using the hashtag #mactalksmoney answering the question: What is the best financial advice you have received?

Selected winners can invite one friend to join them in the experience.

The event will take place in Room 147 of Burke Science Building (BSB). Doors are at 7:15 p.m. and OITNB themed food will be available as well as a photo booth.

The talk will begin at 8 p.m. Registration on OSCARplusmcmaster.ca is required in order to attend the event.