The application deadline is fast approaching—submit your application by January 23rd, 2025, at 11:59PM EST! BOF encourages applications from all regions in Canada.

The Justice Grant Program supports initiatives that address key areas within the justice system, including reintegration, prevention, and mental health supports. It aims to reduce incarceration risks, provide tools for healing and advocacy, and expand access to legal services within Black communities. The program also focuses on challenging racial discrimination, promoting legal system reform, and driving community education and policy change. Additionally, it seeks to empower Black individuals to thrive and engage meaningfully within the justice system.

To be eligible, your organization must be a “B3”: a Black-led, Black-focused, and Black-serving organization. This means at least two-thirds of your organization’s leadership must self-identify as Black, and a significant portion of your program activities must prioritize Black communities in Canada. Other eligibility requirements include:

– Your organization must be a registered Canadian not-for-profit organization or charity.

– Have an existing or proposed project in the justice space that meets the grant criteria.

– Maintain an online web presence (e.g., website, social media).

– Be able to provide up-to-date financial records (audited or unaudited within the past two years, accompanied by a tax return and/or bank statements).

– Provide a project budget for the initiative seeking funding.

The post Black Opportunity Fund (BOF) Justice Grant Program appeared first on Black Wall Street Canada.

Are you a Black entrepreneur ready to take your business to the next level? Whether you’re turning a game-changing idea into reality or scaling your existing business, the ThriveWell Grant 2025 is your chance to secure $10,000 in financial support to power your vision.

This grant is more than just funding—it’s an opportunity to showcase your innovation, resilience, and commitment to making a meaningful impact in your community.

Why You Should Apply for the ThriveWell Grant

The ThriveWell Grant isn’t just about money; it’s about amplifying the voices of Black entrepreneurs who are shaping the future. To be eligible, applicants must submit a clear and compelling plan for how they’ll use the funds to grow their business or initiative.

Finalists will have the chance to share their journey and vision during the Entrepreneur Spotlight Showcase, an inspiring live pitch session. This exciting event will take place on:

• Date: February 7, 2025 (Day 2 of the BEKH Capstone Conference)
• Time: 1:00 PM – 3:00 PM EST
• Location: Richcraft Hall, Carleton University (In-person and hybrid options available)

The ThriveWell Grant celebrates innovation and community impact. If your business embodies these values, this is your moment to shine.

Capstone Conference: A Platform for Visionaries

The BEKH Capstone Conference, happening February 6–7, 2025, brings together entrepreneurs, thought leaders, and changemakers for two days of networking, learning, and inspiration. With in-person and hybrid options, this is a space for Black entrepreneurs to connect and grow.

Location:
Richcraft Hall, Carleton University
Don’t wait—secure your spot at this transformative event!
Register for the Capstone Conference here

How to Apply for the ThriveWell Grant

Think you have what it takes to be the next ThriveWell Grant recipient? Here’s how to apply:

1. Review the ThriveWell Grant 2025 Guidelines to ensure your submission aligns with the criteria.
2. Visit the application portal and submit your proposal before January 24, 2025, at 11:59 PM EST.
3. Got questions? Check out the ThriveWell Grant FAQs for more details.

Key Dates to Remember

• Application Deadline: January 24, 2025
• Entrepreneur Spotlight Showcase: February 7, 2025

Take the Leap

This is your chance to elevate your business, inspire your community, and connect with like-minded innovators. Don’t let this opportunity slip by! Apply for the ThriveWell Grant 2025 and join us at the BEKH Capstone Conference to be part of a movement that celebrates Black excellence in entrepreneurship.

For more updates and opportunities, visit BlackWallStreet.ca.

Register for the conference: https://lnkd.in/gDavxNRa

Apply for the ThriveWell Grant: https://lnkd.in/g-8bF7MB
Application Deadline: January 24, 2025, at 11:59 PM EST

ThriveWell Grant FAQ’s: https://lnkd.in/gJTjMh9Z

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1. Get Familiar with Your Credit Score and Monitor It

Understanding where you currently stand is the first step. Regularly check your credit score and review your credit report for any issues. Many banks, credit bureaus, and financial services provide low-cost or free credit monitoring, so you can keep tabs on your score and stay aware of any changes.

2. Pay Bills on Time, Every Month

Your payment history has a significant impact on your credit score. Even one late payment can hurt, so paying bills on time is essential. Consider setting up automatic payments to help ensure consistency.

3. Reduce Your Credit Card Balances

Your credit utilization—the amount of credit you’re using versus your limit—affects your score as well. Keeping this ratio below 30% is ideal. Begin by paying down existing balances and avoid charging large amounts to your cards.

4. Limit New Credit Applications

When you’re on the path to buying a home, it’s best to avoid opening new credit accounts. Each credit inquiry lowers your score slightly. Until you’re ready to move into your home, stick to the accounts you have to keep your score stable.

5. Keep Older Credit Accounts Open

The length of your credit history also impacts your score. Even if you don’t use certain older accounts frequently, keeping them open can help, as they show a track record of responsible use.

6. Check and Correct Any Credit Report Errors

Errors on your credit report, such as incorrect account details or unauthorized charges, can harm your score. Reviewing your credit report regularly and disputing inaccuracies with the credit bureaus can strengthen your credit score by removing any negative factors that aren’t accurate.

7. Explore Credit-Building Tools, Like Secured Credit Cards or Builder Loans

If you’re establishing or rebuilding credit, a credit-builder loan or secured credit card may be worth considering. These are designed for individuals working on credit improvement, allowing you to build positive payment history over time.

8. Consider a Rent-to-Own Option to Begin the Path to Homeownership

If you’re not ready for a mortgage but want to begin your homeownership journey, a rent-to-own home might be a suitable option. With rent-to-own, you lease a home with the option to buy it later. This arrangement lets you settle into your future home as you work on strengthening your credit score before buying. It’s essential to carefully review the agreement, as many rent-to-own contracts include an additional fee on rent payments that can later go toward the purchase price. Rent-to-own gives you flexibility and a head start toward owning a home, even if your credit needs time to improve.

Why a Strong Credit Score Matters in Homeownership

The stronger your credit score, the more favorable the mortgage terms you’re likely to receive. Buyers with good credit scores may qualify for lower interest rates, smaller down payments, and a wider selection of loan options. Building your credit takes time, but each step you take to strengthen your credit score before buying a home can lead to significant savings and a better path to homeownership.

Improving your credit score is a gradual process, but the rewards are well worth it. If homeownership is your goal, start implementing these steps now, and you’ll be well-positioned for a brighter financial future.

The post How to Strengthen Your Credit Score Before Buying a Home appeared first on Black Wall Street Canada.

Two Big Life Moments Will Affect Your Taxes. Here’s How to Maximum Your Deductions

Good news if you’re the sort of person who loves filling out forms and poring over crinkled-up receipts: it’s tax season! And if you’re the sort of person who loathes such tasks, well, we can’t blame you. All the same, with the April 30 filing deadline approaching, we thought we’d share some advice regarding two common-ish life events with major tax implications: 1) getting married or moving in with your significant other, and 2) having a kiddo. And if you got hitched or had a kid prior to 2023, you’d be wise to read on to make sure you’re maximizing your deductions, because not overpaying the government is a sure way to build wealth. You can also check out a longer version of this article, which has pointers for folks who are heading off to university or bought a home. Let’s get to it:

Scenario #1: You’ve Shacked Up With Your Significant Other

The big perk of marriage (besides companionship, etc.) is that you and your partner can share tax credits and benefits. Couples in a common-law relationship can do the same. In either case, you’ll need to update your relationship status with the Canada Revenue Agency (and with Revenu Québec if you live in the province). Why bother? Because cohabiting couples can…

[1] claim the pooled charitable donations and pooled medical expenses amounts on whichever partner’s return will provide optimal savings (probably the higher earner).

[2] transfer unused credits for things like age, Canada caregiver, disability, pension, and tuition amounts. If you haven’t used them and your partner can, you can pass them along. The annual cap is $2,000 for pension transfers and $5,000 for tuition transfers.

[3] split pension income to take advantage of different marginal tax rates and reduce overall income taxes.

[4] claim any remaining credit from one partner’s Basic Personal Amount on the other partner’s return.

Scenario #2: Your Family Got Bigger

Adding a child to your family means less sleep, more stress, and discovering just how much more room there is in your heart than you expected. And tax breaks! A few of the biggies:

PRE-STORK TAX BREAKS

[1] Medical expenses. Ultrasounds, IVF treatments, fertility-related prescriptions, prenatal and postnatal treatments, hospital services — you can claim all sorts of birth-related expenses

[2] Adoption expenses. You can currently claim a federal credit of up to $18,210 in adoption-related expenses, and many provinces offer additional credits, so be sure to check.

POST-STORK TAX BREAKS

[1] Registered Education Savings Plan (RESP). This is a tax-advantaged account to help save for university. The government will match — that’s right, match — 20% of contributions up to $2,500 a year, for a lifetime total of up to $7,200.

[2] Regional grants. If you live in Quebec, félicitations: the provincial government will kick in a match of 10% of your RESP contributions, up to a max of $250. Other provinces, like B.C., offer similar RESP gifts.

[3] Canada Learning Bond (CLB). Children of eligible low-income families can receive a $500 deposit in their RESP from the government the first year it’s opened. Then, every year after that until they turn 15, they’ll get an additional $100, up to a maximum $2,000 benefit.

[4] Canada Child Benefit (CCB). Depending on your income, marital status, and kid’s age, you may qualify for up to $7,437 per child per year in tax-free support. You can apply for this benefit when registering a birth in your province or territory or online through your CRA My Account.

OK! That’s probably all you can stand reading about taxes in one sitting. Good luck!

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