Role of the Actuarial Foundation of Canada in the funding ecosystem
The Actuarial Foundation of Canada (AFC) is a national charitable foundation created to advance youth financial literacy, mathematics education and careers in actuarial and mathematical sciences. Working closely with the Canadian Institute of Actuaries and a network of donors, the AFC channels contributions into grants, scholarships, bursaries and research awards that benefit young people and educational organizations across Canada. Since its inception in 2003, the foundation has granted almost $3,000,000 to beneficiaries and partner organizations that share its mission.
Funding themes and main programs
- Youth education grants: Through its Youth Education portfolio, the AFC provides financial support to registered charities and educational partners that deliver math and financial literacy programs for primary and secondary students. Supported initiatives include math camps, enrichment activities, STEM outreach, Indigenous and at-risk student programs, and after-school financial literacy components.
- Financial literacy initiatives: The foundation sponsors projects that help Canadians make informed financial decisions, often in partnership with established organizations such as JA Canada and other literacy-focused groups. It contributes both funding and actuarial expertise to educational tools, workshops and informational resources.
- Sponsored research and awards: Through the Maple Leaf Research Award and earlier sponsored research projects, the AFC funds rigorous actuarial and mathematical research by undergraduate and graduate students, as well as selected professional research of actuarial interest.
- Scholarships and bursaries: The AFC administers several scholarship and bursary funds, including the Equality of Opportunity Scholarship, the Hugh G. White Memorial Scholarship, support for the James C.H. Anderson Bursary and related awards, and contributions to Girl Guides of Canada scholarships in mathematics-related fields.
General approach to eligibility and application
The AFC operates both program-based and discretionary funding streams. For organizational grants in youth education and financial literacy, it publishes an “Apply For Funding” process outlining alignment with its mission and objectives, an initial concept submission, and a full proposal review by the Youth Education Committee. Proposals that meet the criteria are considered annually, with recommendations submitted to the AFC Board for approval. Successful applicants enter into a funding agreement defining roles and responsibilities.
For scholarships, bursaries and research awards, the AFC defines specific eligibility criteria such as field of study, academic performance, financial need, equity and diversity objectives, and institutional enrollment. Application forms and contact emails are provided for programs like the Maple Leaf Research Award and the Equality of Opportunity Scholarship.
Supported audiences and overall impact
The foundation’s funding prioritizes young Canadians, particularly high school and post-secondary students pursuing actuarial science, mathematics, statistics, data management and computer science. Many initiatives explicitly focus on underrepresented or underserved groups, including Black, Indigenous and other students of colour, low-income communities and Indigenous youth. By partnering with charities and educational institutions across all regions of Canada, the AFC leverages local delivery capacity while ensuring that virtually all donated funds are directed to programs rather than administration.
Transparency, governance and reporting
The AFC is governed by a volunteer board of directors and committees, with administrative support from the Canadian Institute of Actuaries. It publishes annual reports and audited financial statements, providing insight into total distributions, partner organizations supported, and scholarship expenditures. This commitment to transparency helps donors and applicants understand how funds are allocated and the types of projects and students that receive support.
