Agreed. Heck, they even tax Canada Pension benefits. It also appears that the cost of living increase each year is below the actual inflation rate, thus leaving Seniors at a loss each year. We need to talk to our MP's and MLA's and make sure we vote accordingly. 😊
There are rich seniors like doctors and poor seniors, and seniors in between. One has a lifetime to build up an equity cushion for rental income. What prevents people to generate a rental income? Born with a disability to start with. Physical disability, mental disability, or just bad luck from making too many bad decisions can leave you penniless and become a poor senior if you don't have kids for support.
They basically are tax free, each Canadian gets a basic exemption of almost $15,000. Most low income seniors receive about $21,000 a year if collecting CPP/OAS/GIS. Tax on $5000 is almost nothing
Just want to say the Government does not provide CPP, employees and company owners have paid for CPP. The Government has taken control of it and uses it and invests it.
Thanks for your comment. For more information on the CPP Investment Board see www.cppinvestments.com/ In the "About The Board" section it states, "Directors are appointed by the federal Finance Minister in consultation with the participating provinces, and with the assistance of a nominating committee. The nomination process is designed to ensure that only those with expertise in investment, business and finance are appointed to the Board."
Here in Ontario, I receive my CPP, and the max OAS, the max GIS, the GST/HST, the OTB, the GAINS, and the CAI benefits. Thanks to RGI, my rent is just over seven hundred and fifty dollars per month, now that I have reached 65 years old. Prior to that, it had been a mere $140 per month since the year of 2004, as crazy as that sounds, all while I survived on a tiny ODSP income.
RGI sounds like a godsend for you. There's something similar in BC that allows for rent to be 30% of household total gross income, subject to minimum rent based on # of people and with the following caveat. The Senior's Rental Housing program has different income* limits based on your location in the province. Lower Mainland - $58,000 Southern BC - $57,000 Vancouver Island - $57,000 Northern BC - $47,000
@@8thdecade Yes, thanks to the RGI, my rent was frozen at $140 a month for 18 years. How that was calculated is beyond me, but I wisely asked no questions and just let it be. LOL It may sound really good, but when your ODSP income is oh so low, it is not quite the same. It also forced me to find a way to cut my food costs in half. I took advantage of PC Optimum Points to the max. And so if I spend say $100, I get in return $50 to $55 back in Optimum points value. I am sure others have figured out how to do the same.
Problem in Canada is that government treat savings as income and seniors can't get any benefits if they have a few thousand dollars on bank savings account even their pension is small , in other hand if you have millions in bank safe and big house worth millions but small pension you are qualified for government benefits so it is possible to be millionaire and get benefits and be on street homeless with small savings in bank and be rejected for benefits. It is truth in Canada.
Every penny and any interest in a TFSA is tax free and doesn’t effect any benefits in Canada. You could have $50,000 in your TFSA and be receiving thousands of dollars income per month and it won’t effect your OAS/GIS or CPP.
@@WATCHLLS If you make too much in your TFSA Revenue Canada treats it as income and you pay 100 percent tax on it. It hasn't happened to me but it happened to my brother. He only bought warrants with all his TFSA money but hit some real jewels on startup companies that had issued warrants.
Unfortunately I don't. I'm a BC resident. You might want to begin researching with the following link though. Oh, and if you haven't already, please subscribe to this channel. www.ontario.ca/page/funding-caregivers-children-need-protection
Yes lm very passionate because l talk with my friends and they are very heartfelt they could be someone mom a d in and on, they need to have money to live like all, l know because they are my friends money talks money walks, it's way of survival on this earth
You didn't mention the RRIF (Registered Retirement Income Fund) which you can set up beneficially in the year you turn 65 and draw $2k from, for a full 2k deduction (essentially tax free if no other pension income) if paid out in the year you turned 65 ;) __ Meaning you could increase your monthly income by 1/12th of 2k and put the proceeds into a dividend-paying utility company like fortis and set a rebuy order when the price dips to alert you that a decline has begun ;)
Thanks for mentioning this. It's something I was unaware of and now those who visit this video will learn as well. I didn't expect this video to be an exhaustive list so your input is very much appreciated.
Too much of a hassle for too little unles yu own a bank yurslef. He forgot the age amount for people making peanuts at age 65 onward. Y*ou have to pull ou9t the sum of 2 grand after your birthday in the year yo9u're 65 not before 65 in the year y8ou turn 65.
and when the U.S. stock market finally falls 90+ percent back down to fair market value all the stock markets around the world tank in unison and dividends all get slashed wholesale across the board. The summer of 1929 was a better time to have bought stocks than today.
I believe that "Handy Dart" is available to seniors, according to the Senior's Advocate Report. More info can be gleaned by contacting the Senior's Advocate Office. I did a short video on that report as well. ruclips.net/video/yzdsoOdAUjI/видео.html
My understanding is that generally, an RRSP must mature by the last day of the year in which you turn 71. On maturity, the funds must be withdrawn, transferred to a RRIF, or used to purchase an annuity. ( www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4040/rrsps-other-registered-plans-retirement.html ) I'm not an expert by any means so it's best to check with a reputable financial advisor.
The pension tax credit of 2 G's year starts the year you turn 65 but the banks hassle you to no end it isn't even worth the hassle. If you tell them you want to set up a RRIF before age 71 they stare at you like you're from another planet. Even the credit unions make the forms you make out almost impossible to do right and y0u mail them in and they're wrong. Also when yu ladder GIC's you almost laways end up with a lesser rate of interest on yur money.
They take all your money OAS total clawback caregiver made 100 times too much. CPP they can make up any sum out of the blue even if you worked all those years and made the amximum. That's why they try to suck you into taking your CPP at age 70 by promiising .7 percent a month and the OAS is .6 percent a month because they can't cheat the average worker OAS who doesn't loise it all in na clawback.
Look they need 3000 a month why should they go here there they love there surroundings that is unfair, where is the love,, my friends cry, so they have to stop seniors are someone's mother someone's father, wake up gov they need food lots of fruit my friends look like snow white
Oh, thank you so very much. I’ve been needing all this information for a very, very long time. Thank you 8th decade.💐
You are so welcome
Seniors should be tax exempted after a certain age
Agreed. Heck, they even tax Canada Pension benefits. It also appears that the cost of living increase each year is below the actual inflation rate, thus leaving Seniors at a loss each year. We need to talk to our MP's and MLA's and make sure we vote accordingly. 😊
There are rich seniors like doctors and poor seniors, and seniors in between. One has a lifetime to build up an equity cushion for rental income. What prevents people to generate a rental income? Born with a disability to start with. Physical disability, mental disability, or just bad luck from making too many bad decisions can leave you penniless and become a poor senior if you don't have kids for support.
@@sundo-pf5zv u probably dont need a heart doctor if i read your words correctly 🤔
They basically are tax free, each Canadian gets a basic exemption of almost $15,000. Most low income seniors receive about $21,000 a year if collecting CPP/OAS/GIS. Tax on $5000 is almost nothing
@@WATCHLLS True, but at $21,000 I'm sure every penny is precious. I appreciate your input.
Just want to say the Government does not provide CPP, employees and company owners have paid for CPP. The Government has taken control of it and uses it and invests it.
Thanks for your comment. For more information on the CPP Investment Board see www.cppinvestments.com/
In the "About The Board" section it states, "Directors are appointed by the federal Finance Minister in consultation with the participating provinces, and with the assistance of a nominating committee. The nomination process is designed to ensure that only those with expertise in investment, business and finance are appointed to the Board."
What companies pay goes into a defined pension or a LIRA. It isn't included in the CPP.
Here in Ontario, I receive my CPP, and the max OAS, the max GIS, the GST/HST, the OTB, the GAINS, and the CAI benefits. Thanks to RGI, my rent is just over seven hundred and fifty dollars per month, now that I have reached 65 years old. Prior to that, it had been a mere $140 per month since the year of 2004, as crazy as that sounds, all while I survived on a tiny ODSP income.
RGI sounds like a godsend for you. There's something similar in BC that allows for rent to be 30% of household total gross income, subject to minimum rent based on # of people and with the following caveat.
The Senior's Rental Housing program has different income* limits based on your location in the province.
Lower Mainland - $58,000
Southern BC - $57,000
Vancouver Island - $57,000
Northern BC - $47,000
@@8thdecade Yes, thanks to the RGI, my rent was frozen at $140 a month for 18 years. How that was calculated is beyond me, but I wisely asked no questions and just let it be. LOL It may sound really good, but when your ODSP income is oh so low, it is not quite the same. It also forced me to find a way to cut my food costs in half. I took advantage of PC Optimum Points to the max. And so if I spend say $100, I get in return $50 to $55 back in Optimum points value. I am sure others have figured out how to do the same.
thank you take care and be safe canada bc
You as well
Thank you. It can be overwhelming and this helps
I'm glad it was helpful for you. Keep coming back as I'll be adding more, hopefully helpful, videos.
Problem in Canada is that government treat savings as income and seniors can't get any benefits if they have a few thousand dollars on bank savings account even their pension is small , in other hand if you have millions in bank safe and big house worth millions but small pension you are qualified for government benefits so it is possible to be millionaire and get benefits and be on street homeless with small savings in bank and be rejected for benefits. It is truth in Canada.
There are certainly some things that seem questionable, I agree.
Every penny and any interest in a TFSA is tax free and doesn’t effect any benefits in Canada. You could have $50,000 in your TFSA and be receiving thousands of dollars income per month and it won’t effect your OAS/GIS or CPP.
@@WATCHLLS Thanks for your comment. I've never quite figured out the best way to use the TFSA but I know folks who have.
@@WATCHLLS If you make too much in your TFSA Revenue Canada treats it as income and you pay 100 percent tax on it. It hasn't happened to me but it happened to my brother. He only bought warrants with all his TFSA money but hit some real jewels on startup companies that had issued warrants.
Thank you.
You're welcome, Milan. Thanks for your comment
Do you have information regarding grandparents raising grandchildren in Ontario. Thank you for your help.
Unfortunately I don't. I'm a BC resident. You might want to begin researching with the following link though. Oh, and if you haven't already, please subscribe to this channel.
www.ontario.ca/page/funding-caregivers-children-need-protection
Yes lm very passionate because l talk with my friends and they are very heartfelt they could be someone mom a d in and on, they need to have money to live like all, l know because they are my friends money talks money walks, it's way of survival on this earth
Thanks for adding your views here.
Subscribed to your channel 😊
AS I did yours. 👌
You didn't mention the RRIF (Registered Retirement Income Fund) which you can set up beneficially in the year you turn 65 and draw $2k from, for a full 2k deduction (essentially tax free if no other pension income) if paid out in the year you turned 65 ;) __ Meaning you could increase your monthly income by 1/12th of 2k and put the proceeds into a dividend-paying utility company like fortis and set a rebuy order when the price dips to alert you that a decline has begun ;)
Thanks for mentioning this. It's something I was unaware of and now those who visit this video will learn as well. I didn't expect this video to be an exhaustive list so your input is very much appreciated.
this is your own money..he was telling us about Government funded aid..if you have no rrsps you have no rrif
Too much of a hassle for too little unles yu own a bank yurslef. He forgot the age amount for people making peanuts at age 65 onward. Y*ou have to pull ou9t the sum of 2 grand after your birthday in the year yo9u're 65 not before 65 in the year y8ou turn 65.
and when the U.S. stock market finally falls 90+ percent back down to fair market value all the stock markets around the world tank in unison and dividends all get slashed wholesale across the board. The summer of 1929 was a better time to have bought stocks than today.
@2:40 "Taxi travel" -- can you explain what type of support there is?
I believe that "Handy Dart" is available to seniors, according to the Senior's Advocate Report. More info can be gleaned by contacting the Senior's Advocate Office. I did a short video on that report as well. ruclips.net/video/yzdsoOdAUjI/видео.html
IS not the rrif to be set up at 70
My understanding is that generally, an RRSP must mature by the last day of the year in which you turn 71. On maturity, the funds must be withdrawn, transferred to a RRIF, or used to purchase an annuity. ( www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4040/rrsps-other-registered-plans-retirement.html ) I'm not an expert by any means so it's best to check with a reputable financial advisor.
The pension tax credit of 2 G's year starts the year you turn 65 but the banks hassle you to no end it isn't even worth the hassle. If you tell them you want to set up a RRIF before age 71 they stare at you like you're from another planet. Even the credit unions make the forms you make out almost impossible to do right and y0u mail them in and they're wrong. Also when yu ladder GIC's you almost laways end up with a lesser rate of interest on yur money.
They take all your money OAS total clawback caregiver made 100 times too much. CPP they can make up any sum out of the blue even if you worked all those years and made the amximum. That's why they try to suck you into taking your CPP at age 70 by promiising .7 percent a month and the OAS is .6 percent a month because they can't cheat the average worker OAS who doesn't loise it all in na clawback.
Thanks for your comment
Look they need 3000 a month why should they go here there they love there surroundings that is unfair, where is the love,, my friends cry, so they have to stop seniors are someone's mother someone's father, wake up gov they need food lots of fruit my friends look like snow white
Sounds like you're passionate about this.
@@8th Decade Thank you 8 for the lovely heart, and here’s one for you!
Thank you too!