Canadian seniors need to revisit their wills to protect family
As Canadian seniors age, one of the most important legal documents they should regularly review is their last will and testament. A will serves as the foundation of an estate plan, ensuring that a person’s wishes are carried out after their death. However, life changes, legal updates, and evolving family dynamics make it crucial for […]
Canadian seniors got a boost in old age benefits
Benefit payments for Canadian seniors went up slightly in a scheduled increase as retirement is “becoming unaffordable” for many in the country. July amounts of the Old Age Security (OAS) benefits increased by 2.8 per cent compared with the previous year after adjusting for inflation. For the July to September period, OAS benefits are rising by 0.7 […]
Canadian seniors should save this much for retirement
Retirement is a significant milestone in life, and for Canadian seniors, ensuring that they have enough money saved to live comfortably during their retirement years is a critical concern. Determining the exact amount required can be challenging, as it depends on various factors such as lifestyle expectations, health care needs, inflation, and geographic location. However, […]
This is how B.C. seniors can defer their property taxes
In British Columbia, seniors have the option to defer their property taxes, a program that provides significant financial relief for those who might struggle to keep up with the rising costs of homeownership in their retirement years. This initiative allows eligible seniors to defer paying their annual property taxes on their principal residence, giving them […]
Should Canadian seniors still receive discounts in stores?
The question of whether Canadian seniors still need special discounts at stores is a multifaceted one, reflecting the diverse financial situations and needs of older adults across the country. Senior discounts have long been a staple in retail, offering older Canadians reduced prices on groceries, clothing, dining, and other essentials. These discounts can provide significant […]
The ins and outs of the Canada Pension Plan (CPP)
The Canada Pension Plan (CPP) is a cornerstone of the retirement income system in Canada, providing financial support to Canadians during their retirement years. The CPP is a government-managed program designed to replace a portion of a worker’s earnings once they retire, become disabled, or pass away. Here’s an overview of the key benefits offered […]
How Canadians can save more for retirement
Saving for retirement is a crucial financial goal for Canadians, ensuring they can enjoy their golden years without financial stress. Here are some effective strategies to help Canadians save for retirement: 1. Start Early The earlier you begin saving, the more time your money has to grow. Saving for retirement needs to start early. Thanks […]
More Canadian seniors still working because they need to
Canadian seniors are being forced to keep working due to inflation and other factors. As Canada’s population gets older and life expectancy keeps increasing, Canadian-born and immigrant seniors may alleviate downward pressures on the overall employment rate through their involvement in the labour market, says Statistics Canada. Many seniors work past their mid-60s for various […]
B.C. seniors get a little help paying the rent
The British Columbia government is granting a one-time $430 benefit to the roughly 20,000 seniors in its support program for elderly low-income renters. B.C. Housing Minister Ravi Kahlon says eligible seniors don’t need to apply for the payment, which will be sent out. Kahlon says changes to the Shelter Aid for Elderly Renters program, known as SAFER, include increasing […]
Seniors in Canada want pensions beefed up
Carole said she collects CPP, OAS and the Guaranteed Income Supplement, but her annual income is still below what is considered the poverty line in Canada — $25,000. Carole is advocating for the people whose income is below that. She explains she is not the only senior who, despite collecting their Canada Pension, Old Age […]
