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  #61  
Old 02-08-2017, 08:29 PM
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Originally Posted by CNP View Post
Anyone can find out what they have contributed. Open an account: https://www.canada.ca/en/employment-...t/log-out.html

From 1973 to 2015 I contributed: $43,548.65

I have been collecting since 2015 (age 60). I collected $8453.88 in 2016.

In four more years I will have collected more than I contributed.

This is not taking into account how much I would have made in interest over those 42 years had I invested $43,548.65 somewhere else.
Does this take into account what an employer would have contributed to your CCP plan as well. or would the total contributions be doubled ?
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  #62  
Old 02-08-2017, 08:49 PM
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Originally Posted by rottie View Post
Does this take into account what an employer would have contributed to your CCP plan as well. or would the total contributions be doubled ?
That is what I contributed. I worked for the federal govt that entire period. Did the fed govt match my contributions? Dunno
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  #63  
Old 02-08-2017, 08:54 PM
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That is what I contributed. I worked for the federal govt that entire period. Did the fed govt match my contributions? Dunno
Yes your employer matched your contributions, still see your point on the average age rising. It does make a huge difference
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  #64  
Old 02-09-2017, 04:16 AM
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Sure makes you wonder what happens to all that money paid into the plan and not collected by people who die before retirement age.
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  #65  
Old 02-09-2017, 10:22 AM
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Sure makes you wonder what happens to all that money paid into the plan and not collected by people who die before retirement age.
Survivors benefits kick in then, they are reduced though
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  #66  
Old 02-09-2017, 01:15 PM
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Trudeau should just apologize to Canada and beg Harper to take back the reins.
You know, I think we could crowdfund a billboard in Ottawa that says just that!

Who's on board?
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  #67  
Old 02-09-2017, 03:44 PM
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Survivors benefits kick in then, they are reduced though
If there are no dependants a "Death Benefit" of about $3000 is paid to the estate.
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  #68  
Old 04-20-2017, 04:25 PM
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Default Pension Reform Brazil

New Brazilian President working on reform.

http://stump.marypat.org/article/710...ests-in-brazil
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  #69  
Old 04-21-2017, 10:16 AM
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If when you retire is based on when you can draw OAS, you are in deep doo do. If I was in that situation, I would want to work as long as I possibly could.

Daycare, immigration... they basically have to continually up the number of workers paying taxes to afford to support seniors who live for 30 years after retiring. Yet continue the Harper TFSA limits so people are encouraged to save for heir own retirement? Oh gawd, we can't have that!
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In this case Oki has cut to to the exact heart of the matter!
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  #70  
Old 04-21-2017, 04:38 PM
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The baby boomers are generally considered to have been borne from 1946 to 1964 and they had lots of offspring. It's the generations since then that have decided not to have kids.
Don't think so.... The pill came in around 1966 after that birth rates went way down.
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  #71  
Old 04-21-2017, 06:34 PM
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Originally Posted by jstubbs View Post
This sort of stuff scares the wits out of me as a young guy. All the baby boomers going into elder age on CPP are going to fully bankrupt this country (never mind the healthcare costs!) and I have zero faith in any governmental aptitude in figuring out a solution beyond taxing my future earnings to the moon and back.
Us baby boomers paid for your schoolin ... it was an investment...we are simply collecting dividends
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  #72  
Old 04-21-2017, 07:05 PM
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Don't think so.... The pill came in around 1966 after that birth rates went way down.
Stats can Babyboomer end 1965.

http://www12.statcan.gc.ca/census-re...1003_2-eng.cfm
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  #73  
Old 04-21-2017, 07:21 PM
blacktailslayer blacktailslayer is offline
 
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Originally Posted by rottie View Post
Does this take into account what an employer would have contributed to your CCP plan as well. or would the total contributions be doubled ?
A simple TFSA calculator with only $1000/yr contribution for 42 years with a rate of return of 7% would have added up to $230,000. That doesn't even factor in employer contribution!!
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  #74  
Old 04-21-2017, 07:31 PM
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Originally Posted by blacktailslayer View Post
A simple TFSA calculator with only $1000/yr contribution for 42 years with a rate of return of 7% would have added up to $230,000. That doesn't even factor in employer contribution!!
Employers are not required to match or add to a TFSA. CPP rules are entirely different. But you are right, the compound interest adds up in a hurry.
It would be nice if CPP was self administered, we could get rid of the middle man ( Government ) and save that cost, as well tailor make our own plan based on our own needs
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  #75  
Old 04-23-2017, 08:15 PM
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I wasn't talking about a TSFA, just using the calculators that are available online to calculate a CPP contribution over a career. They work just as well for for other things.
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  #76  
Old 04-23-2017, 08:34 PM
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Originally Posted by blacktailslayer View Post
I wasn't talking about a TSFA, just using the calculators that are available online to calculate a CPP contribution over a career. They work just as well for for other things.
Thxs, it is surprising how fast the compound interest adds up isn't it.
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  #77  
Old 04-25-2017, 09:45 PM
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Originally Posted by Sneeze View Post
Increase the retirement age so public sector workers can retire earlier!

Makes sense actually.
Ya right. Guess you must have missed Bill C-27!

http://canadianlabour.ca/letter-fina...u-re-bill-c-27

But keep on sheepling on.

We nit pick the person working to the left and the right of us while people Like bill morneau Worth 10's of millions
http://ottawacitizen.com/news/politi...r-cabinet-post

Pass new laws and bills to pass on the wealth to himself and his buddies.

Maybe you should look at whos getting richer and richer and not worry about your neighbor.

FYI I just wish I had a public sector job. I would be fighting like a madman as well to keep something I paid 30 years into.

Funny thing is you never see a new bill come in that stops an MP from collecting a $55,000 a year pension after only 8 years of service!
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  #78  
Old 04-25-2017, 09:46 PM
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Originally Posted by rottie View Post
Employers are not required to match or add to a TFSA. CPP rules are entirely different. But you are right, the compound interest adds up in a hurry.
It would be nice if CPP was self administered, we could get rid of the middle man ( Government ) and save that cost, as well tailor make our own plan based on our own needs
Yes and in today's economy where are we to get a return after fees that adds up to anything? not being snarky, I would really like to know!
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  #79  
Old 04-26-2017, 04:58 AM
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I'm opposed to working longer before retirement but I'm all for a national childcare program. As it stands for my family to have another child and put him or her in day care we would be looking at a bill just shy of $2000 a month. Sure there are cheaper rates such as day homes but one never knows what exactly goes on. Day cares have regulated standards.
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  #80  
Old 04-26-2017, 05:19 AM
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Originally Posted by ^v^Tinda wolf^v^ View Post
I'm opposed to working longer before retirement but I'm all for a national childcare program. As it stands for my family to have another child and put him or her in day care we would be looking at a bill just shy of $2000 a month. Sure there are cheaper rates such as day homes but one never knows what exactly goes on. Day cares have regulated standards.
Hell no! How about a real tax break for families that have a stay at home parent? Best for the kids and best for everyone else.
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  #81  
Old 04-26-2017, 05:25 AM
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Hell no! How about a real tax break for families that have a stay at home parent? Best for the kids and best for everyone else.
That would encourage a healthy family atmosphere, which we know is not the goal anymore in Western society. The traditional family must disappear.
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  #82  
Old 04-26-2017, 05:40 AM
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Default RRSP Tax

Just a little tidbit! Just going through this with a passing of a family member!
If you and your spouse were in a car wreck, and both killed. The government
takes 48% right off the top of your RRSP's!
No Questions asked. Then the rest is split in the estate.
I will be getting rid of my RRSP's Before anything else
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  #83  
Old 04-26-2017, 05:45 AM
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Financial word of advice if there is such thing because in order to be advice there has to be a listener but anyways plan YOUR retirement and don't rely on a outside source it's not all that hard to do.
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  #84  
Old 04-26-2017, 06:38 AM
bobinthesky bobinthesky is offline
 
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Originally Posted by calgarychef View Post
Don't think so.... The pill came in around 1966 after that birth rates went way down.


Yes, and the boomers are considered to have been born from 1946 to 1964 so the tail end of them would have had the pill but that would really make Gen X to be the ones who started the decline in birth rates, not the boomers.
It seems to me you've drank the government koolade and are blaming taxpayers for the failures of this country instead of the politicians. That's where the blame squarely lies and it wasn't the boomers that voted in the boy PM either!


http://www.med.uottawa.ca/sim/data/birth_rates_e.htm
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  #85  
Old 04-26-2017, 06:53 AM
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Quote:
Originally Posted by badbrass View Post
Just a little tidbit! Just going through this with a passing of a family member!
If you and your spouse were in a car wreck, and both killed. The government
takes 48% right off the top of your RRSP's!
No Questions asked. Then the rest is split in the estate.
I will be getting rid of my RRSP's Before anything else
Ultra rare that both spouses die at same time but yes, if the rrsp amount puts you over $200,000 income in year you die big tax bill ensues. But, that's what life insurance is for if that's a an issue.
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  #86  
Old 04-27-2017, 08:50 AM
Big Grey Wolf Big Grey Wolf is offline
 
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Just another concern with your TFSA and RRSp's etc Who do you give the money to, I trust bankers about as much as lawyers. Will the $$$ be their when you want to draw it out. I like to keep my retirement money in 2-3 banks so maybe some will be their when I try to cash it out.
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  #87  
Old 04-27-2017, 09:35 AM
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Originally Posted by Skybuster View Post
I love it when politicians spin their ideas. They are looking at putting an incentive in place to encourage older workers to stay in the work force longer.

The Oxford dictionary defines “Incentive” as “a motive or incitement; a payment or concession to stimulate greater output in workers”

I don’t see raising the age of eligibility for retirement benefits as being an incentive. It certainly could be effective, but it is a stick, not a carrot.

Additionally my workplace currently stope all the health benefits at age 65. I sure hope that gets changed along with the incentive.
Well the government doesn't control how your employee group benefits are handled and second the only benefit that stops at 65 is disability and life insurance decreases by 50% at age 65. Otherwise benefit typically go until and 70 or retirement but often that is being opened up to 75 or 85 even as our workforce is remaining working for longer.

I personally don't mind the retirement rollback as its simple that people are living healthier for longer, working longer and living longer. I honestly don't understand how someone can retire in their 50's unless they have a pile of money and in that case they shouldn't care much about this either.
If I didn't work I would be out of money in no time unless you make significant lifestyle changes with all the free time spending money would be too easy. Only in my 30's myself I know I shouldn't talk much on this but in my mind I plan to work as long as possible maybe a semi retirement or something but I plan for that to go into my 70's.
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  #88  
Old 04-27-2017, 09:40 AM
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Quote:
Originally Posted by badbrass View Post
Just a little tidbit! Just going through this with a passing of a family member!
If you and your spouse were in a car wreck, and both killed. The government
takes 48% right off the top of your RRSP's!
No Questions asked. Then the rest is split in the estate.
I will be getting rid of my RRSP's Before anything else
Well its not quite like that as taxes are paid on a graded schedule but if someone earns over $300,000 in a year everything over $303,900 would be taxed at 48%.
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  #89  
Old 04-27-2017, 09:41 AM
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Originally Posted by Big Grey Wolf View Post
Just another concern with your TFSA and RRSp's etc Who do you give the money to, I trust bankers about as much as lawyers. Will the $$$ be their when you want to draw it out. I like to keep my retirement money in 2-3 banks so maybe some will be their when I try to cash it out.

Ontario Health care workers fund (government) bailing out Housing Home Mortgage.

http://www.zerohedge.com/news/2017-0...althcare-worke

Watch where your $$ retirement money is invested. It might be gone.

And in case you are one of the 321,000 retirees who are nervous about your pension managers' actions, don't worry: The loan is secured by a pool of mortgages originated by Home Trust, and as everyone knows, in Canada home prices never go down.

How is this even possible? Conflict?
As Bloomberg reports, the Healthcare of Ontario Pension Plan (HOOPP) is the lender behind Home Capital Group’s C$2 billion loan ($1.5 billion) to shore up liquidity, citing people familiar with the matter.

HOOPP President and Chief Executive Officer Jim Keohane sits on Home Capital’s board and is a shareholder.


Last edited by lmtada; 04-27-2017 at 10:06 AM.
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  #90  
Old 04-27-2017, 09:55 AM
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In the oil crunch most company's retired workers over 55 allowing the younger workers to keep their jobs. Losing your job 7-8 years before your planned retirement date can be a crushing blow, there are thousands of people in the same position with the same job skills looking for jobs. Years ago you could pull your retirement early supplementing your income with a part time job now all these jobs are filled by the new Canadians. Retiring at 67 sounds good if your job lasts that long.
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