I think we have to keep open all options and don’t keep all eggs in one basket.
*********************************
Now some sense is being talked !!!

Peace

-----------------------------------------------------------------
I am a Gents and not a Ladies.

My take is, never to subscribe any plan offered be it is private or Govt but hold on to something on your own.
It would at least offset the influence, reason being everything has some influence of the environment be it is Gold, Real estate or anything for that matter.

-----------------------------------------------------------------
The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM

http://www.theglobeandmail.com/report-on-business/economy/growth/canadians-longevity-starting-to-weigh-on-economic-growth-bank-of-canada/article2391986/


The greying of Canada’s population is already reducing the economy’s capacity to grow without sparking inflation, a senior Bank of Canada official said Wednesday, adding that high debt loads underscore the need for households to alter their spending and saving patterns so they can adapt to longer life.

Speaking in Toronto, Jean Boivin – one of Governor Mark Carney’s five deputies – said the bank’s 2.2 per cent projection for the economy’s “potential growth” rate in 2014 would be 0.2 percentage point higher without the effects of people living longer while the share of working people shrinks. The drag from aging will subtract from potential output for the rest of this decade, he said, and in 20 years average incomes could be 20 per cent lower if families, businesses and governments don’t adjust.

“We can either accept a lower standard of living or we can be proactive and adjust,” Mr. Boivin said in remarks to the Economic Club of Canada. “There are only three options: we either find more work, greater productivity or higher savings.”

The economic impact from aging, he said, includes upward pressure on wages as there are fewer working-age people relative to those who are retired, less government revenue and higher public health-care costs and greater stress on individuals’ savings as people face longer post-work lives. In addition, Mr. Boivin warned, the less we adjust now, the worse the burden on future generations.

“The most important demographic changes are yet to come and these will bring about sweeping adjustments,” he said, pointing to projections that by 2031 a quarter of Canada’s population will be 65 or older. “Eventually, the landscape in which monetary policy is operating will be altered.”

To blunt the effects somewhat, he said, it is “crucial” for people to save more, and governments might consider policies to encourage people to work longer, as well as ensuring that “educated and skilled immigrants” can contribute “their full potential.” Businesses, meanwhile, must invest to boost their productivity, he said, echoing comments by Mr. Carney and other central bank officials.

“Making the best of the aging process is not only a question of fighting labour shortages, it is also a question of finding ways to do more with fewer workers,” he said. “As much as two-thirds of the average income loss due to the absence of an adjustment to aging – the 20 per cent figure I mentioned earlier – could be regained if productivity grew at a rate close to its average over the past 50 years, instead of the anemic rate experienced over the past decade.”

The comments by Mr. Boivin come less than a week after the Harper government’s budget signalled a plan to raise the eligibility age for Old Age Security to 67 from 65, starting in 2023, something Ottawa says is needed to keep public finances from being overwhelmed by the baby-boom generation. The proposal sparked a furor on Parliament Hill – with opposition parties vowing to reverse it – but it is part of a trend in which governments are trying to make pensions more sustainable as low interest rates and aging populations threaten retirement funds.

On Tuesday, for example, it emerged that Ontario’s teachers’ pension fund is $9.6-billion in the red.

The budget also raised the age of retirement for federal workers to 65 from 60.

Mr. Boivin did not comment directly on any of the budget’s measures, but said policy makers “can help foster the needed adjustments,” and “this is the objective of some of the measures put forward” in the fiscal plan.

-----------------------------------------------------------------
Sunny Leone a true Canadian DESI now back in India !.

I am amazed at TKs knowledge on the retirement benefits.. looks like someone has his retirement planned out already..

Quote:

---

Originally posted by tamilkuravan

Dimple:
It is not as simple as it looks.
It has more clauses.
A OAS is like a pie divided into 40 parts. If you stay 10 years you will get only 10/40 parts of the OAS.
The OAS payout is max. $ 540 a month. If you stay 10 years, you get $ 130 a month. It is peanuts.
But wait, if you OAS / CPP is less then you are eligible for GIS. GIS (Guarenteed Income Suppliment) condition is that you must be in Canada. So most of the old Indian people stay in Canada to get it.
There is another catch in the OAS. After 20 years, you still canot get the OAS in India. Canada does not have OAS agreement with India. Once you leave for India,you will get it for max. 6 months though you might have stayed in Canada for 50 years.

All this penalizes the hard workers / young / skilled immigrants. It offers no incentive for old people to live in old age homes in India.Old people clog up the health care system and exploit it to the core. mind it.It is not only Desi's but all other nationalities.

Peace

---

http://www.thestar.com/living/article/1155399--parents-from-philippines-may-qualify-for-oas


More info on OAS & GIS.

-----------------------------------------------------------------
Sunny Leone a true Canadian DESI now back in India !.

And it is payable regardless of whether someone is under a sponsorship agreement or not. And you are right, under the terms of an International Social Security Agreement — and one of those exists between Canada and the Philippines — someone with less than 10 years of residence in Canada and who has been sponsored may be eligible for the OAS pension. But those who have been sponsored are not eligible for the Guaranteed Income Supplement (GIS) until they have 10 years of residence in Canada and the sponsorship undertaking has expired.
***************************************************
VM,
Thanks for the above post.
if Philipinos can cheat legally, then we Desi's are also entitled to cheat legally. Who is there to stop us.
Remember that OAS is a pie divided into 40 parts. Once who stays in Canada for one year before he gets the OAS will get one part of the pie. The average max. OAS payout is $ 540 a month. So 1 in 40 works to be $ 13.5.
Let those Philipinos get the $ 13.5 per month. No problem. As long as the Canadian govt. bars them from GIS, I am happy. GIS can be a very high sum, as much as $ 1000 a month with any negligible OAS or CPP payout.
So Canadian govt. does have some sense (Esp, after the provincial ORNGE scandal)

Peace

-----------------------------------------------------------------
I am a Gents and not a Ladies.

isn't it $540/40 months, equals $13.5 per year of residence
**********************************************
yes. But if they claim after the 1st. year, then it stays at 13.5$ every month till they die.
GIS will kick in after they complete 10 years and that will be in excess of $ 1000 with free medicare and prescription.
Now that is life for a person who did nothing except to send his son / daughter to canada to earn a living !!!

Peace

-----------------------------------------------------------------
I am a Gents and not a Ladies.