Personal Finance

Covid19 relief/benefits for Canadian Seniors

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  • May 12th, 2020 11:17 am
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Apr 4, 2018
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Covid19 relief/benefits for Canadian Seniors

Forum subject created for discussion/developments on what if any benefits are in the works for Canadian Seniors that are not eligible for current government relief programs?
There are rumors of suspending or deferring withholding tax for RRSP withdraws and possibly other programs for helping seniors.
See also my suggestion for a separate forum topic dedicated for seniors: sub-topic-forum-just-seniors-2374211/#p32522268
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Mar 9, 2012
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UFOcoin wrote: Forum subject created for discussion/developments on what if any benefits are in the works for Canadian Seniors that are not eligible for current government relief programs?
There are rumors of suspending or deferring withholding tax for RRSP withdraws and possibly other programs for helping seniors.
See also my suggestion for a separate forum topic dedicated for seniors: sub-topic-forum-just-seniors-2374211/#p32522268
First, I do like your idea at the other thread.

Back to governmental help for seniors, I am unsure what the government could or should do. For many seniors, it's still status quo for them, other than the inconvenience.

For those under 65, almost all of us have been affected in some serious way or another. Even if we're still working.

I take care of my elderly mother. She's 79. From a financial standpoint, her finances haven't changed a bit, other than getting the extra GST credit.

For me, I lost a pay raise that I should have gotten in April, so that's $1,000 at least. I am guessing too that other proposed raising may fall through. Also loss of OT, thus far, about $2,000. No benefits for me, other than a small amount of extra GST.

Just my opinion, then, that if the government is going to help people that haven't lost much of anything, they also need to also help those that have lost. But I don't see either happening.
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Jan 19, 2017
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UFOcoin wrote: Forum subject created for discussion/developments on what if any benefits are in the works for Canadian Seniors that are not eligible for current government relief programs?
There are rumors of suspending or deferring withholding tax for RRSP withdraws and possibly other programs for helping seniors.
See also my suggestion for a separate forum topic dedicated for seniors: sub-topic-forum-just-seniors-2374211/#p32522268
suspending or deferring withholding tax for RRSP withdraws doesn't do anything at the end, except the seniors would have more cash now and pay tax later if they have to pay tax.
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Feb 19, 2010
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jeff1970 wrote: Back to governmental help for seniors, I am unsure what the government could or should do. For many seniors, it's still status quo for them, other than the inconvenience.

For those under 65, almost all of us have been affected in some serious way or another. Even if we're still working.
Conversely, for both seniors and retirees under 65, there are also "many" that have seen significant decreases in investment portfolios which goes considerably further than "inconvenience". Those that fall into this category shouldn't be discounted because they're different than people losing their jobs other than perhaps their ability to withstand a longer down cycle.
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Conquistador wrote: Conversely, for both seniors and retirees under 65, there are also "many" that have seen significant decreases in investment portfolios which goes considerably further than "inconvenience". Those that fall into this category shouldn't be discounted because they're different than people losing their jobs other than perhaps their ability to withstand a longer down cycle.
Conversely haven't they seen big increases in the last couple of years and market is currently off its bottom - not sure how you compensate for speculative investing ?
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Conquistador wrote: Conversely, for both seniors and retirees under 65, there are also "many" that have seen significant decreases in investment portfolios which goes considerably further than "inconvenience". Those that fall into this category shouldn't be discounted because they're different than people losing their jobs other than perhaps their ability to withstand a longer down cycle.
Depending on what they were speculating in, the loss is likely fairly minimal if non-existent for many. Try to compare that to a family, both spouses earning $65,000 a year, now they're down effectively to $48,000. Other seniors who are on a fixed income (CPP, OAS and GIS plus maybe a small company pension) are at status quo.

That said, if the government is going to bail out those who took out riskier funds, then they'd have to do that across the board no matter the persons age, as there are people that retire at 40 or 35 and even younger.
Why can't we all just get along?
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Jul 15, 2009
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Conquistador wrote: Conversely, for both seniors and retirees under 65, there are also "many" that have seen significant decreases in investment portfolios which goes considerably further than "inconvenience". Those that fall into this category shouldn't be discounted because they're different than people losing their jobs other than perhaps their ability to withstand a longer down cycle.
S&P 500 total return in CAD is up 10.3% since May 11, 2019
TSX 60 total return is down 2.8% since May 11, 2019

Are taxpayers supposed to bail out investors every time the market goes down 2.8%? If they diversified at all, their portfolios are up. Taxpayers are supposed to further top up their 10% gains?
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Interesting that the previous two posters have used the term "speculative". Canadians are well-known to be pretty heavily invested in Canadian banks both directly and through various pension plans and ETFs. Is investing in Canadian banks "speculative"? Show of hands here as to who ISN'T invested in Canadian banks in some form.

Even the safest investments in this market have taken a hit let alone "speculative" ones. And let's not kid ourselves about fixed income investments which return almost nothing which pushes people into equities perhaps more than they should be. To be invested in the so-called "high interest" savings accounts means losing money.

It's perhaps naïve at best and maybe disingenuous at worst to suggest that losses are likely "fairly minimal" in a lot of cases. I started this thread a while back that discussed some possible tax approaches that may help a lot of people, yes, even non-seniors. It would at least be something.
Last edited by Conquistador on May 11th, 2020 10:59 pm, edited 1 time in total.
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bubak wrote: Are taxpayers supposed to bail out investors every time the market goes down 2.8%? If they diversified at all, their portfolios are up. Taxpayers are supposed to further top up their 10% gains?
Fun with numbers.

Funny you'd ask that question. Are taxpayers supposed to bail everybody else out because that seems to be what's going on now with over $200 billion distributed.

There have been warnings for years about Canadians' household debt as being amongst the highest in the world. So when people choose not to do anything about that and get caught with their pants down the first answer is to send out government money. Using your train of thought, if people had a 'rainy day' fund, they wouldn't need to be bailed out either, right? If "ifs and buts were candies and nuts..."
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Mar 10, 2018
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Ottawa announcing help for seniors. More Free money. Looks mostly for OAS and GIS eligible people.
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May 21, 2013
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What are the vegas odds they will kill off the witholding tax for people under 65 withdrawing from their RRSPs early?

It's becoming more and more evident people in the work force legit have no purchasing power.

Hell I'm considering taking out mine, I might be dead next week if I contract this **** up virus, I'm still physically going to work and I have no kids. But I can't comprehend how families are surviving.
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Dec 28, 2011
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Yeah screw the middle class! zero!

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