Retired people of Canada have a poll to share . . . .

[pøliticoß]

And *they* have better memories than most think . . . ◕‿↼
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April 20, 2012 - KEY FINDINGS

CARP [Canadian Assoc of Retired Persons] Post-Budget Poll Report



Strong majorities of members disagree with both the budget overall and the
raising of the age of eligibility for OAS, and twice as many will vote against
the government as will vote for it because of these issues.

The majority agree there is no good reason to change OAS and that the
government’s promise to reimburse the provinces for the missing funds is not a
good idea, primarily because OAS is seen as a pension, not a government payout
and there is no taste for applying for what is seen as ‘welfare’. Reducing the
claw back limit from $69,000 is seen as a better idea than raising the
eligibility age. Those who take a position on the schedule of the age change
say it is appropriate.

Few have heard of the Third Quarter or TIOW programs, but those who have think
them effective. There is strong agreement with the government plan to require
federally regulated industries to insure their long term disability plans.

Military budget cuts and government personnel cuts are met with approval.
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The vast majority agree with the Ontario budget provision requiring wealthy
seniors to pay more for their prescription drugs.

Close to one half of members would apply for a home renovation tax credit, half
say it would allow them to stay at home and out of care longer and the majority
agree such a tax credit is a worthwhile budgetary expenditure.

Close to one half of members will watch at least some of the Stanley Cup
playoffs, and just more than one tenth will watch “every game they can”.

Conservative and Liberal support is down recently, the Conservatives we know
because of robocalls and the F-35, and the Liberals we suspect because of Tom
Mulcair. The NDP are up sharply in voter preference.
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[pøliticoß]

Post by pøliticoß
And *they* have better memories than most think . . . ◕‿↼
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April 21, 2015
FOR IMMEDIATE RELEASE


CARP members welcome government action in Budget 2015 to reduce mandatory RRIF
withdrawal rates for retirees, to almost double the TFSA from $5,500 to
$10,000, to increase the amount of time Canadians can draw on employment
insurance for compassionate leave to provide caregiving to loved ones.


TORONTO, ON: CARP members will appreciate the specific commitments in Budget
2015 that will give Canadians more tax-free savings room and more control over
their private retirement savings. Increased support for caregiver leave will
be a significant boost to people who have to leave work to provide care to family.

CARP members will also welcome the new Home Accessibility Tax Credit that will
be applied up to $10,000 of eligible home renovation expenditures per year,
providing up to $1,500 in tax relief. The credit will help many seniors and
those with disabilities to live healthy independent lives in their own homes.
But CARP members still expect the federal government to take a leadership role
on national health standards and helping Canadians retire with financial security.

Two-thirds of CARP members support TFSA increase. In a CARP Poll™, CARP
members voice strong support for increasing the annual TFSA contribution limit
to $10,000. The vast majority (81%) contribute to a TFSA. In the CARP Poll™
answered by more than 1,400 CARP members:

Two-thirds (67%) support increasing TFSA limit from $5500 to $10000 [39%
support it strongly]
The vast majority (81%) have a TFSA
71% want changes to the RRIF rules to avoid outliving their money
81% think the government should encourage saving for retirement, not
spending for today

The support for increasing the TFSA limit is rooted in concern for adequate
retirement income and any measure that encourages it is a step in the right
direction. TFSAs have particular value for retirees who can no longer
contribute to RRSPs and for lower income earners who do not benefit as much
from tax deductible RRSP contributions. TFSA contributions are not deductible,
so taxpayers pay taxes currently and eventually take the savings and earning
out tax free.

RRSP contributions are deductible currently but are taxable when withdrawn.
When TFSA’s were first introduced, CARP advocated for extra room for older
Canadians who lost significant investments during the market crash and needed
tax-free room to rebuild retirement savings.

RRIFs

CARP members strongly support relaxed rules for RRIF withdrawals. Almost 90%
of CARP members have or will have RRIFs, but more than half are worried they
will outlive these savings.

Mandatory RRIF withdrawals currently force seniors to draw down and pay tax on
their retirement savings in increasing percentages until age 91 when their RRIF
would be close to empty. People are left with much reduced funds just when
they have the greatest needs and given today’s increased longevity, the RRIF
rules put ever more people at risk of outliving their savings.

There are 265,000 Canadians 90-plus today.

The probability of reaching that age has doubled for women and tripled for men
in the last two decades and together with the baby boom generation reaching
these ages, the raw numbers of people living beyond 90 is expected to rise
dramatically.

The counterproductive nature of the RRIF rules was shown in high relief during
the market crash of 2008. RRIF withdrawals are calculated based on the asset
value in January and most people would not withdraw until December, by which
time share values had plunged by as much as 50% in 2008. Seniors then had to
take out twice as many shares, thereby depleting their deferral room at an even
faster pace, especially if they also needed to redeem additional shares to pay
the tax. CARP members called for relief and were granted a 25% discount in the
withdrawals required for 2008 only.

RRIF rules have not kept pace with increasing lifespans and time spent in
retirement, declines in personal savings rates and reduced access to workplace
pension plans. When the original RRIF rules and withdrawal rates were
introduced in 1978 and then increased in 1992, lifespans and time spent in
retirement were much shorter than today and Canadians on average spent less
time in retirement. RRIF holders now face considerable likelihood of running
out of money in late stages of retirement.

Caregiver support

CARP members have long waited for additional caregiver support from the federal
government. Increasing the compassionate care benefit through EI from the
current maximum of six weeks to six months will provide a much needed boost in
time to working caregivers who need to provide care to family members. It will
also prevent the loss of income many heavy care providers face when forced to
step away from employment to provide care.

8 million informal caregivers in Canada, representing 25% of all Canadians
2 million informal caregivers provide heavy care (20+ hours/week)
6 million of these provide care to a senior (75% of all informal caregivers)
70% of all care to seniors in the community are provided by informal
caregivers
The majority of caregivers are female (54%) and aged 45-64 (44%) – this
group is of particular concern because they tend to outlive their spouses and
suffer higher rates of work drop-out and poverty later in life.

“CARP members will welcome the proposals that will help them save and manage
their savings for their retirement needs. The extension of EI compassionate
benefits will also be very welcome for people who have had to ‎drastically
reduce their work hours to look after a loved one.

The major change, even more important than increasing the 6 weeks benefit to 6
months, is the relaxing of the requirement of needing a 6 month terminal
diagnosis to 12 months. That has been a major hurdle for access to this
benefit and this is a very welcome change. To make it better, they should just
remove the requirement altogether.” Susan Eng, VP Advocacy, CARP

“These changes are valuable vote getters in an election year but CARP members
also want longer term structural change to help their children and
grandchildren.” Susan Eng, VP Advocacy, CARP

Federal Leadership still required for national health standards and retirement
income security

CARP will closely watch the upcoming federal election campaigns for commitments
to tackle other areas where federal leadership is needed. Read CARP’s full 2015
Federal Budget Recommendations

Specifically, CARP is calling for:

Increase income supports, especially for single seniors, including OAS,
GIS and spousal allowances; increase exemption for casual earnings in GIS rules
A reversal of the OAS age of eligibility from 67 back to 65
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Help for older workers to get and keep their jobs
Increase CPP and/or create new universal pension plan
Work with the provinces to create a national pharmacare plan, with an
ultimate goal of first dollar coverage for all Canadians
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Work with the provinces to fund and set standards to improve access,
affordability, and quality of post-acute and chronic care, in the home and in
the community, with particular focus on dementia care.