Monday, May 27, 2013

the cavalier sense of entitlement to Old Age Security (OAS) of the middle and even lower-upper class

http://www.theglobeandmail.com/globe-investor/personal-finance/retirement-rrsps/how-to-beat-the-retirement-clawback/article8641085/ For 2013, the government starts clawing back OAS benefits when your net income exceeds $70,954. “That’s a healthy income in retirement,” said Jason Watt, an Edmonton-based trainer of financial advisers. “I like to joke that, at that level, you’re not eating cat food.” OAS benefits are completely offset by the clawback with an income of $114,640. Human Resources Social Development Canada issued some figures a few years ago showing just 5 per cent of Canadians were affected by the clawback, and that 2 per cent lost their benefit entirely. -- D - cat food. Haha. Hahaha. ... Grr. ------ http://www.civilization.ca/cmc/exhibitions/hist/pensions/cpp-a90-dl_e.shtml D - too bad we are not similarly concerned about child poverty. All those multiparty resolutions on that quietly fail, and nobody mentions them again. http://www.ccdonline.ca/media/humanrights/chart-poverty-report3.gif

1 comment:

  1. People making 1/10th the top clawback amount are paying into it, in the form of income tax. The young poor, subsidizing the rich old. Riiiggght.

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