quebec pension plad. a pyramid scheme.

http://www.torontosun.com/comment/columnists/eric_duhaime/2010/12/15/16567901.html

The actuarial report of the Quebec Pension Plan released by the Quebec government a few days ago shows us the QPP is going to hit a wall.

In 2024, the reserve will start declining, and by 2039 it will be completely empty.

Quebec workers now pay 9.9% of their income to the QPP. To have a balanced plan, a steady-state contribution rate should be 11.02%.

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D: if boomers want full benefits they did not pay into, let them pay much more now.

Gen XY(Z) ought to be allowed to opt out.

This is a pyramind scheme.
But participation is mandated by law.

more poor young adults than retired.

D: though I'd like to think the young are more resilient and can handle it.
Still, it puts in context a single-minded focus on the old.

Here's an idea.
Stop hiking the clawback cutoff age on OAS benefits.

For 2009, the tax recovery applies to persons whose net income exceeds $66,335. For each $1 of income above this limit, the amount of basic Old Age Security pension reduces by $0.15.

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Here's an idea - don't make working poor pay for those making 3-4x what they are!
This is the reverse of Robin Hood.

tuition fees distract from mandatory fees

http://www.bulletin.uwaterloo.ca/2010/feb/04th.html

Undergraduate students (domestic)

* “Regulated” programs newly admitted students – 4.5%
* “Regulated” programs continuing students – 4%
* “Deregulated” programs newly admitted students – 8%
* “Deregulated” programs continuing students – 4%

Graduate students (domestic) – 3%

Hamdullahpur, vice-president academic and provost, who revealed that for 2009-2010, tuition fees, at $195 million, accounts for 45 per cent of the university’s revenue, compared to $191 million in government grants, or 44 per cent.

D: I found an article for another university that showed mandatory fees increasing at TWICE the rate of tuition. It was closer to 1000 bux than not.
Ignoring fees does a disservice to student when discussing the cost of education.

Incidental Fees
Lowest: $859
Highest: $1,165

http://www.schoolfinder.com/schools/fees.asp?SchoolCode=uwatl08&ProfileType=University&URL=index

NOTE: This fee is mandatory.

So we see that the cost of school continues to escalate far above the rate of inflation- or the increase in standard of living.

parents fear high tuitions

http://www.theglobeandmail.com/life/the-hot-button/tuition-fees-worrying-canadian-parents/article1744095/

These days it costs about $60,000 to send a child to university for four years (and much more if you’re dreaming of med school). And the poll, conducted by the Bank of Montreal, found that only 21 per cent of families with children under the age of 18 are confident they can afford it.

Many aren’t saving for it: Only 52 per cent of Canadian parents have contributed to an RESP Ottawa’s education savings program, and most of those contributions won’t be enough to cover the cost. (To get the grim calculations on how much you’ll need visit tdcanadatrust.com.)

D: there has been alotta spin recently on tuition rates.
'cuz poor kids don't go to U much, it is a middle class subsidy'.
well... if the subsidy was what is was for the boomers, it'd be enough to not scare away the lower class!
a fascinating inversion of logic.

http://www.rasmussen.edu/images2/articles/rasmussen-GDP.jpg

D: a look at how much various nations spend on education as proportion of GDP.

http://www.cbc.ca/consumer/story/2010/09/22/con-student-debt.html

Students who graduate from college and university with high debt loads are putting off buying a house, having children or investing for the future, according to a new report.

It found that the average debt load of university graduates in 2009 was $26,680, while the average debt for college graduates was $13,600.

D: with entry level work, that amount was sufficient to hold my head under.

A student's financial status prior to seeking higher education is also a significant factor. Low-income students may be more averse to taking on debt, forcing them to forgo college or university.

D: making student loans a by-and-for middle class program.

"With so little information about private PSE [post-secondary education] institutions, no Canadian system of PSE accreditation, and no national quality review agency, students are denied sufficient and objective information in ascertaining value for money invested in PSE," Cappon said.

D: tragic that 20 years on, we still have no system to give good info to kids seeking post-secondary schooling.

just finished bankruptcy on student loan

D: was supposed to be cobuilding and flipping houses.
Buddy, the other partner, went belly-up last year.
Dragged me down too.
For the best- broke the holding pattern.

http://www.student-loan-bankruptcy.ca/

D: a quick summary of bankruptcy process:
1) in 9months, if less than 1850/mo
2) else 21 months.
3) 200 to start and c. 150 per month.

D: I happened to use BDO. I called KPMG and they had an answering machine.
I called BDO and they had a person. Winner.
I liked them just fine.
I'd recommend monthly budgets, keeping receipts, to anybody.
And using envelopes for essential bills first.

So I basically spent about 5-10% of my loan amount to kick it in a year.

There are 2 prepaid credit cards on the market to rebuild your credit.
One caps at 300, other starts at 500 - but it rebuilds credit faster.

Consider a consumer proposal first. Price may work out the same.

http://www.sse.gov.on.ca/mcs/en/Pages/Personal_Finance_Collection_Agency_Rights.aspx
D: your rights with collection agency.
Since they will LIE, feel free to record convo or mail and archive.
When they lie- beat 'em in court.
I got mine so scared they handed me off on a law firm. <:

BTW, the agencies will likely try some combo of these forbidden tactics.
They have with my friends and I.

DON'T hide fromm it - use 'acting in good faith' to pay token amount each month to keep them at bay. Produce a credible looking budget to justify it.

On that note: your bank.
Any account EVER used by them, even if access was a 1-shot - close it.
Set up new accounts. NEVER give permission to tranfer funds, even ONCE.

Ignore my advice at your own peril.

negative stereotypes of other age groups -study

http://www.sciencedaily.com/releases/2010/08/100830094930.htm

ScienceDaily (Aug. 30, 2010) — When given a choice, older people prefer to read negative news, rather than positive news, about young adults, a new study suggests. In fact, older readers who chose to read negative stories about young individuals actually get a small boost in their self-esteem, according to the results.

D: whereas young folks just don't care to read about old folks at all.

Guess you can only read about how great Elvis 'n The Beatles were so many times.