How do they survive in Canada on a pension if there is no paid housing?
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Old Age Security (old age pension) – 560 dollars a month. This is for those who have lived in Canada for 40 years or more. Those who have lived less receive a part.
$ 375 = up to $ 240 per month. (In general, if I came to 45, it’s better not to think of an early pension.) And, finally, GIS, will be from $ 490 to $ 620, depending on the size of the CPP. Total from $ 1140 to $ 1270 per month.
But even with the house paid, you will have to pay a property tax of 1-3% of the value of the house, here and there meintensans fi, utiliti tax (garbage collection, water), insurance for the house. So the sum in a month equal to the rent for a studio apartment will run up.
Everything was fine, she had enough pensions, that she even put off something, taking into account also the help from her son. The trouble happened when she had money on her account in the bank last year received 8000 dollars interest on the deposit and withdrew them. Here it began. And not at once, and the consequences of this have come this year: she was cut off this year’s pension by exactly the amount that she received in the past, by 8,000 dollars. They believed that if a person receives $ 8,000 from a bank, then GIS was wrongly paid to her last year. And this year, from her every pension, they deduct the same $ 8,000 by dividing them monthly. Of course, the remaining pennies are really not enough for anything, the interest from the bank is every several years on the deposit. And she spent them last year, and to live with a pension that was cut back by 700 dol – in this. We help her of course. But who has parents retired with GIS, warn them about it. We did not know that. Yes, and the pensioner is a great stress, suddenly for a whole year to stay on a small pension. Note that any additional income for a pensioner will be accounted for and deducted from the GIS.
Well, Graganyaarou, detailed how much there is lost from income, we do not delve into these subtleties, we know that the pension for this year was cut to her in half. Also that it is necessary to her to help. And how much there is cut down exactly to the dollar, did not calculate.
But my Scottish nature was outraged by the loss of money 8000 and the fact that now we have to cut our budget for this year, it fell on our shoulders. There were not these 8000, there was no problem. It was thought that if my grandmother had not withdrawn these 8000, she would have lived as before. And we would not have to cut ourselves in spending now.
Therefore I wrote that maybe not one of our grandmother does not know this. Suddenly, someone also has relatives of elderly retirement age. It is better to convey to them this information in advance.
Unpleasant moment, that when this money was at the grandmother last year, at it and the pension was normal. And cut it only in this, when already there is no money.
Another thing – if 8000 percent, then how much is the contribution? (Nowadays, rarely a bank pays more than 2% per annum, that is, it is a contribution of 400 thousand at least, in other words, not so poor old woman.
For example, on September 1, 2010, you closed $ 10,000 for 5 years out of 3.25% per annum, which are paid all at once after a five-year period. For 2010 you do not receive any tax receipts. But for 2011 (when the first anniversary of your contribution was fulfilled), get a T5 for $ 325. A year later – T5 for 2012 – by $ 335.56. Then, T5 for 2013 – by $ 346.47. Then, T5 for 2014 at $ 357.73. And, finally, for 2015 (when you finally get your $ 1,734.11 percent), you declare only $ 369.35, as the rest of the amount you declared in previous years. Thus, the situation is avoided when a person must at once pay a large sum of tax.