August1991 Posted June 20, 2016 Report Posted June 20, 2016 (edited) 1. Higher payroll taxes. 2. More government transfers from the "middle class" to people who can never get their life together. 3. The rich/beautiful don't care about this government reform. Edited June 27, 2016 by August1991 Quote
Guest Posted June 21, 2016 Report Posted June 21, 2016 So. Should one take their pension at 60 or wait until 65? Quote
eyeball Posted June 21, 2016 Report Posted June 21, 2016 Higher payroll taxes. More transfers from the "middle class" to people who can never get their life together. Think of it as the penalty the middle class pay for suffering their better's greed so gladly. The rich don't care. I bet power and influence reforms would get their attention. Quote A government without public oversight is like a nuclear plant without lead shielding.
jacee Posted June 21, 2016 Report Posted June 21, 2016 So. Should one take their pension at 60 or wait until 65? Depends how long you expect to live. . Quote
Boges Posted June 21, 2016 Report Posted June 21, 2016 I guess this means the Ontario one isn't happening? Quote
Topaz Posted June 21, 2016 Report Posted June 21, 2016 For some it a good thing, I just hope the people who really need the help get it and the higher earners will probably have it taxed back. http://www.msn.com/en-ca/money/topstories/finance-ministers-reach-deal-to-expand-canada-pension-plan/ar-AAhlW5Q?li=AAggNb9&OCID=ansmsnmoney11 Quote
Guest Posted June 21, 2016 Report Posted June 21, 2016 (edited) Depends how long you expect to live. . Yeah, but how does one work out the cut off date. If I take my CPP at 60, in a couple of years, and invest it wisely into RRSPs, I then have to consider the tax implications of withdrawing that money later compared to just banging the CPP into a savings account. Given that I keep working for a few more years after age 60. I'm economically illiterate. Edited June 21, 2016 by bcsapper Quote
?Impact Posted June 21, 2016 Report Posted June 21, 2016 Yes, if this goes through the Ontario Retirement Pension Plan will not go ahead. The main changes are, a 1% increase in premiums which will increase the benefits from 25% to 33% of earnings and the ceiling (on earnings) goes from $55k to $83k which puts the maximum benefit at $27.5k or twice what it is currently. Quote
TimG Posted June 21, 2016 Report Posted June 21, 2016 (edited) Looks like CPP changes are really just a way to fund the unfunded public service pension plans: http://business.financialpost.com/fp-comment/philip-cross-the-dirty-secret-of-a-bigger-cpp-is-that-its-to-help-bail-out-public-sector-pension-plans Edited June 21, 2016 by TimG Quote
Smallc Posted June 21, 2016 Report Posted June 21, 2016 They're also aimed at reducing the GIS expenditures. Quote
overthere Posted June 21, 2016 Report Posted June 21, 2016 They're also aimed at reducing the GIS expenditures. The actual target was helping the Ontario Liberals to save face, and get away from the vapid stupidity of their own proposal to create an Ontario version of the CPP. This proposal falls far short of what Commissar Wynne wanted, but the Ontario Finance Minster looked very, very relieved to announce that ON was bailing out entirely just minutes after Morneau announced the modest changes to CPP.. Mission accomplished. Quote Science too hard for you? Try religion!
?Impact Posted June 21, 2016 Report Posted June 21, 2016 The actual target was helping the Ontario Liberals to save face, and get away from the vapid stupidity of their own proposal to create an Ontario version of the CPP. The Ontario Liberals never wanted to create a separate version of the CPP, they were forced into that corner when Harper gave them the finger. Quote
Smoke Posted June 21, 2016 Report Posted June 21, 2016 The Ontario Liberals never wanted to create a separate version of the CPP, they were forced into that corner when Harper gave them the finger. Yes, because we all know that everything is Harper's fault. Except of course for those things that were Harris' fault. Quote
Bonam Posted June 21, 2016 Report Posted June 21, 2016 Yay, more taxes to pay for a substandard return. Quote
PIK Posted June 21, 2016 Report Posted June 21, 2016 (edited) Take it at 60. And the liberals pension plan was just more money for them. The money was not going into a pension plan, but general revenue. So after 8 yrs a extra 35 dollars or something like that. Edited June 21, 2016 by PIK Quote Toronto, like a roach motel in the middle of a pretty living room.
Argus Posted June 21, 2016 Report Posted June 21, 2016 The Ontario Liberals never wanted to create a separate version of the CPP, they were forced into that corner when Harper gave them the finger. Everyone gave them the finger. Their plan had virtually no support among Ontarions. And Harper was more worried about job creation - something the Trudeau Liberals have never heard of except with regard to the public sector. Quote "A liberal is someone who claims to be open to all points of view — and then is surprised and offended to find there are other points of view.” William F Buckley
waldo Posted June 21, 2016 Report Posted June 21, 2016 So. Should one take their pension at 60 or wait until 65? Yeah, but how does one work out the cut off date. If I take my CPP at 60, in a couple of years, and invest it wisely into RRSPs, I then have to consider the tax implications of withdrawing that money later compared to just banging the CPP into a savings account. Given that I keep working for a few more years after age 60. I'm economically illiterate. crossover point... "a bird in the hand is worth two in the bush, and said bird can be invested, generating even more returns." Notwithstanding, typically, a health related diminished "quality of life" as you age past... "what age"? If you have ever had occasion to visit long-term care facilities, you will also readily recognize the disproportionate number of women-to-men still living... there's that too. . Quote
msj Posted June 21, 2016 Report Posted June 21, 2016 And Harper was more worried about job creation - something the Trudeau Liberals have never heard of except with regard to the public sector. Interesting claim. Any facts to support it or are you just expressing an opinion again? Quote If a believer demands that I, as a non-believer, observe his taboos in the public domain, he is not asking for my respect but for my submission. And that is incompatible with a secular democracy. Flemming Rose (Dutch journalist) My biggest takeaway from economics is that the past wasn't as good as you remember, the present isn't as bad as you think, and the future will be better than you anticipate. Morgan Housel http://www.fool.com/investing/general/2016/01/14/things-im-pretty-sure-about.aspx
Guest Posted June 21, 2016 Report Posted June 21, 2016 crossover point... "a bird in the hand is worth two in the bush, and said bird can be invested, generating even more returns." Notwithstanding, typically, a health related diminished "quality of life" as you age past... "what age"? If you have ever had occasion to visit long-term care facilities, you will also readily recognize the disproportionate number of women-to-men still living... there's that too. . Thanks for the link. The last sentence is the most telling, I think. It's probably what I'm going to go by. If my wife lets me. Quote
?Impact Posted June 21, 2016 Report Posted June 21, 2016 Their plan had virtually no support among Ontarions. Yet Ontario elected the Wynne Liberals in 2014 when the Ontario Retirement Pension Plan was a key plank of their campaign, and yes they were very clear all along that they would prefer a CPP solution if it could be worked out. Quote
Smallc Posted June 21, 2016 Report Posted June 21, 2016 Yet Ontario elected the Wynne Liberals in 2014 when the Ontario Retirement Pension Plan was a key plank of their campaign, and yes they were very clear all along that they would prefer a CPP solution if it could be worked out. It's also funny that polls in the last couple days show that almost 3/4 of the country want the CPP expanded. I'm very in favour of this. Quote
poochy Posted June 21, 2016 Report Posted June 21, 2016 (edited) It's also funny that polls in the last couple days show that almost 3/4 of the country want the CPP expanded. I'm very in favour of this. So the polls indicate that a large number of people want what they mistakenly believe is free money? Well you don't say... Im still a long way from retirement, but as far as i can tell when these changes fully mature its going to cost me maybe $1500/yr, and having a company pension plan, i don't think im going to see much of it when i do reach retirement, I honestly dont really know how all of it works out in the end, but my company pension is reduced by the cpp, so if that's the case, is it just another tax on me for the benefit of people who think my money should be theirs? I honestly don't know, but it wouldn't be much of a surprise if it was. Edited June 21, 2016 by poochy Quote
Ash74 Posted June 22, 2016 Report Posted June 22, 2016 By blind luck Wynne has managed to avoid what would not doubt been another scandal in the coming months. I liked the idea of extra retirement pensions but had no faith in the Wynne government to not raid the funds as another "revenue tool" This is one promise that I am glad the Ontario Liberals broke. After 13 years of lies and broken promises it was bound to happen. Quote “Show me a young Conservative and I'll show you someone with no heart. Show me an old Liberal and I'll show you someone with no brains.”― Winston S. Churchill There is no worse tyranny than to force a man to pay for what he does not want merely because you think it would be good for him. –Robert Heinlein
Smallc Posted June 22, 2016 Report Posted June 22, 2016 Yeah, we're all idiots thinking we're getting free money. That has to be it. I have to pay the premium twice, being a business owner. I'm still in favour. Quote
cybercoma Posted June 22, 2016 Report Posted June 22, 2016 Yeah, we're all idiots thinking we're getting free money. That has to be it. I have to pay the premium twice, being a business owner. I'm still in favour. My wife also pays twice and is in favour. Quote
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.