Canadian Retirement Resources » Old Age Security

Government of Canada working to protect seniors from elder abuse

Canada News Centre - Seniors — Thu, 11 Feb 2010 16:00:00 +0000

To raise awareness of the abuse of older adults in Canada, the Government of Canada has approved funding for 16 projects through the Elder Abuse Awareness component of its New Horizons for Seniors Program.

The Government of Canada supports seniors in Edmonton

Canada News Centre - Seniors — Tue, 22 Dec 2009 16:30:00 +0000

Mr. Peter Goldring, Member of Parliament for Edmonton East, today announced federal support to the ASSIST Community Services Centre under the Government of Canada’s New Horizons for Seniors Program.

Canada Pension Plan and Old Age Security benefit rates effective January 1, 2010

Canada News Centre - Seniors — Fri, 11 Dec 2009 14:40:00 +0000

Human Resources and Skills Development Canada today announced the benefit rates for the Canada Pension Plan (CPP) and Old Age Security (OAS) effective January 1, 2010.

Minister of State (Seniors) promotes healthy and active aging

Canada News Centre - Seniors — Fri, 27 Nov 2009 13:30:00 +0000

The Honourable Marjory LeBreton, Leader of the Government in the Senate and Minister of State (Seniors), participated with health and social service providers today at a community health summit organized by VHA Health and Home Support to promote awareness of seniors issues.

Government of Canada and National Seniors Council listen to seniors in Ottawa

Canada News Centre - Seniors — Thu, 26 Nov 2009 15:30:00 +0000

At a national round table on seniors’ issues today, the Honourable Diane Finley, Minister of Human Resources and Skills Development, the Honourable Marjory LeBreton, Leader of the Government in the Senate and Minister of State (Seniors), and members of the National Seniors Council (NSC) met with a number of national organizations, including seniors’ groups, to examine the NSC’s two current priorities: volunteering among seniors, and positive and active aging.

Government of Canada and National Seniors Council listen to seniors in Ottawa

Canada News Centre - Seniors — Thu, 26 Nov 2009 15:30:00 +0000

Tax-Free Savings Accounts to help you keep your money – part II

admin — Thu, 04 Sep 2008 14:17:00 +0000

Last week, in the Tax-Free Savings Accounts to help you keep your money – part I post, I answered some of the questions about the Tax-Free Savings Account or TFSA that the Canadian government had proposed in the 2008 budget. In 2009, you will be able to save up to $5,000 every year without being taxed on interest earned. This is great news for savers, especially retired individuals.

Below are answers to some more questions about the TFSA and how it will impact your retirement plans.

Will money earned in a TFSA or withdrawn from a TFSA be considered income for tax purpose?
No, when computing income for tax purposes, you will not have to include money earned in a TFSA or withdrawn from a TFSA.

Will contributions and withdrawals affect my Old Age Security or Guaranteed Income Supplement benefits?
No, any contributions or withdrawals will NOT reduce other benefits that are based on your individual income level.

Since it’s called a tax-free savings account, do I have to put my money in a savings account?
No, you can hold the same investments as a RRSP. This means you can invest in mutual funds, publicly traded securities, GICs, bonds and certain shares of small business corporations. Check with an account or tax lawyer for more information on this.

What investment vehicles will I be able to use?
No more stuffing the cash under your mattress! You’ll be able to open a savings account, invest in mutual funds, publicly traded securities, GICs, bonds and certain shares of small business corporations..tax free!

Can I borrow money to invest in an TFSA and deduct the interest payment?
No, interest on money borrowed to invest in a TFSA would NOT be deductible for tax purposes.

If you have any more questions, please ask them here.