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The Liberal Government has stated they want to build a strong middle class, but who comprises the middle class? Mr. Morneau in his 2017 budget speech stated, "All Canadians must pay their fair share of taxes," but what is a "fair share"? Let's do the math and find out.
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Canada Post said it plans to suspend the collective agreement as of Friday.
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We've seen this story before in the mid-1990s, when out-of-control deficits and an impending sovereign debt crisis led to painful spending cuts and tax increases. The government is wrong to make the return to budget balance conditional on strong economic growth. Population aging is already taking its toll on long-term projections, and too many unforeseen events can derail the fiscal path. Only tight fiscal discipline can balance the budget within a reasonable timeframe, protecting Canadians' standards of living from future large tax increases and cuts to government services.
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He's essentially showering grandma with money and sending her grandkids the bill.
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There are 719,000 seniors living in poverty in Canada, study says.
There are many more election promises that will improve the quality of life for all Canadians as we age -- this election has been an embarrassment of riches in that sense. Many, like pharmacare or restarting the Health Accords, will take some time to work out so it's important to start the consultation and planning process right away.
The Conservative government is facing calls to change the rules around tax-free savings accounts now before a loophole means some of Canada's wealthiest people could start receiving "welfare...
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Nine-million baby boomers will retire from the workforce over the next two decades, and when they do, they will start to consume the most expensive forms of government programs. This is great news for seniors, but terrible news for our public finances and for young Canadians forced to foot the bill. Generation Y has been dubbed the "Millennial" generation because we came of age at the turn of the new millennium. A more fitting name for this cohort is Generation Screwed.
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Ontario's recent budget included the Liberals' proposal for a mandatory government pension plan modelled after the Canada Pension Plan. The proposal, however, is largely based on the faulty assumption that most Canadians are not adequately prepared for retirement.
Put simply, the aging of Canada's population has resulted in large and growing unfunded liabilities. The funding shortfall is estimated at $792.3 billion for the CPP, $494.4 billion for OAS, and $894.7 billion for medicare. Together the unfunded liabilities in Canada's public pensions and health care programs total $2.2 trillion or $134,841 for each income taxpayer. These unfunded program obligations make up more than half of total government liabilities. And their sheer size calls into question the structure of taxing current workers to provide benefits for retirees. Ultimately, to maintain current levels of spending in the future, taxes will have to increase or benefits for other programs will have to be cut -- or both.
With the holiday season now behind us, the oncoming flood of credit statements to Canadian households is a powerful reminder that there are no free lunches. Borrowing to pay for current consumption brings interest payments, and ultimately, the need to pay off principal balances. But this same reality also applies to governments.
As our political leaders deliberate expanding the CPP, they would do well to consider the evidence which does not support the notion of a broad retirement income crisis. They also need to consider that a compulsory expansion to CPP could reduce private savings and the flexibility they afford Canadians.
Recently, Treasury Board President Tony Clement reportedly floated a trial balloon which would see federal government retirees' annual health insurance premiums double. For my family, that would mean an extra $500 expense -- an amount which will add up to thousands of dollars over my lifetime. I deliberately chose to leave the private sector and join the government based on what was on offer.
The Conservative government recently introduced C-45, an omnibus bill containing provisions to create a two-tier public sector workforce in this country. Buried in the bill is a provision to raise the age of retirement for all public employees hired after January 1, 2013
TORONTO - An NDP government would reverse changes to Old Age Security by restoring the retirement age to 65 instead of 67, New Democrat Leader Thomas Mulcair said Friday.The governing Conservatives in...
Canada can afford its Old Age Security system without making younger Canadians wait an extra two years to receive benefits, Parliamentary Budget Officer Kevin Page insisted in a report Thursday. Page...
The Conservatives' planned changes to Old Age Security will save Canada anywhere from $10 to $12 billion, Finance Minister Jim Flaherty said Monday. He let slip the number after a question period in...
Ontario Finance Minister Dwight Duncan thinks his federal counterpart should leave public attacks aside and instead focus on working together with Ontarians. In an interview airing Saturday on CBC Ra...
Small spending allotments are trampled by spending cuts to health and essential service agencies. A mention of money being set aside for Aboriginal education is accompanied by a cut of two per cent to Aboriginal Affairs, and 5.7 per cent cut to Health Canada. This seems like a "take from Peter to give to Paul" kind of game, with no one being the clear winner.
Finance Minister Jim Flaherty delivered a budget today that cut less than the government warned, but didn't spare Old Age Security from planned changes while also taking on civil service and MP pensio...
OTTAWA - Changes to Canada's Old Age Security program expected to be outlined in this week's federal budget will mean higher costs for the provinces, territories and municipalities, analysts warn.Phas...
OTTAWA - Finance Minister Jim Flaherty faces a less bumpy road in seeking to balance the budget in four years, according to economists who briefed the minister Monday in advance of his March 29 budget...
The government has decided to make cuts to Old Age Security (OAS). The truth is that OAS is economically beneficial to all of society -- seniors on OAS spend all of their money in their neighborhoods. That is money reinvested in our economy, in small businesses that in turn create jobs.
OTTAWA - Canada's relatively sound fiscal shape means it will not have to ratchet up the retirement age within the space of 10 years, Human Resources Minister Diane Finley said Thursday.Finley began p...
UPDATE: Jim Flaherty has announced that the federal budget will be delivered on Thursday March 29. When is Canada's 2012 federal budget? That's the big question in Ottawa as February draws to a close...
TORONTO - Ottawa will take a moderate approach to government cost-cutting in the budget instead of following in Europe's austerity-driven footsteps, Finance Minister Jim Flaherty said Thursday."I thin...
OTTAWA - The federal government is stepping up its rhetoric to justify plans to cut public pension benefits, but remains silent on how it will address seniors' poverty.In a speech in Toronto on Tuesda...
OTTAWA - A popular savings program created by the federal Conservatives is exacerbating the fiscal pressure on public pension benefits — even as the government prepares to scale back benefits.Prime Mi...
OTTAWA - Canada's budget watchdog is firing back at critics who have accused him of flip-flopping in declaring public pension programs sustainable.In a letter to MPs and senators posted on the Parliam...
OTTAWA - The federal government is poised to issue a firm policy direction on Old Age Security in the upcoming budget centred around raising the age when retirees can start to collect.Several governme...
The ghost of elections past is coming back to haunt Stephen Harper. The Liberals are pointing out that when Harper campaigned against Liberal prime minister Paul Martin in 2005, he promised he would d...
OTTAWA - Canadians won't have to worry about cuts to elderly benefits for years, Finance Minister Jim Flaherty said Friday, hinting that changes won't happen until at least 2020.The finance minister's...