I would hope by now you are happy with the Liberal plan, in Budget 2016, to eliminate poverty with an increase to the Canada Pension Plan. (CPP)
In a nutshell the CPP is made up of several plans all in one or nothing at all:
- Canada Pension Plan for those who contributed
- Old Age Security
- Guaranteed Income Supplement
- Provincial Benefit Plans
Your Investments reduce all of the above as punishment for thinking ahead. You get to pay taxes on the interest and pay taxes a second time when your withdraw money. On top of those insults your CPP+ benefits decrease. Company Pension Plans can reduce or eliminate all of the above.
If you worked for the government at any level, you need not worry, since those wealthy pensions are funded by the taxpayer.
The word poverty is used 13 times in the 271 page edition of Budget 2016. Three times when mentioning seniors in Canada. The same people who worked and find themselves facing a convoluted pension plan after 60 plus years.
Anyone who worked had best prepare yourself for the usual $7.00 per month pension increase in July. Examples of a large increase, used in Budget 2016, will only apply to people who never worked.
Yet another meaningless promise to the millions of seniors in poverty from the Liberal government under Justin Trudeau
Canada signed onto the Millennium Poverty Goals at the United Nations. Sadly reports in Canada base the poverty line on the Low Income Cutoff or LIM. Statistics Canada has made it very clear LIM is not a measure of poverty in Canada. The second false premise about poverty is the use of Line 150 on the Income Tax Return. Total income on Line 150 includes non-taxable supplements.
Poverty and low-income should be using Total Taxable Income on Line 260.
We needn’t concern politicians with low-income and poverty despite their promises made to Canadians and the United Nations. Their only concern is ensuring a wealthy pension for themselves with funds on an island in the Caribbean.