Apply For Secure Payday Loans Canada

Tag: Senior Citizens

Get To Know The Different Varieties Of Old Age Benefits Which You Can Get In Canada

Get To Know The Different Varieties Of Old Age Benefits Which You Can Get In CanadaOld age often seems to be a liability for any man or woman, as their regular earnings stop after their retirement from their jobs. So many people dread their old age and feel lost at the thought of their financial status at a ripe age of above 65. However, things are lot better for the senior citizens in Canada, due to the number of old age benefits provided by the federal government of this country.

Prominent financial benefits of the aged people in Canada

  • Old Age Security (OAS) is a monthly pension scheme for the senior citizens of Canada, who have crossed the age of 65. But they need to be born citizens of Canada or should reside here continuously for minimum 10 years, before they can apply for this benefit. If a Canadian citizen has been working in any other country for a Canadian employer, his/her residential status will be counted as legally eligible for granting OAS pension. Moreover, the Canadians working in the countries with which Canada has signed International Social Security Agreements are also eligible for getting this benefit after their retirements.
  • Guaranteed Income Supplement (GIS) is provided to the aged people in the age group of 60 to 64 years, who have very low income in spite of their spouse receiving OAS pension benefits. The widowed men and women in the same age group are also eligible to receive Allowance for the Survivor from the Canadian government. However, they need to apply for this benefit before or maximum within 12 months of turning 60; else as soon as their spouses pass away while they are still ageing between 60 – 64 years.
  • Canada Pension Plan (CPP) is a pension scheme that provides monthly payments to the retired Canadian citizens who have contributed to this scheme all through their working tenures in Canada. Usually, both the employers and the employees deposit money regularly to this fund of CPP, which are offered as pension credits to the retired people above the age of 60. The Canadians working in other countries may also apply for this pension benefit, if they were working in the countries with whom Canada has entered into International Social Security Agreement. As per this pension scheme, the aged people are offered not only retirement and survivor benefits; but also the disability and children’s benefits, in case of special circumstances of physical disability or the liability to raise young kids.
  • Home Adaptations for Senior’s Independence Program is intended to provide aids to the senior citizens of Canada for the renovations of their old residences, if they cannot financially afford to do it.

There are many more beneficial programs launched by the federal government of Canada for the aged citizens, among which the War Veterans Allowance, International Benefits Program and First Nations People are the notable ones. However, it is important for the elderly applicants to submit all the relevant documents to the concerned department of the government to avail the benefits of these financial programs.


Bank of Canada’s Lowest Ever Interest-Rate Relief According To Canadian Consumer View Point

Lending rates hit record low when Bank of Canada announced last month, on January 20th that it would cut its key policy rate by half a percentage point. Instant market reaction was detected when BOC chopped its main interest to historical lowest rate ever.

Banking sector depresses Stocks and Loonie down after Bank of Canada cuts interest rate by half a point! The Toronto stock market was down over 100 points in early trading that took composite index tumbled latter at 177.7 points to 8,663.8 while Canadian dollar was down half a cent US after the Bank of Canada cut its key interest rate to one per cent.

On the other hand Canadian senior citizens don’t seem to be happy with the interest cut down because their interest returns on their investment and saving with the bank will affect their already fixed and limited means to squeeze more.

What Does It Affect You As A Debtor On Having Various Forms Of Debt?

  • Canadian Consumer Having A Mortgage Loan!

Fixed-rate pricing on downward trend! If your interest rate is fixed, pricing for fixed rate mortgages is higher than it normally would be, as lenders are accounting for higher perceived risk in the financial services industry.  The spread between a five-year Government of Canada Bond (1.58 per cent) and a competitive fixed rate mortgage rate (4.79 per cent) is now 3.21 per cent – which is much higher than what we have seen over the last few years.

Variable mortgages offer savings! If you have a variable rate mortgage, your payment level in most cases will remain the unchanged, but more of your payment will go towards the principal and less to interest. So you will be paying off your home more quickly. Moreover, whether the lower policy rate from the Bank of Canada will translate to lower interest rates for some borrowers remains to be seen, but variable-rate mortgages are still a cheaper option than they were a year ago.

  • Canadian Consumer Having A Credit Card!

Credit cards will likely remain where they are, at least for the time being. Given the state of the economy, credit-card companies are concerned about potentially higher delinquency rates. Their write-offs tend to be higher in tough economic times.

  • Canadian Consumer Having A Car Loan!

Car industry is going through a hard economic situation globally and so does here in Canada, although sluggish export results low production, high prices and cut jobs but government has taken timely steps to improve its efficiency in a way domestic sales on car prices will stay at moderate level. So, car loans seem to have remained fairly steady.

  • Canadian Consumer Having A Lines Of Credit!

Reduction in the prime rate leads to immediate savings for those who have variable rate mortgages, lines of credit and other floating interest rate loans. If your line of credit is tied to the prime rate and you are paying interest only, your payment will decrease. If you have a set payment, more of it will be applied to the principal and less to the interest.

  • Is It A Best Time For The Investors!

In trading business, your success depends on your purchase, that’s why big companies have more margins in their sales than the smaller companies because they cant get the benefits associated with the bulk purchases. Anyhow, it’s a best time especially for those who are having a right investment plan or opportunity where they can reinvest their borrowed money on such low interest rate. Although, most of the people will also planning to take advantage of more low interest rate by a half-percentage point which is expected to fall in June 10, 2009. But remember this next interest rate fall is not confirmed because it will only implemented if economy required to keep moving. But if you have a right investment today, tomorrow you may not, so don’t pass it away I guess I can see it being somewhat attractive.

…..



Get Up To 50% Off Daily Deals Canada!

turbotax
Turbo Tax Canada is #1 Best Selling Tax Software in Canada!

Refresh Financial Canada
Save Money, Build Credit and Change Your Financial Future in Canada!

Canada Auto Finance - Canada Car Loans Get Approved For a Car, Truck, SUV or Minivan Loan at Canada Auto Finance Today!

Canadian Best Mortgage Rates
Compare Canadian Mortgage Rates From Banks and The Top Brokers Free!

Canada Foreclosures and Bank-Owned Homes at Massive Discounts
Canada Foreclosures and Bank-Owned Homes at Massive Discounts!

Meet Christian Singles!
Pay down your debt! These no annual fee credit cards can help you in reducing your credit card debt. Compare and find the best MBNA Canada credit cards of your choice:
MBNA Platinum Plus MasterCard
MBNA TrueLine MasterCard



  • Archives

  • Copyright © 1996-2010 eLoan Canada. All rights reserved.
    © eLoan Canada | Bad Credit Personal Loan Canada | Car Loan Canada | Free Stuff Canada
    iDream theme by Templates Next | Powered by WordPress