More Canadians making early withdrawal from RRSPs

At this time of year most people are thinking about topping up their RSP to get a bit of a tax break, but unfortunately some Canadians are making plans to cash out their RSP before retirement to pay for living expenses.

As politicians wring their hands over Canadians’ lack of retirement savings, figures obtained by Global News from years of tax filings indicate a significant jump in the number of Canadians making early withdrawals from their RRSPs – not for housing or education, but simply to make ends meet.

The biggest increase was from 2007 to 2009, when 1.86 million Canadians took out RRSP cash early. That figure dipped slightly by 2012, to 1.82 across Canada, but remains about 7 per cent above 2007 levels nationally, 12 per cent above 2007 levels in Quebec and almost 10 per cent above in comparatively wealthy Alberta.

Read the full article over at Global News.

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patriotz
Member

@70: “Australia requires their immigrants to speak English”

Australia, like Canada, does not require family class immigrants to speak English:

https://www.immi.gov.au/media/fact-sheets/29overview_family.htm

It does require skilled immigrants to speak English, but so does Canada (or French of course).

What Canada should do first and foremost is remove parents and grandparents from family class. There is currently a court challenge over waiting times versus spouses and if successful it would make things even worse.

patriotz
Member
@71: Housing bubble is really a balloon: BMO’s Sherry Cooper It’s not a bubble, it’s a balloon. Unlike the catastrophic decline the U.S. housing market experienced in 2008, Canada’s housing market is expected to deflate slowly rather than pop, according to BMO Capital Markets chief economist Sherry Cooper. Cooper’s report says that despite rising household debt, low interest rates and rising home prices, it is unlikely that a sudden correction will take place. “The main take-away is that the national housing market appears somewhat pricey, but is far removed from bubble territory,” Cooper said in the report, titled Will Canada’s Housing Boom Forge On, Fizzle Out, or Flame Out? Now of course nobody saw the oil bust coming, but’s that the point really. People buying RE at peak prices in Calgary were betting on an oil bust never happening –… Read more »
southseacompany
Member
southseacompany

“If you’re going to sell your Calgary home, do it now, prices may drop 20%”, BNN with video.

http://www.bnn.ca/News/2015/2/23/If-youre-going-to-sell-your-Calgary-home-do-it-now-prices-may-drop-20-percent.aspx

“Sherry Cooper, the former chief economist at BMO, now at Dominion Lending Centres, says sellers in Calgary’s real estate market will be in for a rude awakening if they sit on the bench. She says 10 and even 20 percent price declines are on their way, but those deep cuts need to be contrasted against Calgary’s juggernaut gains on the back of oil above $100 a barrel.”

““Declines from what level? Declines from levels that were already inflated. The average price of a house in Calgary had increased dramatically. In fact, it was the strongest housing market in the country from that perspective,” said Cooper.”

would-be buyer
Guest
would-be buyer
@southseascompany A huge difference between Japan and Canada is that Japan has no immigration and an aging population. Canada takes in more immigrants than any other country. We rely heavily on immigration for population growth and a tax base. Canada will have to rely on immigration more as boomers start to retire and become a drain on social services and the economy. The only other option is raising taxes (or maybe both). Moving forward, Canada will need to attract the best immigrants for Canada who will be productive and pay taxes to support our aging population. I think this is why we are seeing changes to our immigration policies: language and residency requirements and tax audits. Australia requires their immigrants to speak English, which has shown their immigrants do better when they arrive. We are now trying to copy that… Read more »
southseacompany
Member
southseacompany
Maclean’s Magazine; “Why low rates may not be enough to save the housing market” “Aside from refinancing existing loans, low rates may no longer induce households into taking on further debt” http://www.macleans.ca/economy/realestateeconomy/why-low-rates-wont-be-enough-to-save-the-housing-market/ “At the moment, low interest rates induce people to borrow. Cheap carrying costs encourage people to load up on debt, whether to take out a mortgage or buy a new car. With regards to the housing market, many analysts cite low rates as a factor that will continue to support prices despite obvious overvaluation. So long as rates are low, the argument goes, demand for housing will remain strong.” “So the key question, particularly concerning the housing market, is whether low interest rates are sufficient to protect it from collapse. I don’t think they are. For one thing, while some Canadians have been emboldened by the rate cut… Read more »
Very rich school owner
Guest
Very rich school owner

This century is belong to Great China whether u like it or Not. OUR MOTHERLAND WILL DOMINATE THE WORLD ECONOMICALLY AND MILITARILY.OUR NAVY WILL SOON BE CRUSING ALONG THE COAST OF BRITISH COLUMBIA TO PROTECT U AGAINST US AGGRESSION.

13k
Guest
13k

13K Feb, 14K March, 15K April , 16K May, 17K June….the smart $$ is selling now while there’s low inventory and desperatedumbass buyers. By September it will be buyer’s market no more over asking bids. Still multiple but below asking. 2016 will be worse. Sell now. ESRA

Laibach
Member
Laibach

#61 ….“We definitely would need to sell and leave immediately,” said Butler.”….

A sort of surrending in the special (aka ‘peaceful’) war and becoming a refugee. Outcome is the same.

#59 …a pattern of a push for Chinese to start buying out all our commercial space?

A war always goes with collaborationists and war profiteers.

Laibach
Member
Laibach

Interesting…

For this job you will need a high school diploma, a realtor training course and a licence from the province. Realtors work on commission so how much you earn depends on how much you work and how strong the real estate market is. Many realtors work only part-time, but an average realtor working full-time in Toronto earns $55,000 a year, or $52,000 a year in Vancouver. “Higher-end” realtors earn upwards of $105,000 a year.

http://www.huffingtonpost.ca/2015/02/24/high-paying-jobs-no-degree_n_6738164.html

renters rule
Guest
renters rule
the “BYOA(ppliances)” thing in Montreal is not as complicated as one might think! As a BC-er, I moved there with two suitcases and a cat, and settled into a very large, heritage type “6-and-a-half” for dirt cheap rent, just slightly east of St Denis (anglos renting west of St Laurent totally overpay on the rent!). Re the appliances, all I had to do was hit the used appliances stores on Rue Ontario Est…. and picked up used/refurbished washer, dryer, fridge, stove (laveuse, secheuse, frigo et poele), delivered and installed, for $1200 (with 30 day guarantee!). Used them for 3 years and sold them to somebody else (pick up and take away by them) for $500. Also, there is a REASON for about 70% of rentals changing hands on Jul 1. If you have been to Mtl, you will have seen… Read more »
chinoria
Guest
chinoria

@ 56 and 59.

Well you guys know how to make a person depressed as heck.

StupidityCheck
Guest
StupidityCheck

Still waiting for that “soft landing”, softy. Or have you changed your tune after being wrong for 14 years?

Slagathor
Guest
Slagathor

….“We definitely would need to sell and leave immediately,” said Butler.”….

Welcome to Vancouver. Everybody wants to sell there.

paulb
Member

New Listings 296
Price Changes 61
Sold Listings 134
TI:12896

http://www.paulboenisch.com

vangrl
Member
vangrl

# 56

Anyone noticing a pattern of a push for Chinese to start buying out all our commercial space?

I actually heard a few months back that it’s been happening on the Sunshine Coast of all places.

patriotz
Member

@57: “Well the market has been going up for 14 years”

Well it hasn’t.

Softy
Guest
Softy

“Same ol bullshit”

Well the market has been going up for 14 years. Should those who have been right for so long change their tune and be wrong just for variety’s sake?

You would expect a change of tune not from the bulls but from the bears.

condo_day_ftw
Guest
condo_day_ftw

Vancouver firm offers a one-stop real estate shop for Chinese investors in B.C.: http://www.vancouversun.com/business/commercial-real-estate/Vancouver+firm+offers+stop+real+estate/10839183/story.html

Son of Ponzi
Guest
Son of Ponzi

#52
you gotta keep in mind that in Germany, Austria and Switzerland the majority of people are renters.
So, they tend to stay much longer and have an interest in having a place that reflects their style.
5 year leases are very common.
You even have to paint the place if you don’t like the color.
And remember, when in Rome, do as the Romans.
Renting does not carry the same stigma in Europe as it does in the BPOE.

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

anyone go to the homeshow? lots of cool ideas for new and existing homes. oh, wait… u guys can’t change anything in the places you live…

Mortgageslave
Member
Mortgageslave
I dont read this site for a few days and coming back is like groundhog day. Bulls post the sameshit everday! Bull (realtor scare tactic) recap: Ham are bringing suitcases full of money over the border to invest in our overpriced real estate. Rental income pays less than a bank account Apple is worth 980 billion and all this $$ is goimg into vancouver real estate Mortgage rate cut causes a pickup in sales and bulls claim this is wealthy people driving this!?? There is an underground way for money and ham to enter the country but they wont post it as they dont want to let big brother know. Btw, all banks have the highest anti money laundering standards in history, US fed is fining banks billions if they violate this but im sure 4 month profits worth of… Read more »
DaMann
Member
DaMann

Most places in Germany are like that as well. No appliances. They go even one step further. A lot of the times there are no kitchen counters or cabinets! You have to have that all put in!

I get the no furniture but the no appliance thing is a total pain in the ass. I’m glad that is not practiced here!

ostritch
Member
ostritch

Ya and moving day in Montreal was traditionally only July 1st. So that’s a good chunk of people in the city booking movers for June 30th to carry washing machine, dryer and sometimes even a dishwasher up and down flights of stairs and into elevators. Um maybe they should rethink this already?

vangrl
Member
vangrl

wow no furniture i totally get, but I wasn’t “in the know” that new apartments were sold without appliances.

And I really can’t believe that renters have to bring their own appliances in other provinces, that’s insane!

I guess I just imagine that with all different shapes and sizes that it would make it all that much more cumbersome to find a place that fit the stuff that you have.

elvince
Guest
elvince
@vangrl: Actually, it’s really a canadian thing to leave the furnitures there. Everywhere in Quebec, you own your own appliances and furniture, and you move them with you when you move. Only crappy apartments are rented with appliances, and only a complete dump is rented with appliances and furnitures. If you buy, it’s up to you to negociate with the seller, but usually only the diswasher is included (since it’s hooked to the plumbing). New houses never come with furniture or appliances. All the apartments I’ve rented in Seattle didn’t have furnitures either, but there are companies that rent them. I usually just called “Cort Furniture rental” for my stuff. The first time I heard of people buying houses with appliances was on VHB (the predecessor of this blog, kinda). I’m still not sure why I would let the guy… Read more »