I can make more gross if I go self-employed, but part of the total comp equation would be I need to entirely fund my own retirement then. Either way, I'm helping pay for social programs self-employed or employee.
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New Canada CPP a Joke
- Thread starter gudnite
- Start date
I can make more gross if I go self-employed, but part of the total comp equation would be I need to entirely fund my own retirement then. Either way, I'm helping pay for social programs self-employed or employee.
Employer sponsored pensions are fine, but not everyone has an employer. Having said that, when you are self employed and take action to secure your future, it can stick in your craw when you see the kinds of pensions that the civil service is getting. When you do not have a company pension, you pay for your own retirement as well as their's...
As I said before, the main reason why those pensions are so good is the large mandatory investments by the employee and the buying power of a large well run fund.
... Either way, I'm helping pay for social programs self-employed or employee.
Isn't that the whole idea of taxes?
Isn't that the whole idea of taxes?
You missed benstt's point.
What he is saying, I think, is that he has to pay for HIS retirement, PLUS everybody else who is an employee.
FAST
Pension plan administrators are having trouble getting sufficient returns on investments with record low bond interest rates.
That's why the posties want us to guarantee their pension doesn't crash.
FAST
Pension plan administrators are having trouble getting sufficient returns on investments with record low bond interest rates.
That's equally true of individual investors as well. The only way to boost return is to increase risk, and while that will work for some, others will lose that bet and wind up eating dogfood.
Pension plan administrators are having trouble getting sufficient returns on investments with record low bond interest rates.
I doubt that is a major issue with the big plans - OMERS, OTPP, etc. With the amount of capital they have they don't simply rely on bonds but buy companies.
I'd be happier if CPP (and that proposed Ontario Plan) worked like the big pension funds.
Here's a suggestion.
How about no deductions on your paycheque for any of this kind of stuff? People keep more of their paycheque and it's up to them to save money for a rainy day and retirement, instead of the government acting like babysitters and holding the money for us.
Not everyone even lives to 65 to even see any pension payouts.
How about no deductions on your paycheque for any of this kind of stuff? People keep more of their paycheque and it's up to them to save money for a rainy day and retirement, instead of the government acting like babysitters and holding the money for us.
Not everyone even lives to 65 to even see any pension payouts.
You missed benstt's point.
What he is saying, I think, is that he has to pay for HIS retirement, PLUS everybody else who is an employee.
FAST
I got it. He wants his tax dollars to only support him. It's the same as complaining that my tax dollars pay for my medical care PLUS that of poor people or complaining that the government is paying for roads I'm never going to use.
p.s. My company pays into a group RRSP and matches exactly like public employees. It's part of working for a good company and you'd be surprised at how many of Canada's employers either match RRSPs have a defined pension plan.
Here's a suggestion.
How about no deductions on your paycheque for any of this kind of stuff? People keep more of their paycheque and it's up to them to save money for a rainy day and retirement, instead of the government acting like babysitters and holding the money for us.
Not everyone even lives to 65 to even see any pension payouts.
Should we do the same for roads, hospitals, police, and fire? Anarchy I say! Why should I pay taxes for education when I'm not in school!!!!
Here's a suggestion.
How about no deductions on your paycheque for any of this kind of stuff? People keep more of their paycheque and it's up to them to save money for a rainy day and retirement, instead of the government acting like babysitters and holding the money for us.
Not everyone even lives to 65 to even see any pension payouts.
A lot of people WON'T save, then they will end up flat broke in retirement expecting taxpayers to help them out.
It's hard to imagine we would actually let them starve to death.
I'm not saying skip the normal deductions. I'm talking the pension deduction.Should we do the same for roads, hospitals, police, and fire? Anarchy I say! Why should I pay taxes for education when I'm not in school!!!!
Normal deductions, goods and service tax and property tax pay for government services.
Pension deductions are taken now, and to be paid when you're a senior. We should have the option to keep it, but it's up to us to handle our bills when we're old. Or, people can choose deductions if they think they can't budget well. So when they are are old, the government has a piggybank of pension payouts to give you.
I agree with you about education tax and such. Those are things that don't apply to some people no matter what. At least for stuff like police and fire, there is a chance I'll need it, and it helps protect the broad scope of a city or your very own neighbourhood.
Education tax? So for someone who has no kids, or not in school anymore, why should they pay for that? The people who use it should pay more because it's a direct service for that person.
In that case, you might as well not charge people $100 to renew a license. Instead spread it out and charge everyone (whether they have a car or not) $50.
We should have the option to keep it, but it's up to us to handle our bills when we're old.
You will spend it, wind up broke in retirement, then ask taxpayers for a handout. Better we make you pay while you actually can....
Education tax? So for someone who has no kids, or not in school anymore, why should they pay for that?
You are paying back the free education you got.
A five year old and parents not pay the cost of his education through their taxes. The five year old pays for his education later in life when he starts working.
I'm not saying skip the normal deductions. I'm talking the pension deduction.....
Well in our system the taxpayer doesn't get to choose what their deductions go for. You could try lobbying for the elimination of support systems for the elderly but I don't expect you to get much traction on that.
And obviously you don't agree with me about taxes and socialized government; you just missed the obvious sarcasm.
Well in our system the taxpayer doesn't get to choose what their deductions go for. You could try lobbying for the elimination of support systems for the elderly but I don't expect you to get much traction on that.
And obviously you don't agree with me about taxes and socialized government; you just missed the obvious sarcasm.
Fair enough.
I just think this country has too much social system babysitting. Taking extra deductions to get it back when you're a senior is something most people shouldn't even need as long as you can budget your bills when you're working.
Also, many people don't live long enough to even see a dime of it, so it's a waste.
In my opinion, part of life is supporting yourself, and not squeaking by only to live on handouts which the government had to do for you because you couldn't budget on your own.
And many people collect for much longer than their due. Can you imagine how your outlook would change if you planned for being retired as long as you worked? Living to 100 is well withing the realm of possibilities....
Also, many people don't live long enough to even see a dime of it, so it's a waste.....
I hope that you have sat down and gotten educated about your retirement planning. Far too many people are ignorant about how or what to think of. For example, many people forget to consider the increased medical costs as you age. Many people have health plans that cover some of the other services like pharmacists but forget that those plans go away when you are no longer employed (I'm sure you don't like the reduced co-pay on drugs for the elderly either - you should save for your own medication...). Add in the growing number of medical services which are no longer covered by OHIP and I can guarantee you that many people's retirement savings will be okay only until their health becomes a problem.
I consider myself fairly well set up but even then I wish I had started saving when I started working.
In my opinion, part of life is supporting yourself, and not squeaking by only to live on handouts which the government had to do for you because you couldn't budget on your own.
Again, what are you proposing for those who choose a new entertainment system over retirement savings?
Let them starve?
I got it. He wants his tax dollars to only support him. It's the same as complaining that my tax dollars pay for my medical care PLUS that of poor people or complaining that the government is paying for roads I'm never going to use.
p.s. My company pays into a group RRSP and matches exactly like public employees. It's part of working for a good company and you'd be surprised at how many of Canada's employers either match RRSPs have a defined pension plan.
You still "don't got it", you still don't understand the difference between the self employed and an employee.
Don't talk about things you know nothing about.
And as far as your, "It's part of working for a good company", are you bragging, or just feeling superior, not sure what you are trying to state.
FAST
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