Living your retirement

These resources from the Ontario Securities Commission are oriented towards planning for retirement. Resources include tips on insurance planning, government benefits, RRSP calculator, and more. 

Family violence in Canada: A statistical profile, 2019

Family violence in Canada: A statistical profile is an annual report produced by the Canadian Centre for Justice and Community Safety Statistics at Statistics Canada as part of the Federal Family Violence Initiative. Since 1998, this report has provided data on the nature and extent of family violence in Canada, as well as an analysis of trends over time. The information presented is used extensively to monitor changes that inform policy makers and the public.



Retirement Security and Financial Decision-making: Research Brief

A growing number of retirees are not experiencing the expected gradual reduction in spending after they retire. This report summarizes the findings of a Bureau study into whether people who retired between 1992 and 2014 had the income, savings, and/or non-housing assets to maintain the same level of spending for at least five consecutive years after retiring. The study found that about half of people who retired between 1992 and 2014 had income, savings, and/or non-housing assets to maintain the same spending level for five consecutive years after retiring. In addition, the Bureau found that the ability to maintain the same spending level in the first five years in retirement was associated with large spending cuts in later years. The study helps identify ways to protect retirees from overspending their savings in early retirement.



Financial Life Stages of Older Canadians

This study, commissioned by the Ontario Securities Commission (OSC) and conducted by the Brondesbury Group, provides some insights on the knowledge that older Canadians have about the financial realities of retirement and how they would apply that knowledge earlier in life if they are able to do so. The top financial concerns and main financial risks of older Canadians are identified for each life stage and how they are being managed are discussed.



Low Income Measure: Comparison of Two Data Sources, T1 Family File and 2016 Census of Population

This study looks at the differences in after-tax low income measure (LIM) statistics from two data sources which both use administrative tax data as their principal inputs: the 2016 Census of Population and the T1 Family file (T1FF). It presents a summary of the two data sources and compares after-tax LIM statistics by focussing on unit of analysis, LIM thresholds and the percentage of population below the LIM. The study also explores what factors users may want to consider when choosing one data source over the other.



Gender, Diversity and Inclusion Statistics Hub

Launched by the Centre for Gender, Diversity and Inclusion Statistics (CGDIS), the Gender, Diversity and Inclusion Hub focuses on disaggregated data by gender and other identities to support evidence-based policy development and decision making. 



From Emergency to Opportunity: Building a Resilient Alberta Nonprofit Sector After COVID-19

This report presents an analysis of the impact of COVID-19 on the nonprofit sector drawn from data collected in CCVO's Alberta Nonprofit Survey, data from surveys by the Alberta
Nonprofit Network, Imagine Canada, and partner organizations across the country.

The analysis in this report shows that the effects on the nonprofit sector have been magnified through increased service demand, decreased revenue, and diminished organizational capacity coupled by delays in support and inadequate recognition for the leadership role that the sector is being called upon to play.



Taxpayer Rights in the Digital Age

This paper explores the intersection of digital innovation, digital services, access, and taxpayer rights in the Canadian context, in light of the experiences of vulnerable populations in Canada, from the perspective of the Taxpayers’ Ombudsman. Many aspects of the CRA’s digitalization can further marginalize vulnerable populations but there are also opportunities for digital services to help vulnerable persons in accessing the CRA’s services.

Low Income Retirement Planning

This booklet contains information on retirement planning on a low income. Topics include four things to think about for low income retirement planning, a background paper on maximizing the Guaranteed Income Supplement (GIS), and determining Old Age Security (OAS) and GIS eligibility for people who come to Canada as adults.



Elder Fraud Prevention and Response Networks Development Guide

This guide provides step-by-step materials to help communities form networks to increase their capacity to prevent and respond to elder financial exploitation.

The planning tools, templates and exercises offered in this guide help stakeholders plan a stakeholder retreat and training event, host a retreat, reconvene and establish their network, and expand network capabilities in order to create a new network or to refresh or expand an existing one.



Virtual tax filing: Piloting a new way to file taxes for homebound seniors

WoodGreen Community Services, a large multi-service frontline social service agency in Toronto, provides free tax preparation services year-round to people living on low incomes. WoodGreen was interested in designing a novel solution to address the tax filing needs of homebound seniors who are unable to access WoodGreen’s free in-person tax-preparation services due to physical or mental health challenges. Specifically, WoodGreen wanted to know… How might we provide high-quality professional tax preparation services to all clients whether or not they are onsite? Prosper Canada and a leading commercial tax preparation software company partnered with WoodGreen Community Services in order to answer this design question.



Benefits and credits toolkit

Benefits and credits provide income and financial support for many individuals. This toolkit contains information on common tax credits and benefits, benefits for specific populations, and practitioner resources including case studies and information on identification documentation for accessing benefits.

We are grateful to West Neighbourhood House in Toronto, Ontario for their contribution in the development of the practitioner resources in this toolkit and to Momentum in Calgary, Alberta for their content consultation support.

Worksheet resources in this toolkit are available as fillable PDFs. Please open with Adobe Acrobat Reader for full functionality.

Latest update on May 5, 2021: Benefits and Credits for people living with disabilities - resource links

March 29, 2021:
 Disability Tax Credit Tool - Disability Alliance BC
Disability Inclusion Analysis of Government of Canada's Response to COVID-19 (report and fact sheets) - Live Work Well Research Centre



Common benefits and credits

Resource links:
Benefits and credits for newcomers to Canada – Canada Revenue Agency
Benefit Finder – Government of Canada
Electronic Benefits and credits date reminders – Canada Revenue Agency (CRA)
Income Assistance Handbook Government of Northwest Territories
What to do when you get money from the government – Financial Consumer Agency of Canada (FCAC)

General emergency government benefits information & navigation
Financial Relief Navigator tool (Prosper Canada)
Changes to taxes and benefits: CRA and COVID-19 – Government of Canada

Canada Emergency Response Benefit (CERB)
Apply for Canada Emergency Response Benefit (CERB) with CRA – Canada Revenue Agency (CRA)
Questions & Answers on CERB – Government of Canada
What is the CERB? – Prosper Canada
FAQ: Canada Emergency Response Benefit – Prosper Canada (updated June 10th)

Who can get CERB? – Steps to Justice
CERB: What you need to know about cashing your cheque – FCAC
COVID-19 Benefits (summary, includes Ontario) – CLEO/Steps to Justice
COVID-19 and Income Assistance – CLEO/Steps to Justice

GST/HST credit and Canada Child Benefit
COVID-19 – Increase to the GST/HST amount – Government of Canada
Canada Child Benefit Payment Increase – Government of Canada
Benefits payments for eligible Canadians to extend to Fall 2020 – Government of Canada

Support for students
Support for students and recent graduates – Government of Canada
Canada Emergency Student Benefit (CESB) – Government of Canada

Benefits and credits for seniors

Resource links:
Canadian Retirement Income Calculator – Government of Canada
Comparing Retirement Savings Options – Financial Consumer Agency of Canada (FCAC)
Federal Provincial Territorial Ministers Responsible for Seniors Forum – Employment and Social Services Canada (ESDC)
Retiring on a low income – Open Policy Ontario
RRSP vs GIS Calculator – Daniela Baron
Sources of income for seniors handout – West Neighbourhood House
What every older Canadian should know about: Income and benefits from government programs – Employment and Social Services Canada (ESDC)
 

COVID-19 and support for seniors: Do seniors have people they can depend on during difficult times?

In an effort to avoid the spread of COVID-19, Canadians are engaging in physical distancing to minimize their social contact with others. However, social support systems continue to play an important role during this time. In particular, seniors living in private households may depend on family, friends or neighbours to deliver groceries, medication and other essential items to their homes. This study examines the level of social support reported by seniors living in private households.



Seniors: tips to help you this tax season

As a senior, you may be eligible for benefits and credits when you file your taxes. The Canada Revenue Agency has tips to help you get all of them! This page includes tips for seniors at tax time and links to relevant Government of Canada resources. 

Ageing and Financial Inclusion: 8 key steps to design a better future

The G20 Fukuoka Policy Priorities for Ageing and Financial Inclusion is jointly prepared by the GPFI and the OECD. The document identifies eight priorities to help policy makers, financial service providers, consumers and other actors in the real economy to identify and address the challenges associated with ageing populations and the global increase in longevity. They reflect policies and practices to improve the outcomes of both current generations of older people and future generations.



Results from the 2016 Census: Examining the effect of public pension benefits on the low income of senior immigrants

This is a study released by Insights on Canadian Society  based on 2016 Census data. Census information on immigration and income is used to better understand the factors associated with low income among senior immigrants.

This study examines the factors associated with the low-income rate of senior immigrants, with a focus on access to Old Age Security (OAS) and Guaranteed Income Supplement (GIS) benefits.



Infographic: New Data on Disability in Canada, 2017

This infographic released from Statistics Canada compiles some of the data collected from the 2017 Canadian Survey on Disability. 22% of Canadians had at least one disability, representing 6.2 million people.



Retirement 20/20: The 2019 Fidelity Retirement Survey

The Fidelity Retirement Survey is focused on how Canadians near, and already in, retirement approach the next stage of their lives. This is the 14th year of the survey. 

The results indicate Canadians are retiring earlier than expected. They also show 46% of pre-retirees expect to have some long-term debt when they retire, and that 70% believe they will be working in retirement, among other results. 



Evaluation of the Guaranteed Income Supplement

The Old Age Security program is the largest statutory program of the Government of Canada, and consists of the Old Age Security pension, the Guaranteed Income Supplement, and the Allowance. The Guaranteed Income Supplement is provided to low-income seniors aged 65 years and over who receive the Old Age Security pension and are below a low-income cut-off level.

This evaluation examines take-up of the Guaranteed Income Supplement by various socioeconomic groups, the characteristics of those who are eligible for the Supplement but do not receive it, and barriers faced by vulnerable groups.

Debt and assets among senior Canadian families

Using data from the Survey of Financial Security (SFS), this article looks at changes in debt, assets and net worth among senior Canadian families over the period from 1999 to 2016. It also examines changes in the debt-to income ratio and the debt to-asset ratio of senior families with debt.

This study finds that the proportion of senior families with debt increased from 27% to 42% between 1999 and 2016. 



Are Low-Income Savers Still in the Lurch? TFSAs at 10 Years

The introduction of Tax-Free Savings Accounts (TFSAs) in 2009 transformed how  Canadians save. One of the main reasons for creating TFSAs was to provide a taxassisted savings instrument for low-income Canadians to enable them to improve their retirement income. Now, 10 years later, many low-income savers are still not using TFSAs in ways that would allow them to benefit fully from the government transfer programs intended for them in retirement, such as the Guaranteed Income Supplement. Consequently, intended benefits from TFSAs are going untapped. Improving public education and financial literacy may be part of the solution to this problem, but built-in policy nudges and tax adjustments will be more effective.



Debt and assets among senior Canadian families, 1999 to 2016

These results are from the new study "Debt and assets among senior Canadian families." released in April 2018. The study examines changes in debt, assets and net worth among Canadian families whose major income earner was 65 years of age or older.

In recent years, household debt has increased. The level of debt and value of assets are especially important for the financial security of seniors. Because income typically declines during the retirement years, seniors often need accumulated assets to finance their consumption, especially if they do not benefit from a private pension plan. Debt can also be particularly problematic for seniors as repayment can be more difficult on a reduced income.



The Economic Well-Being of Women in Canada

Economic well-being has both a present component and a future component. In the present, economic well-being is characterized by the ability of individuals and small groups, such as families or households, to consistently meet their basic needs, including food, clothing, housing, utilities, health care, transportation, education, and paid taxes. It is also characterized by the ability to make economic choices and feel a sense of security, satisfaction, and personal fulfillment with respect to finances and employment pursuits. 

Using Statistics Canada data from a variety of sources, including the Survey of Labour and Income Dynamics, the Canadian Income Survey, the Survey of Financial Security, and the 2016 Census of Population, this chapter of Women in Canada examines women’s economic well-being in comparison with men’s and, where relevant, explores how it has evolved over the past 40 years. In addition to gender, age and family type (i.e., couple families with or without children; lone mothers and fathers; and single women and men without children) are important determinants of economic well-being. Hence, many of the analyses distinguish between women and men in different age groups and/or types of families.

 



Get Your Benefits! Diagnose and Treat Poverty

In this presentation, Noralou P. Roos, Co-Director, GetYourBenefits! and Professor, Manitoba Centre for Health Policy, explains how access to tax filing and benefits is an important poverty intervention.

This presentation is from the panel discussion 'National and regional strategies to boost tax filing', at the tax research symposium hosted by Prosper Canada and Intuit, February 7, 2019, in Ottawa.

View all presentations from this event here.



Strengthening retirement security for low- and moderate-income workers

In this video presentation Johnathan Weisstub from Common Wealth discusses recent improvements in senior Canadians' poverty levels due to benefits such as OAS and GIS, and the challenges that still remain in ensuring retirement security for modest-earning and low-income Canadians. 

This presentation was given at the Prosper Canada Policy Research Symposium on March 9, 2018.

Read the slide deck that accompanies this presentation.

View the full video playlist of all presentations from this symposium.



Your Money Seniors


Your Money Seniors is a financial literacy program for seniors. Modelled on the CBA’s highly successful Your Money Students program, this seminar program is offered in French and English, free of charge, to seniors’ groups across the country.

Your Money Seniors is presented by bankers in the community volunteering their time and expertise and covers how seniors can:




Unfinished Business Pension Reform in Canada


Since taking office in the fall of 2015, the Liberal government has made important changes to the publicly administered components of Canada’s retirement income system (RIS). It has restored the age of eligibility for benefits under Old Age Security (OAS) and the Guaranteed Income Supplement (GIS) to 65, it has increased the top-up on GIS benefits for single elderly persons, and it has agreed with the provinces to enhance Canada Pension Plan (CPP) benefits, starting in 2019.
Each of these changes, on its own, contributes to one of the two main objectives of the RIS: to minimize the people’s risk of poverty in old age and to enhance their ability to retain their standard of living as they move from employment to retirement. However, as Bob Baldwin and Richard Shillington show in this study, when examined together, the changes are problematic and incomplete.




Retiring on a low income: Learnings


This is a webinar presentation recorded with John Stapleton at Prosper Canada on October 4th, 2016. John Stapleton is a Principal of Open Policy, and has worked for the Ontario Government for 28 years in the areas of social assistance policy and operations.

In the session John describes the differences between non-refundable and refundable tax credits, deductions, exemptions, and entitlements. He also reports on his learnings from presenting on tax credits and retiring on a low income to local Ontario audiences.

This is the webinar video recording.

For more information on retiring on a low income, including John’s updated toolkit with 2018 information, please visit: Open Policy Ontario.

 




The Old Age Security program toolkit


The Old Age Security program toolkit – Your complete guide to Canada’s Old Age Security program.

Poverty Trends Scorecard – Fact Sheet Series – Income, Wealth, and Inequality

The Monthly Stress-Test on Family Finances

Tackling financial exclusion: A country that works for everyone?

Canadian Demographics at a Glance – Second edition

Housing Costs and Financial Challenges for Low-Income Older Adults

Financial Literacy and People Living with Disabilities

A Policymaker’s Guide to Basic Income

Planning to retire on a low income: What you need to know

myRA: A New Way To Save for Retirement

Break the Barriers: Millions in Canada still struggle to get by

FINAL REPORT Public Opinion Research to Strengthen Financial Literacy for Seniors

The Invisible Crime: A Report on Seniors Financial Abuse

Your Money, Your Goals: Focus on Native Communities

Favoriser La Santé Financière des Aînés

Taking Back Our Neighbourhoods: Mapping the Need for Neighbourhood Revitalization

Planning for Retirement on a Low Income

Retiring on a Low Income – Learnings from the Toronto Library and The Ontario Non-Profit Housing Association Presentations

An Analysis of the Economic Circumstances of Canadian Seniors

Financial Literacy and Aboriginal Peoples

A Life-Course Approach to Social Policy Analysis: A Proposed Framework. Discussion Paper

Retirement Ramp-Up

Understanding the Legal Dimensions of Financial Literacy: Power of Attorney

Developing a Personalized Financial Plan. Ontario Edition

Preventing and Intervening in Situations of Financial Abuse. Ontario Edition

Retirement and Savings Options. Ontario Edition

Credit and Debt Management. Ontario Edition.

Adopting Effective Banking Practices. Ontario Edition

National Strategy for Financial Literacy. Phase 1: Strengthening Seniors’ Financial Literacy

Adeline’s dilemma: A GIS case study

The burden of Poverty: A snapshot of poverty across Canada

Money Smart for Older Adults

Social Isolation and Community Connection Backgrounder

In from the Margins: A Call to Action on Poverty, Housing and Homelessness

Aboriginal Financial Literacy Needs Survey and Framework