Misconception on cost of living
#211
Re: Misconception on cost of living
Originally Posted by Hangman
Your reality is very much different than mine.
Tell me more about this maximum pension thing, Ive not heard of any maximum being placed on pensions.
Unless you are speaking only of CPP and OAP.
Tell me more about this maximum pension thing, Ive not heard of any maximum being placed on pensions.
Unless you are speaking only of CPP and OAP.
Exact numbers may be off, but you get the idea. Tax sheltering is limited.
#212
Joined: Jul 2005
Posts: 15,883
Re: Misconception on cost of living
Originally Posted by iaink
RRSP contribution max out too at 20% percent of income and a five digit dollar number I dont remember and havent had the oportunity to get close to.
Exact numbers may be off, but you get the idea. Tax sheltering is limited.
Exact numbers may be off, but you get the idea. Tax sheltering is limited.
You just don't get the tax advantages.
I guess I'll never have to worry about either, being already retired that is.
#213
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Joined: Jul 2006
Posts: 344
Re: Misconception on cost of living
Originally Posted by TrishB
Get a grip on yourself! Do you really need 4500 sq ft of house???? No wonder your taxes are so high. Your heating costs must be huge too!
Simple way to save loadsadosh - move to a smaller place!
Simple way to save loadsadosh - move to a smaller place!
#214
Re: Misconception on cost of living
Originally Posted by Liana
Well where are you all living - I live in one of the most modest cities in Canada -if you live in any of the major cities then you will have very expensive housing too. And we can't afford to stay in a house this size; are you not aware that their are pension regulations here in Canada also and there are maximum pensions available unless your company sets up secondary pension funds to give you a bigger pension. Check out www.mls.ca and see what property prices are. Like most older people we will have to downsize when we retire and maybe we will have enough to buy a 2 bedroom apartment in a retirement comminity in Sussex but there aren't a great deal of such communities here in Canada - two retirement communities in Toronto that I know of charge $5000 a month rent - ok, great services, like restaurants and gym etc but no purchasing available and cleaning snow off the drive and sidewalk is a pain in the neck when you get older and retirement communities or condos good places to be. Still trying to stay on thread about misconception.
#215
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Joined: Mar 2005
Location: Toronto
Posts: 609
Re: Misconception on cost of living
Originally Posted by Tuppence
Well I would hope that some of your $1m house is equity, and that you could buy something outright (from the literally thousands of properties I saw on MLS for less than $500k around Toronto) when you retire. In fact MLS kept telling me to revise my search because there were more than 500 properties and it couldn't display them all. Why couldn't you buy a managed retirement condo? There are loads of them???
not spoke to u for ages....hope you are well.
Mark
#216
Joined: Jul 2005
Posts: 15,883
Re: Misconception on cost of living
Originally Posted by Liana
Er -why do I need a grip on myself? We can afford this now but not as retirees. I posted before my property is three floors and it is an R2000 home. Doesn't anyone else have one of those here in Canada. Heating/hot water bills last year were $3000 - large historic houses in my neighbourhood have heating bills of $10-12,000 a year because they are not well insulated nor do they have the argon filled E windows. So what are heating bills in, say, Toronto anyone? It is cheaper to live in a warmer climate as a retiree - salaries here pay for everything, but not pensions. Maybe you are all young people
I am sure there are many people with R2000 homes, just not a lot with 4,500sq ft homes.
As I said in another post your reality is very different than mine and I would guess most others on this forum.
#217
Re: Misconception on cost of living
Originally Posted by mjanovitz
Hi Tuppence,
not spoke to u for ages....hope you are well.
Mark
not spoke to u for ages....hope you are well.
Mark
Hope you are OK?
#218
Re: Misconception on cost of living
Originally Posted by Liana
Er -why do I need a grip on myself? We can afford this now but not as retirees. I posted before my property is three floors and it is an R2000 home. Doesn't anyone else have one of those here in Canada. Heating/hot water bills last year were $3000 - large historic houses in my neighbourhood have heating bills of $10-12,000 a year because they are not well insulated nor do they have the argon filled E windows. So what are heating bills in, say, Toronto anyone? It is cheaper to live in a warmer climate as a retiree - salaries here pay for everything, but not pensions. Maybe you are all young people
That covers HW and Forced Air. Hydro is about another 1800+ depending on A/C useage.
Its either too cold or too hot in this country, and therefore its expected that you will have to pay to heat or cool accordingly. Energy prices are rising in line with the rest of the world, so costs have outstripped inflation, making it tough to budget for. No point complaining, just try and minimise the impact.
I cant imagine putting up with paying $10k for heating though, I just dont know how thats possible in this day and age.
Last edited by iaink; Jul 31st 2006 at 4:13 pm.
#219
Re: Misconception on cost of living
Originally Posted by Hangman
I am sure there are many people with R2000 homes
Can someone tell me what R2000 is?
#220
Re: Misconception on cost of living
Originally Posted by Investor
Can someone tell me what R2000 is?
#221
Re: Misconception on cost of living
Originally Posted by Liana
So what are heating bills in, say, Toronto anyone?
#222
Re: Misconception on cost of living
Originally Posted by sysclp
Look back about 5 or 6 posts, I put my details from the GTA there.
#223
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Joined: Jul 2006
Posts: 344
Re: Misconception on cost of living
Originally Posted by iaink
I think you need to do more homework on "Adult lifestlye communities", as I can think of at least two within a stones throw of here, and we are 2h from Toronto.
AFAIK its always been possible to pay someone else a nominal amount to clear snow for you, no matter where you live. Perhaps you could spend a small portion of what you save from your ludicrous taxes when you downsize on that?
AFAIK its always been possible to pay someone else a nominal amount to clear snow for you, no matter where you live. Perhaps you could spend a small portion of what you save from your ludicrous taxes when you downsize on that?
#224
Re: Misconception on cost of living
Originally Posted by Liana
Which communities are those- thanks? We already have snow clearers and it is about $200-$300 a month based on the amount of snow which again is another expense that older people find too much. Here sidewalks have to be cleared legally, within 24 hours of the snowfall, not like Toronto I believe. When we lived in Calgary we did not have sidewalks and it doesn't snow very much in Vancouver so it is not an extra expense there either.
"Wellington on the lake" is one community that comes to mind. There are others around too.
I believe the snow clearance rules apply in TO to, but they dont get East coast snowfall. How much are you cleaing for $300 a month? Big house with long driveway I suppose? $100 a month is more normal round here I believe...but again, we get less snow, and probably over fewer months too.
Last edited by iaink; Jul 31st 2006 at 4:43 pm.
#225
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Re: Misconception on cost of living
Originally Posted by Tuppence
Well I would hope that some of your $1m house is equity, and that you could buy something outright (from the literally thousands of properties I saw on MLS for less than $500k around Toronto) when you retire. In fact MLS kept telling me to revise my search because there were more than 500 properties and it couldn't display them all. Why couldn't you buy a managed retirement condo? There are loads of them???
We have good equity in the house, but nowhere near as good as those in the UK; what would 400,000 pounds buy us there in a decent city? If anyone comes to Canada I would recommend not selling any property they owned abroad, rent it out instead. Property markets here are not necessarily as hot as other places.