Canada Stays in Top 5 Countries to Grow Old In
First Published on: Oct 13, 2013
A recent study co-sponsored by the UN created Global AgeWatch Index by looking at 91 countries covering 89% of the world’s older citizens. The Index ranks older population in terms of social and economic well-being and is the first of its kind. Canada ranks high on this index, staying on 5th place. Sweden is on top of the list and Afghanistan on the bottom. Let’s look at the top ten countries:
- New Zealand
- United States
Here are some other facts from the report:
– The world’s envy, Canada’s universal health care system, generous old age benefits, and long life expectancy helped to achieve its 5th position.
– Countries like Sri Lanka, Bolivia, and Mauritius stay relatively high on the list, while countries like India, Pakistan, Russia stay on the lower side.
– Population ageing is happening faster in the poor developing countries. Two-thirds of the older population live in poor countries.
– South Korea, one of the richest and technologically advanced countries in Asia, surprisingly stays low on the index at 67.
– Bangladesh, a model for one of the world’s worst industrial disasters, is not on the list due to lack of old age data.
– By 2050, older population (older than 60) will outnumber younger population (younger than 15).
TFSA: You Can’t Go Wrong
This time of the year, when the RRSP deadline is fast approaching, it’s hard not to notice an article about TFSA or RRSP in Canadian newspapers or magazines. However, if you get confused after reading so many of these articles and can’t decide, going for a TFSA is not a bad option at all.
In the past, I wrote about TFSA. As far as I can remember, that was the only time I wrote about TFSA, as after seeing so many articles about TFSA and RRSP again and again and writing about the same stuff I decided not do discuss it anymore. And that is a good change for someone who is trying to sort out TFSA and RRSP will only be more confused after bombarded with too much information.
If you are confused about these two and still not sure, the best thing to do is park your money in a TFSA, rather than in an RRSP. The reason is very simple: TFSA lets you able to take out your money any time without paying back withholding taxes, unlike an RRSP. One thing you need to keep in mind is that the money you are taking out from your TFSA will create equal contribution room next year, not in the same year.
And what should you do if you want to get some clear grasp of TFSA? Talk to a qualified financial professional face to face. And yes, don’t forget to write down all your questions and concerns before meeting.
Smart Retirement Moves
If you are planning to retire soon or in the near future, you will need to always look out for options and strategies to make your retirement years comfortable and smooth, as retirement conception is always changing. Today, I will talk about a few things that you can consider that would be unthinkable in the past.
Changing Country – Although there is a dark side to retiring abroad, it is possible to find your piece of heaven in foreign lands. Moving to a different country is a reality now and people are already doing it. The main reason people do it because of the extra power your hard-earned money gets when you move to a low-cost country. There are tools and help available online to research on this further, including some articles I have written here in the A Dawn Journal Retirement Section. Always research well and visit the country you plan to move to first before your final decision. Search online by putting these keywords to start research: “International retirement”, “low-cost retirement countries”, “best countries to retire abroad”, etc.
Not Retiring Is The New Normal – As technology is making us live longer and healthier, it is becoming a norm not to retire at all. This can mean different things for different people. Some people would love to reduce work hours after a certain age, while some may choose to do something totally different than what they have been doing at work; some want to open a small coffee shop somewhere they find peaceful, or some of us would like to start travelling full time. The point is that retirement does not have to be sitting at home, doing nothing, and counting the minutes. Find out things that really matter to you and redirect your passion or new career towards navigating that path. It will open up new vistas and not only you will be happy, but it is also possible to make income out of some of these new passions.
Federal Government Tightens Prepaid Credit Card Rules
The Canadian government unveils new prepaid credit card regulations to protect consumers today. Here are some changes that will take place starting May 1, 2014.
– There will not be any more expiration dates on prepaid cards.
– There will not be any maintenance or dormancy fess for at least one year once you activate the card.
– The outside packaging or box will clearly show fees user friendly way.
– Information such as how long you can use it, terms and conditions, a toll-free number, etc must be clearly displayed.
While prepaid credit cards are relatively new, you can find them in grocery stores and supermarkets, and they are becoming very popular.
No Fee 1% Cash Back Card
If you are a small business owner and looking for a no-frills credit card, look no further than the RBC Business Cash Back MasterCard. This card may not provide a lot of benefits, but it’s still good for those who aren’t looking for anything from a plain vanilla business credit card.
Sometimes you just want to have a business credit card to keep an active credit card under your business name. And that’s exactly why I have this credit card, although I don’t really use it. For a No Annual Fee credit card, the RBC Business Cash Back MasterCard offers the following features:
– Promotional 2 percent cash back for the first three months
– 1 percent cash back across the board thereafter
– Get cash back whenever you accumulate $25 or once a year in January
– Purchase security guarantee for 90 days
– Extended warranty for one additional year
As you can see, it’s not really a feature-rich credit card, but for no fee getting 1 percent back on everything is not bad either.
Business owners may need to separate their business transactions on credit cards, hence the need for a separate credit card solely for business. I charge my all business transactions on my regular personal credit cards that offer rich rewards and still keep a couple of no-fee business credit card accounts active for my business credit file.
If you are looking for better rewards on your business transactions, there are other annual fee credit cards you can go for. But for those who are not willing to pay annual fee, the RBC Business Cash Back MasterCard does the job and still provides 1 percent return.
Recent International Real Estate Highlights
Toronto Luxury Real Estate Sales Up
As Vancouver slaps a 15 percent foreign buyer tax on its real estate market, Toronto’s luxury real estate is benefiting and on the rise. Sotheby’s International Realty Canada reports that Toronto is leading Canada in high-end residential real estate sales for the third consecutive year with an increase of 77 percent from 2015.
Factors that are playing a role in the growth are low interest rate, high employment, and high confidence. Sotheby’s International points out that Toronto enjoys natural boundaries like the lake and the Greenbelt – giving it less land to develop and leading to lower supply, which increases demand.
Also, foreign buyers are rushing to Toronto to grab a piece before the city starts putting restrictive measures in place to discourage foreign buyers from grabbing more real estate in the one of the world’s best places to live.
U.S. Cities Still Offer Tremendous Value in Real Estate
U.S. cities, especially in the south like Texas and Florida, offer tremendous opportunity in real estate. According to a report from Forbes and Local Market Monitor, Dallas is on the top of the list of investor-friendly places with a projected 31 percent growth rate. Cities like Jacksonville, Orlando, Seattle, and West Palm Beach are also on the hot growth list.
Dubai Real Estate Rising
Suffering from a sluggish growth since mid-2014, Dubai is on the move again. According to a report released by JLL Chicago, Dubai real estate is poised to rise in 2017. There are various factors favouring the growth. Stabilizing oil price and hosting the EXPO 2020 are some of the main factors.
However, Abu Dhabi (UAE capital) could face further declines in real estate in 2017 because of its less diversified economy and less expenditures on projects.
Retirement Amount for Canada’s Wealthy
A recent poll done by BMO Harris Private Banking found out how Canada retirement would look like through the eyes of affluent people in Canada. The number stands at a staggering amount of $2.3 million.
Further, rich people are more confident than average people reaching their retirement goals. 95 percent of the wealthy said they are more confident in reaching their goal. On the other hand, only 69 percent of average people are confident in reaching their goals.
However, don’t let these numbers deter you from reaching your own goals. Your personal retirement amount can be totally different than any other person. As there are many unique factors that play a role in determining each person’s retirement needs, it is possible to retire with a much smaller amount than the amount for the wealthy ($2.3 million) or the average Canadian amount (about $900,00.00).
A Dawn Journal has a retirement section featuring lots of retirement articles and I encourage you to go through it.
ADawnJournal YouTube Banner
If you happen to follow my YouTube channel https://www.youtube.com/adawn, you may have noticed that the top banner or channel art has new looks, including my name logo.
In the past, I put up a simple banner – which was just a picture of a volcano from my Tagaytay trip in the Philippines. I always wanted to make it a professional-looking banner; however, I did not have the Photoshop or graphic-designing expertise to make it happen.
After trying a few do-it-yourself banner and logo making tools online, I gave up on the idea of making a professional-looking banner and a simple name logo by myself and decided to hire someone to do the job.
The Internet has opened up endless possibilities to connect those who are seeking professional-grade work with those who are delivering it. And it’s not difficult to find a banner and logo designer anywhere in the world sitting from the comfort of my own home.
I placed an ad on one of the freelancer outsource sites to make a name logo and banner for my YouTube channel and within 24 hours I had 30 designers bidding for my work at various rates. One interesting thing to mention is that the most expensive offer was eight times higher than the cheapest.
After a massive elimination process, I decided on a young designer from Ireland who seemed to understand what I am looking for at a reasonable price. And his works met my expectations or I can even say went beyond my expectations, of course after several modifications.
I will attach the final version banner with logo with this article and you can see how it looks on YouTube by visiting my channel. As my YouTube channel traffic is going up, this modern-looking logo and banner will be a perfect fit, standing alongside with other professional-grade channels.
FinTech financial institutions use technology to offer financial services that keep costs lower and it’s no wonder Internet-only operators like EQ Bank can offer to pay high interest rates on its savings account.
The EQ Bank high interest savings account just works like a regular checking account that can do all the necessary jobs of a checking account, but it gives you high interest on your deposits plus additional features for free.
Let’s take a look at some of the features available for free:
– High interest, which is currently at 2 percent
– No fees whatsoever
– No minimum balance required
– Unlimited transactions
– 5 free Interac e-Transfers® each month
– Neat smartphone app
A CBA (Canadian Bankers Association) survey shows that only 13 percent of Canadians are using branches as their main banking method and 55 percent are doing the majority of their banking online. FinTech financial services such as Borrowell, MOGO, EQ Bank, and so on are putting a dent in traditional banking services and all big banks are keeping a close eye on the market.
Instead of just researching and collecting data, some big banks have already refused to sit idly doing nothing and started taking action. For example, TD started a partnership with Moven for mobile money management tools and CIBC started a partnership with Borrowell to deliver digital borrowing experience. Other big banks are also working on similar projects.
As the Internet and technology are making lives easier with lowering costs, you will see more and more Uber-like entrants in the financial sector, disrupting big banks and the way they provide services and collect fees. Consumers are on a solid path to benefit from these disruptions.