Monday, July 6, 2015

Financial literacy

It is estimated that between 4 and 10 percent of older adults in Canada experience some form of abuse and that only one in five incidents of abuse are reported. Awareness is one of the keys to preventing elder abuse.  One of the keys to awareness is to become more financially literate. There are many on-line tools to help you plan for your retirement and many private sector tools that give you the information you need to inform yourself.
In 2012–2013, the Government of Canada, took steps to ensure that seniors are well informed about their financial options before and after retirement.
The Canada Revenue Agency introduced a tax information video series called Pre-Retirement and Taxes. The series includes information about OAS, CPP, non-refundable tax credits, retiring allowances, RRSPs, retirement income funds, private pension income and paying taxes in retirement.
The Financial Consumer Agency of Canada (FCAC) initiated several measures to promote financial literacy, educate consumers about their rights and responsibilities, and help Canadians make informed decisions that contribute to their financial well-being:

  1. A new online module called Planning Your Retirement gives Canadians the knowledge they need to make informed and educated decisions leading up to their retirement.
  2. A program for adult learners, Your Financial Toolkit, includes a module on Retirement and Pensions.
  3. An interactive budget calculator, information on savings and investments, financial planning, reverse mortgages and tax-free savings accounts.
Here is a list to start you on your journey

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