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:
- 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.
- A program for adult
learners, Your Financial Toolkit, includes a module on Retirement and Pensions.
- 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
Financial Literacy for Seniors (pdf file)
Financial Tips for Senior Citizens (Download pdf file)
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