Hi Everybody ;
I just thought I best let everybody know . Even though the McGuinty Government has opened up 50% unlocking of Ontario LIF's .
We are not letting up . We still need the petitions sent in supporting Ted's Private Members Bill 116 .
If we have a little bit of luck on our side we could get the Bill passed if McGuinty allows a free vote and we have the support of the Conservatives and NDP .
If not at least it will be a good launch into the next election and at that time I am sure the party that gets in will unlock these pensions fully with protection of RRIF's from creditors . If the people of Ontario vote in this so called Premier again . Then all I can say is we deserve what we vote for .
Take Care Bill C
Saturday, March 28, 2009
Thursday, March 26, 2009
50% Unlocking , Half way there
Hi Everybody ;
Bellow is a press release that Susan Eng of CARP has sent out .
The Coalition of Independent LIF holders would like to Thank Susan and CARP for all the efforts they have put into have these pensions unlocked . We in the Coalition and also CARP will be continuing the fight to have these funds unlocked 100%
As Susan Eng has stated in her Press release that she is concerned with the GST/PST Harmonization .
I am also concerned .
The Liberals are trying to pull the wool over the eyes of the Ontario Citizens again with a out and out tax grab . If they were sincere about helping business and the citizens of Ontario . Why did they not lower the PST to 5% it would have at least come close to leveling the field .
The way it stands . With the tax on Electricity and Heating and not taking into consideration the other items that will be taxed . The $1000 and the tax credits will be gobbled up pretty fast . I wish some of these people would have to spend 1 year in the boots of people that live in the north on the average income here and just see how far their credits go . Not saying that people in the GTA and all of Ontario will be any better off.
Bill C
March 26, 2009
CARP warns that proposal for $1,000 cheques diverts attention from potential tax grab but applauds major gain for retirees with locked in retirement funds
Toronto, Ontario: CARP warns that the proposal to send out $1,000 cheques diverts attention from potential tax grab but applauds major gain for retirees with locked in retirement funds.
GST/PST harmonization hides tax grab
People planning how they will spend their $1000 cheque from the provincial government will have to think twice. First not everyone gets the $1000. Families with 2 or more people, this includes single parents, will get the $1000. Single people, including those 65plus, only get $300 – and it’s spread over 3 payments.
The cut-off is $166,600 for families and $82,000 for singles – those with incomes above these amounts will not receive the transitional payments.
These payments were meant to soften the blow from the increase in Retail Sales Taxes due to the new combined tax now applying to goods and services that were not taxable provincially before harmonization. Based on government analysis of consumption patterns, people could be paying from $185 to $1000 more in sales taxes due to this change. The budget papers say that even after the $300/$1000 one time only payments have stopped, taxpayers will still be ahead but that depends on believing that businesses that stand to gain the most from this change will pass their savings through to consumers.
One huge flaw in this analysis is that some products like home heating oil- which is a major expense for most families, especially older Canadians, - is not much subject to competitive pressures.
“Instead of exempting essential products like home heating fuel, the government is leaving it to taxpayers to pressure businesses to pass through their savings,” said Susan Eng, Vice President, Advocacy, CARP. “Increasing sales taxes is no way to stimulate consumer spending and it in fact hurts those who have no choice but spend on necessities.”
Unlocking LIFs – increased from 25% to 50%
The good news for older Canadians who have locked in funds [LIFs] is that they will now be able to unlock up to 50% of their LIFs, up from the limit of 25%. CARP has called for full unlocking to allow people to access their own money, especially in these difficult economic times. In fact there could be more tax revenues as people spend on their immediate needs.
CARP has also called for the elimination of the fees payable when people get their fundes unlocked through financial hardship applications. Budget 2009 proposes to waive the fees – 2% of the amount withdrawn – minimum $200 to maximum of $600 –for 2 years only. CARP calls for a permanent elimination of these fees.
“It’s bad enough that people in dire financial circumstances can't get at their own money without a lot of bureaucracy – the fees were an unnecessary extra burden and should be eliminated permanently but CARP members will appreciate this temporary relief. It shows that the government is listening,” said Eng.
But CARP cautions that unlocking LIFs also mean that the funds are no longer creditor proof which is an important consideration in difficult economic times.
Pension reform proposals recognize need to protect retirees and broader access to pension plans
The proposals for pension reform are responsive to the calls for urgent reform and balancing the interests of employers and employees. For example the temporary funding relief requires the approval of plan beneficiaries which includes retirees, and greater limitations on contribution holidays. There is a nod to larger pension funds providing administrative support for smaller funds and mention of something approaching a universal pension plan which CARP has called for consistently as well as a pension summit to involve retirees in pension reform deliberations.
“The budget proposals acknowledge the urgent need for pension reform, including rebalancing the interest of employers and employees, protecting pensioners, considering a universal pension plan and involving retirees and other stakeholders in pension reform deliberations. CARP members who have become increasingly anxious about their retirement security will welcome these proposals,” added Eng
CARP is a national, non-partisan, non-profit organization committed to advocating for a New Vision of Aging for Canada, social change that will bring financial security, equitable access to health care and freedom from discrimination. CARP seeks to ensure that the marketplace serves the needs and expectations of our generation and provides value-added benefits, products and services to our members. Through our network of chapters across Canada, CARP is dedicated to building a sense of community and shared values among our members in support of CARP’s mission.
Bellow is a press release that Susan Eng of CARP has sent out .
The Coalition of Independent LIF holders would like to Thank Susan and CARP for all the efforts they have put into have these pensions unlocked . We in the Coalition and also CARP will be continuing the fight to have these funds unlocked 100%
As Susan Eng has stated in her Press release that she is concerned with the GST/PST Harmonization .
I am also concerned .
The Liberals are trying to pull the wool over the eyes of the Ontario Citizens again with a out and out tax grab . If they were sincere about helping business and the citizens of Ontario . Why did they not lower the PST to 5% it would have at least come close to leveling the field .
The way it stands . With the tax on Electricity and Heating and not taking into consideration the other items that will be taxed . The $1000 and the tax credits will be gobbled up pretty fast . I wish some of these people would have to spend 1 year in the boots of people that live in the north on the average income here and just see how far their credits go . Not saying that people in the GTA and all of Ontario will be any better off.
Bill C
March 26, 2009
CARP warns that proposal for $1,000 cheques diverts attention from potential tax grab but applauds major gain for retirees with locked in retirement funds
Toronto, Ontario: CARP warns that the proposal to send out $1,000 cheques diverts attention from potential tax grab but applauds major gain for retirees with locked in retirement funds.
GST/PST harmonization hides tax grab
People planning how they will spend their $1000 cheque from the provincial government will have to think twice. First not everyone gets the $1000. Families with 2 or more people, this includes single parents, will get the $1000. Single people, including those 65plus, only get $300 – and it’s spread over 3 payments.
The cut-off is $166,600 for families and $82,000 for singles – those with incomes above these amounts will not receive the transitional payments.
These payments were meant to soften the blow from the increase in Retail Sales Taxes due to the new combined tax now applying to goods and services that were not taxable provincially before harmonization. Based on government analysis of consumption patterns, people could be paying from $185 to $1000 more in sales taxes due to this change. The budget papers say that even after the $300/$1000 one time only payments have stopped, taxpayers will still be ahead but that depends on believing that businesses that stand to gain the most from this change will pass their savings through to consumers.
One huge flaw in this analysis is that some products like home heating oil- which is a major expense for most families, especially older Canadians, - is not much subject to competitive pressures.
“Instead of exempting essential products like home heating fuel, the government is leaving it to taxpayers to pressure businesses to pass through their savings,” said Susan Eng, Vice President, Advocacy, CARP. “Increasing sales taxes is no way to stimulate consumer spending and it in fact hurts those who have no choice but spend on necessities.”
Unlocking LIFs – increased from 25% to 50%
The good news for older Canadians who have locked in funds [LIFs] is that they will now be able to unlock up to 50% of their LIFs, up from the limit of 25%. CARP has called for full unlocking to allow people to access their own money, especially in these difficult economic times. In fact there could be more tax revenues as people spend on their immediate needs.
CARP has also called for the elimination of the fees payable when people get their fundes unlocked through financial hardship applications. Budget 2009 proposes to waive the fees – 2% of the amount withdrawn – minimum $200 to maximum of $600 –for 2 years only. CARP calls for a permanent elimination of these fees.
“It’s bad enough that people in dire financial circumstances can't get at their own money without a lot of bureaucracy – the fees were an unnecessary extra burden and should be eliminated permanently but CARP members will appreciate this temporary relief. It shows that the government is listening,” said Eng.
But CARP cautions that unlocking LIFs also mean that the funds are no longer creditor proof which is an important consideration in difficult economic times.
Pension reform proposals recognize need to protect retirees and broader access to pension plans
The proposals for pension reform are responsive to the calls for urgent reform and balancing the interests of employers and employees. For example the temporary funding relief requires the approval of plan beneficiaries which includes retirees, and greater limitations on contribution holidays. There is a nod to larger pension funds providing administrative support for smaller funds and mention of something approaching a universal pension plan which CARP has called for consistently as well as a pension summit to involve retirees in pension reform deliberations.
“The budget proposals acknowledge the urgent need for pension reform, including rebalancing the interest of employers and employees, protecting pensioners, considering a universal pension plan and involving retirees and other stakeholders in pension reform deliberations. CARP members who have become increasingly anxious about their retirement security will welcome these proposals,” added Eng
CARP is a national, non-partisan, non-profit organization committed to advocating for a New Vision of Aging for Canada, social change that will bring financial security, equitable access to health care and freedom from discrimination. CARP seeks to ensure that the marketplace serves the needs and expectations of our generation and provides value-added benefits, products and services to our members. Through our network of chapters across Canada, CARP is dedicated to building a sense of community and shared values among our members in support of CARP’s mission.
Monday, March 23, 2009
Bill 116 Petition Reminder
Hi Everybody ;
The time is getting closer to hand in the petitions to unlock locked in pensions Bill 116 . We would like them sent in by April 10th .
If you haven't downloaded a petition yet . It can be downloaded at Ted Chudleigh's web site .
www.tedchudleigh.com/petitions
Please don't procrastinate and think the next person will do it . If everybody takes that attitude , We are then dead in the water .If we want these pensions unlocked we have to show that there are a great number of people behind unlocking.Have your family , children (( There is no age restriction )), friends , neighbors and whoever sign .
Please also pass this on to any contacts you have and also ask for their help .
We Can Do This !!!
The Petitions can be mailed to . Ted Chudleigh , Room 450 Legislative Building , Queen's Park , Toronto , Ontario , M7A 1A8
Or you can mail to me and I will bundle them up and send them on .Bill Costello , 6 Chub Lake Road , Box 56 , Atikokan Ontario , p0t 1c0
With the economie the way it is there are more and more people everyday that are ending up in locked in pensions .
If these pensions were unlocked it just may help some people bridge their way into retirement instead of having to rely on social assistance .
Thank You and Take Care , Bill Costello , The Ontario Coalition of Independent LIF Holders
The time is getting closer to hand in the petitions to unlock locked in pensions Bill 116 . We would like them sent in by April 10th .
If you haven't downloaded a petition yet . It can be downloaded at Ted Chudleigh's web site .
www.tedchudleigh.com/petitions
Please don't procrastinate and think the next person will do it . If everybody takes that attitude , We are then dead in the water .If we want these pensions unlocked we have to show that there are a great number of people behind unlocking.Have your family , children (( There is no age restriction )), friends , neighbors and whoever sign .
Please also pass this on to any contacts you have and also ask for their help .
We Can Do This !!!
The Petitions can be mailed to . Ted Chudleigh , Room 450 Legislative Building , Queen's Park , Toronto , Ontario , M7A 1A8
Or you can mail to me and I will bundle them up and send them on .Bill Costello , 6 Chub Lake Road , Box 56 , Atikokan Ontario , p0t 1c0
With the economie the way it is there are more and more people everyday that are ending up in locked in pensions .
If these pensions were unlocked it just may help some people bridge their way into retirement instead of having to rely on social assistance .
Thank You and Take Care , Bill Costello , The Ontario Coalition of Independent LIF Holders
Monday, March 16, 2009
A Statement by MPP Ernie Hardeman ( Oxford )
Hi Everybody ;
Here is a statement from Mr.Ernie Hardeman (Oxford ) that was read in the Legislature today .
As Mr Hardeman says . "In the budget on March 26, the McGuinty government has an opportunity to do the right thing and ensure that people who worked hard for their money have access to it when they need it."
I wont hold my breath as we have been asking them to unlock these pensions for the Seniors and Retire's of Ontario for the past 5 years . It appears that the Liberal Party is not concerned with the struggles of their seniors and those close to retirement wanting to bridge the gap to 65 when they lose their jobs in troubled times .
It seems that the McGuinty Liberals are only concerned about them selves and to hell with the older population.
As I have said in the previous letter we owe the Conservative Party a Thanks for taking up this issue of unlocking locked in pensions 100% for the 55 plus in Ontario .
Please pass this on to your contacts and also the previous letter .
Take Care , Regards Bill C
Mr. Ernie Hardeman (Oxford):
Imagine being a senior who is struggling to make ends meet, and being told by the government that even though you have money, you can’t use it. Imagine needing to repair your house or buy a new car, and being told by the government that you can’t spend your own money to do it.
That’s the situation that many seniors across the province are facing. They are owners of life income funds or locked-in retirement income funds. Both of these types of accounts severely restrict the amount of money that can be withdrawn. In fact, to access the account because of severe financial hardship, you have to apply and actually pay an application fee to try to get access to your own money.
Unlocking these pensions is a simple step the government can take to give people the flexibility they need to manage their own finances. Other provinces already allow significantly more flexibility on when people can withdraw money from these funds. Saskatchewan allows 100% to be withdrawn any time after the age of 55.
Like these other provinces, Ontario should recognize the importance of giving people access to their own money, and allow seniors to withdraw 100% of their life income funds or locked-in retirement income funds. These people worked hard to save for old age. Now that it has arrived, they should be entitled to access these savings.
This change wouldn’t cost the government anything. In fact, people who are finally making much-needed purchases will help the economy.
In the budget on March 26, the McGuinty government has an opportunity to do the right thing and ensure that people who worked hard for their money have access to it when they need it.
Here is a statement from Mr.Ernie Hardeman (Oxford ) that was read in the Legislature today .
As Mr Hardeman says . "In the budget on March 26, the McGuinty government has an opportunity to do the right thing and ensure that people who worked hard for their money have access to it when they need it."
I wont hold my breath as we have been asking them to unlock these pensions for the Seniors and Retire's of Ontario for the past 5 years . It appears that the Liberal Party is not concerned with the struggles of their seniors and those close to retirement wanting to bridge the gap to 65 when they lose their jobs in troubled times .
It seems that the McGuinty Liberals are only concerned about them selves and to hell with the older population.
As I have said in the previous letter we owe the Conservative Party a Thanks for taking up this issue of unlocking locked in pensions 100% for the 55 plus in Ontario .
Please pass this on to your contacts and also the previous letter .
Take Care , Regards Bill C
Mr. Ernie Hardeman (Oxford):
Imagine being a senior who is struggling to make ends meet, and being told by the government that even though you have money, you can’t use it. Imagine needing to repair your house or buy a new car, and being told by the government that you can’t spend your own money to do it.
That’s the situation that many seniors across the province are facing. They are owners of life income funds or locked-in retirement income funds. Both of these types of accounts severely restrict the amount of money that can be withdrawn. In fact, to access the account because of severe financial hardship, you have to apply and actually pay an application fee to try to get access to your own money.
Unlocking these pensions is a simple step the government can take to give people the flexibility they need to manage their own finances. Other provinces already allow significantly more flexibility on when people can withdraw money from these funds. Saskatchewan allows 100% to be withdrawn any time after the age of 55.
Like these other provinces, Ontario should recognize the importance of giving people access to their own money, and allow seniors to withdraw 100% of their life income funds or locked-in retirement income funds. These people worked hard to save for old age. Now that it has arrived, they should be entitled to access these savings.
This change wouldn’t cost the government anything. In fact, people who are finally making much-needed purchases will help the economy.
In the budget on March 26, the McGuinty government has an opportunity to do the right thing and ensure that people who worked hard for their money have access to it when they need it.
Friday, March 13, 2009
MPP Frank Klees Requesting LIF's be Unlocked
Hi Everybody ;
Here is a transcript of the discussion between Mr. Frank Klees ( Newmarket - Aurora PC Party ) and Hon. Minister Aileen Carroll . ( Minister Responsible for Seniors ) .
I question the title Hon. , but then that is just my opinion.
The first time I sent a letter to Ms. Carroll concerning the issue with locked in pensions . She was so kind to let me know that I was not in her constituency . I then wrote her another letter asking her if she was the Minister Responsible for Seniors , If so , was she not supposed to be responsible for all seniors in Ontario and again asked her to help correct the unjustness of locked in pensions .
I received no response . I am also aware of others of you that had the same problem with this minister when asking for her help in unlocking locked in pensions .
After reading her answer to Mr Klees even after he asked her the same question twice . This is what she came up with "I have not had an opportunity to speak to the Minister of Finance at the federal level; I leave that to my colleague in cabinet to do so. "
It is very obvious that the letters that were sent to her concerning locked in pensions were thrown in the garbage , She obviously never even looked at the issue .
If she had she would have known that there are a few hundred thousand Senior Retire's in Ontario that have locked in pensions under Ontario Provincial Rule . NOT Federal Rule ,
Just plain incompetent and she is being paid by us the tax payer to represent Seniors in Government .
If any of you would like to drop a letter to Minister Carroll and let her know that we are taking notes . Please feel free to do so .
Below is the Transcript and I think we owe the Progressive Conservative Party a big thanks for taking this issue on .
You all Take Care Bill C
Senior citizens
Mr. Frank Klees: To the Minister Responsible for Seniors: Seniors across the province are not immune to the economic downturn. They’ve worked hard to put aside funds in a retirement account and they’re counting on that income to pay their day-to-day living expenses.
Many of those retirement accounts are eroded. The income from those retirement accounts is considerably less than it has been. My question is this: Has the Minister Responsible for Seniors advocated with the Minister of Finance to allow seniors in this province to have access to 100% of their locked-in retirement accounts, and if not, why not?
Hon. M. Aileen Carroll: I can assure the honourable member that, the Seniors’ Secretariat being part of my portfolio, I am cognizant of the pressures of this economy on seniors in Ontario. I take every opportunity to convey to the Minister of Finance my concerns on issues such as elder abuse, and the fiscal impact as well. The property tax initiative, of course, was a response to that very dilemma, and it was done by this government in advance of the current economic malaise that we are now dealing with.
Be assured, honourable member, that I will continue to advocate on their behalf to the best of my ability.
The Speaker (Hon. Steve Peters): Supplementary?
Mr. Frank Klees: My question was very specific. Seniors from across the province are asking for the right to their own money. This is money that seniors have put aside through their hard work for the day that we now have, and that is when they are in need. This is their money. Under current legislation, they cannot access their own retirement funds. It will take an act of this Legislature to open up those locked-in retirement accounts.
I’d like to know from the minister, has she specifically made the request of the minister to include that measure in the next budget, and if she hasn’t, will she commit today that that will in fact be her request of the Minister of Finance on behalf of seniors across the province?
Hon. M. Aileen Carroll: As I assured the honourable member, I have and continue to convey my concerns and those of seniors in Ontario to the Minister of Finance. As the honourable member knows, we took measures to allow seniors more access in the budget of 2007. Unfortunately, the honourable member chose to vote against it.
There are indeed a number of aspects of this particular dilemma that belong in the federal domain. I have not had an opportunity to speak to the Minister of Finance at the federal level; I leave that to my colleague in cabinet to do so. But I can only assure the House and the member that many of the initiatives that we have taken are assisting these seniors in these turbulent times. I would look for his support when we bring in a very, very excellent budget in a couple of weeks’ time.
Here is a transcript of the discussion between Mr. Frank Klees ( Newmarket - Aurora PC Party ) and Hon. Minister Aileen Carroll . ( Minister Responsible for Seniors ) .
I question the title Hon. , but then that is just my opinion.
The first time I sent a letter to Ms. Carroll concerning the issue with locked in pensions . She was so kind to let me know that I was not in her constituency . I then wrote her another letter asking her if she was the Minister Responsible for Seniors , If so , was she not supposed to be responsible for all seniors in Ontario and again asked her to help correct the unjustness of locked in pensions .
I received no response . I am also aware of others of you that had the same problem with this minister when asking for her help in unlocking locked in pensions .
After reading her answer to Mr Klees even after he asked her the same question twice . This is what she came up with "I have not had an opportunity to speak to the Minister of Finance at the federal level; I leave that to my colleague in cabinet to do so. "
It is very obvious that the letters that were sent to her concerning locked in pensions were thrown in the garbage , She obviously never even looked at the issue .
If she had she would have known that there are a few hundred thousand Senior Retire's in Ontario that have locked in pensions under Ontario Provincial Rule . NOT Federal Rule ,
Just plain incompetent and she is being paid by us the tax payer to represent Seniors in Government .
If any of you would like to drop a letter to Minister Carroll and let her know that we are taking notes . Please feel free to do so .
Below is the Transcript and I think we owe the Progressive Conservative Party a big thanks for taking this issue on .
You all Take Care Bill C
Senior citizens
Mr. Frank Klees: To the Minister Responsible for Seniors: Seniors across the province are not immune to the economic downturn. They’ve worked hard to put aside funds in a retirement account and they’re counting on that income to pay their day-to-day living expenses.
Many of those retirement accounts are eroded. The income from those retirement accounts is considerably less than it has been. My question is this: Has the Minister Responsible for Seniors advocated with the Minister of Finance to allow seniors in this province to have access to 100% of their locked-in retirement accounts, and if not, why not?
Hon. M. Aileen Carroll: I can assure the honourable member that, the Seniors’ Secretariat being part of my portfolio, I am cognizant of the pressures of this economy on seniors in Ontario. I take every opportunity to convey to the Minister of Finance my concerns on issues such as elder abuse, and the fiscal impact as well. The property tax initiative, of course, was a response to that very dilemma, and it was done by this government in advance of the current economic malaise that we are now dealing with.
Be assured, honourable member, that I will continue to advocate on their behalf to the best of my ability.
The Speaker (Hon. Steve Peters): Supplementary?
Mr. Frank Klees: My question was very specific. Seniors from across the province are asking for the right to their own money. This is money that seniors have put aside through their hard work for the day that we now have, and that is when they are in need. This is their money. Under current legislation, they cannot access their own retirement funds. It will take an act of this Legislature to open up those locked-in retirement accounts.
I’d like to know from the minister, has she specifically made the request of the minister to include that measure in the next budget, and if she hasn’t, will she commit today that that will in fact be her request of the Minister of Finance on behalf of seniors across the province?
Hon. M. Aileen Carroll: As I assured the honourable member, I have and continue to convey my concerns and those of seniors in Ontario to the Minister of Finance. As the honourable member knows, we took measures to allow seniors more access in the budget of 2007. Unfortunately, the honourable member chose to vote against it.
There are indeed a number of aspects of this particular dilemma that belong in the federal domain. I have not had an opportunity to speak to the Minister of Finance at the federal level; I leave that to my colleague in cabinet to do so. But I can only assure the House and the member that many of the initiatives that we have taken are assisting these seniors in these turbulent times. I would look for his support when we bring in a very, very excellent budget in a couple of weeks’ time.
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