Defer your Property Taxes to Increase Retirement Cash Flow + MORE Oct 29th

Doesn’t matter where you live, chances are you’ve heard more than one discussion about the state of Canada’s real estate market. Many argue that renting here—particularly in the two hottest markets, Toronto and Vancouver—is a far better choice than buying in at current housing prices. Perhaps most compellingly, there’s Nobel Prize-winning economist Robert Shiller’s assertion that “over the long haul, it’s hard for homes to compete with the stock market in real appreciation.” (That’s right: he’s a renter, too.)
So, why bother buying a house? Some say it’s a rite-of-passage, while others insist the forced savings are a ticket to a secure retirement. There’s also economic impetus: it’s enticing to get into the market when interest rates are so low. But there’s another, far more visceral reason why someone would rather buy than rent: security.
Just ask Kat and Matthew Armstrong. About a year ago, the Toronto parents of three young children found themselves looking for yet another apartment…

Justin Trudeau has removed a big obstacle to the progress of Ontario’s pension plan, namely how to the collect the money.

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TORONTO – Justin Trudeau was greeted like a rock star as he arrived at the Ontario legislature Tuesday for a meeting with Premier Kathleen Wynne, and rewarded her campaign efforts on his behalf with a promise of federal help for a provincial pension plan.
Wynne, one of Trudeau’s most ardent supporters during the federal campaign, gave the prime minister-designate a big hug as he stepped out of his car while virtually the entire Liberal cabinet and hundreds of Liberal staffers applauded and cheered.
Trudeau and Wynne met for only a half hour in her office before both left to attend the funeral for Ken Taylor, the former ambassador to Iran.
Ontario pension plan to launch in 2017, payouts in 2022 »
After the meeting, Wynne’s office issued a statement saying she and Trudeau would be “active partners” in a national discussion on pension enhancement, including the Canada Pension Plan and the Ontario Retirement Pension Plan…

If keeping up with your property tax payments is becoming a challenge, you may be able to get some help from the province. The British Columbia Property Tax Deferment Program provides low-interest loans to qualifying homeowners. If your application is accepted, you will be able to defer your property taxes to increase retirement cash flow for either a residential or a farm property.
Quick Snapshot of the Program to Defer your Property Taxes

To qualify, you must be over the age of 55.
You need to reapply each year to defer your taxes.
You will still have to pay interest charges and penalties annually.
There is a set up fee ($60.00) and a renewal fee ($10.00)

Interest rates are set at six-month intervals. The interest rate which will be in place until March 31, 2016, is 0.85 percent.
If you choose not to renew, you will be responsible for paying your property taxes in full.
You may repay all, or part of, the deferred taxes, fees and interest at any time without penalty.
If you rent out part of your home, or use it for business purposes, you are only eligible to defer taxes on the portion of the property you are living in…

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(Image Source/Getty Images)
Without clear priorities, even the best-laid plans will fail—and well-known U.S. behavioural economist Shlomo Benartzi wants you to know that saving for retirement without thinking carefully about what you really want to accomplish is no different. So he’s developed a free seven-step web-based retirement planning tool to help people identify and prioritize what they value most and what they want in their golden years—even taking into account best- and worst-case scenarios. After realizing your true wants and needs you can then build a viable financial plan around these goals, says Benartzi.
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