www.insidehalton.com |OAKVILLE BEAVER |Thursday, August 3, 2017 |10 Canada's greying population gives rise to financial challenges anadians are living longer. This could have implications on how individuals manage their hnances. The 2016 census data from statistics Canada was released in May, 2017. For the hrst time in the survey' s history, seniors out number children. Seniors, aged 65 and over, account for 16.9 per cent of Canada' s population, just slightly larger than the 16.6 per cent of chil dren under 15. The census also reported one in eight se niors is aged 85 or older, and the proportion of Canadians over the age of 100 rose 40 per cent. According to Statistics Canada, seniors could make up one quarter of the popula tion by 2036. Older people consume more medical ser vices which means the current pressures on delivering healthcare will continue to rise. In the land of "free" healthcare, the obvious question is who will pay? A large part of our taxes is used to pay for C healthcare. That cost is going to rise signihcantly. The census re vealed the num ber of workingaged Canadians Peter between age 15 Watson and 64 years old Guest Contributor is decreasing. A shrinking workforce pay ing taxes to support the healthcare costs of a bulging senior population is a recipe for hnancial failure. Individuals who are planning for retire ment in today' s environment might assume medical costs will remain government sponsored. People rarely consider paying for medical services when planning for their later years. There will be great political pressure aimed at the aging baby boomers to pay for certain medical costs. Dollars & Sense Economically, younger generations will not have the num bers of actively work ing taxpayers to pay the bills. That also raises the question real estate values. Will house prices rise or fall? Older homeowners eventually sell. If there are not enough younger people in the popu lation to buy their houses, will real estate prices decline? If seniors can't sell their assets, how will that affect retirement plans? One of the ways Canada grows its popu lation is through immigration. However, a fairly steady stream of new Canadians arriving every year since the 1980s has still seen an aging of the Cana dian population. The good news for the younger gen eration is caring for an aging population provides a lot of job opportunities in the healthcare and social assistance sectors. Jobs that require signihcant education and training and jobs that require a caring and generous attitude. What we know is that the proportion of older Canadians is increasing and the gen eration that will feed the tax base is declin ing. This will have hnancial and political im plications on how to pay for healthcare ser vices, what type of jobs might be available, and how this will impact house prices. It is impossible to predict the outcome. However, it is logical to accept there could be structural changes, and that will impact how Canadians need to manage their hnances. -- Submitted by Peter Watson of Peter Watson Investments and Aligned Capital Partners Inc., MBA, CFP, R.FP, CIM, FCSI., Certified Financial Planner W a g Ja g D EA LS YOU LOVE Q U it iM - W a g J a g .c o m H FOR? FOR LESS · W H A T A R E Y O U W A IT IN G a s n lu B ' neStars HomeStars H o m e S ta rs S3 W in your way in by playing bingo at participating Delta locations. Visitwww.DeltaBingo.com/BiggestJackpotEver For dates and sessions. Burlington Post Readers Choice Winner 15 Yrs. in a Row f D eltaB ingo.com 483 Speers Rd, in Oakville Ain't noshame inthe game PHONE: 905-337-3117 OR TEXT: 905-580-3345 www.amazingresults.ca