21 | O akville B eaver | T hursday,S eptem ber 2,2021 insidehalton.com How COVID-19 impacts Canadian seniors' taxes and finances By Lisa Gittens It's hard to fathom that one year ago the COVID-19 pandemic was just hitting the world, and now it's hard to find a facet of life that hasn't been affected by it. While people of all ages have been impacted, sadly, the pandemic has disproportionately impacted seniors and retirees, bringing about a new set of anxieties and challenges. This includes the impact on seniors' finances. Here are just some of the financial chang- es that may have affected Canadian seniors throughout the pandemic - and how they may impact your taxes this year. Old Age Security (OAS) and the Guaran- teed Income Supplement (GIS) Eligible Canadian seniors should have received a one-time, $300 tax-free payment for the Old Age Security (OAS) pension, plus Y O U R F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S N E W S S O U R C E www.foreveryoungnews.comY O U RY O U R F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S N E W S S O U R C E N E W S S O U R C E N E W S S O U R C E N E W S S O U R C E N E W S S O U R C E www.www.foreveforeveryoungryoungryoungnewsnewsY O U R F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S N E W S S O U R C E www.foreveryoungnews.comY O U RY O U R F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S N E W S S O U R C E N E W S S O U R C E N E W S S O U R C E N E W S S O U R C E N E W S S O U R C E www.www.foreveforeveryoungryoungryoungnewsnewsY O U R F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S N E W S S O U R C E www.foreveryoungnews.comY O U RY O U R F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S N E W S S O U R C E N E W S S O U R C E N E W S S O U R C E N E W S S O U R C E N E W S S O U R C E www.www.foreveforeveryoungryoungryoungnewsnewsY O U R F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S N E W S S O U R C E www.foreveryoungnews.comY O U RY O U R F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S N E W S S O U R C E N E W S S O U R C E N E W S S O U R C E N E W S S O U R C E N E W S S O U R C E www.www.foreveforeveryoungryoungryoungnewsnews Poll finds pandemic causing retirement reset The pandemic has Canadians rethinking what their retirement could look like, when they will be able to retire, and how much they will now need to save to do so, accord- ing to not-yet-retired Canadians aged 50 plus surveyed by the 2021 RBC Retirement Myths & Realities Poll. According to an RBC press release, the most immediate impact is that the pan- demic has caused some Canadians to hit the pause button on their retirement date. Eighteen per cent of respondents say they'll now be retiring later than expected, with that response highest in Alberta (33 per cent). Risk of outliving savings Concerns around outliving retirement savings have reached their highest level in a decade, as 21 per cent of respondents with more than $100,000 in investable assets now expect to outlast their savings by 10 years (compared to 16 per cent in 2010), with the highest percentage reported in Quebec (27 per cent). Compounding what respondents are fac- ing over the near-term is the fact that half do not yet have a financial plan, and only 20 per cent have created a formal plan with an advisor or financial planner. "If you're nearing retirement without a formal plan, there's a shrinking window of opportunity to review your options, to see if you can enjoy the retirement lifestyle you're hoping for," explains Rick Lowes, vice-presi- dent strategy, RBC. "An advisor can help you translate your personal goals into financial ones and explore strategies to achieve them." Poll respondents also indicated the pan- demic has prompted them to either think about, or take action on, a number of retire- ment-related issues, including: • Thinking more about where they will live in retirement (22 per cent) • Deciding where they do not want to live (20 per cent do not want to live in a retire- ment home) • Reviewing and updating wills and ben- eficiaries (15 per cent) • Taking stock of their financial affairs (17 per cent) • Taking up a new career or hobby, real- izing 'life is short' (16 per cent) Revised retirement savings goals Canadians approaching retirement have also been resetting their retirement sav- ings goals. Those with more than $100,000 in investable assets now estimate they will need to save $1 million on average - approx- imately $50,000 more than in 2019 - with over three-quarters falling short of their goal by almost $300,000 on average. Meanwhile, those with less than $100,000 in investable assets have lowered their retirement savings goal - now sitting at $533,153 (vs. $574,354 in 2019) - but they have a much larger sav- ings gap of $472,991. To help bridge a shortfall during retire- ment, both of these groups responded that they would: • Stay in their current home and live more frugally (37 per cent of those with more than $100K; 36 per cent of those with more than $100K) • Return to paid work (31 per cent and 36 per cent respectively) • Downsize/move (31 per cent and 23 per cent respectively) • Ask a family member for assistance (low- est on their list of options, at 3 per cent and 5 per cent respectively) "We know from past polls that retirees will find a way to make their finances work, but this may mean they aren't leading the lives they were hoping for when they retire," notes Lowes. Learn more at rbc.com. STUDIO SUITES STARTING FROM $2,925 380 Sherin Drive Oakville, Ontario L6L 4J3 905.847.1413 vistamere.ca BOOK A TOUR TODAY Get more FOR LESS You want cosy and comfortable in a nice quiet Neighbourhood with Oakville and Halton Region's best value? V for Vistamere. You'll find us nestled in south Oakville. And you owe it to your- self to see our delightful Studio Suites that go for just $2,925 a month. You'll be impressed with the generous size of our suites. Complete with lots of closet space, a 4-piece private bathroom, fully-equipped kitchenette, broadloom throughout and a walk-out patio. Perfect. Plus take advantage of our 60-day move-in timeline, it's sure to be a stress reliever. Call 905.847.1413 to reserve your luncheon visit and tour our facilities. Medium-Large Suite shown above Suites up to 962 square feet