Location: God's own country
Posted on: 23-09-14 10:52:28
Dowry,
In India, if you have a girl child, then you will have to pay a sum of money to the bride groom to take the girl as his wife. When giving the Girl to the boy, you also will have to give a fixed amount of jewels and promise what property will be given to the girl after your death.
Ever year, you have to buy new dresses for the Girl and the boy. The first child birth expenses will have to be taken care of the girls parents and a Gold chain is to be put for that child and every child.
This is the practice among most TN residents.
Hope this helps you to understand our culture.
Murali The Krishna !!
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I am a Gents and not a Ladies.
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Also gov. pension Like OAS & CPP & GIS ( If low income ) in addition to your company pension or RRSP etc is a good reason to stay in Canada.
You cannot assume both GIS & Pension/RRSP.
If you have any half-decent size pension or RRSP, chances are you will not receive GIS.
If you have slightly higher pension/RRSP, OAS clawback will begin.
Most people who have a healthy CPP entitlement do not receive GIS.
OAS + GIS is not much to live on in Canada.
You will have to live in some very out of the way, small communities with almost no access to good health care, entertainment, transit, community support, etc.
Quote:Long term old age costs escalate very fast as you age.
Utilities & groceries are basically your only expenses over here in retirement.
Senior care is a matter of provincial jurisdiction, and most provinces are reducing services, incl. Ontario.
For most people between 55 - 65, long term care costs may not be a big deal, but these costs begin to escalate rapidly after 70 or so.
Do not make the mistake of assuming OAS + CPP + GIS will be enough to pay for those costs, and the province will take care of you well.
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Since its FREE over here , you don't have to worry about that.
It is not really "free", is it?
You pay for it during your working years in the form of taxes.
Ditto for OAS, CPP & GIS - these are not "free".
OAS is your tax money being refunded to you after 30 years.
CPP is your contributions + some investment growth + some pension features such as inflation protection, etc.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Location: God's own country
Posted on: 23-09-14 11:07:52
Good points Pratick M.
Free is when you donot contribute anything but get something for Free.
CPP / RESP is not free.
But OAS/ GIS is free. As long as I have 40 years residency in Canada, I get full OAS which is around $ 640 a month. Assuming that I have very less CPP or no CPP, GIS will kick in which will be say $ 300 or $ 400 a month. So it works to just $ 1050 which is useless in India.
Also for amy medical care, they may put you on waiting list, so you will suffer at home and wait till they are ready.
Now if they give this $ 1050 a month to India, you can lead a very good life but those idiots will not givem though one is a Canadian citizen.
Murali The krishna
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I am a Gents and not a Ladies.
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Originally posted by tamilkuravan
But OAS/ GIS is free. As long as I have 40 years residency in Canada, I get full OAS which is around $ 640 a month.
TK, OAS is funded from general tax revenues of the Federal Govt.
It is "free" only for those that have not worked at all in Canada.
If you have worked and paid even a dime in income taxes or GST taxes, that is going towards funding OAS (and GIS).
The only way to get OAS for "free" is to figure out a way of living until the age of 67 without working and paying taxes.
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So it works to just $ 1050 which is useless in India.
It is useless in Canada, too.
You can't live on $1,050 a month, even if you move to northern Manitoba
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Now if they give this $ 1050 a month to India, you can lead a very good life but those idiots will not givem though one is a Canadian citizen.
Yup, you have to be physically present here to receive OAS & GIS.
Otherwise, there will be lots of abuse by people living abroad and collecting welfare (OAS & GIS are basically welfare payments).
CPP, on the other hand, can be collected worldwide.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Location: God's own country
Posted on: 23-09-14 13:51:50
Apologies.
When I wrote $ 1050 is pretty much useless in India, I meant it is pretty much useless in CANADA (Typo : India).
In India, it works to Rs. 55,000 a month, which is more than enough for a family of 4 to live comfortabley in India.
I think that at least Canadian Govt. has to give 1/2 the entitlement that one would receive in Canada, to those who live outside Canada after age 65 as it will help Canada otherwise. If those people return to Canada after age 65, Canadian govt. will lose more money that it would otherwise lose if they did not return.
I meant that OAS/ GIS/ HST Credit is given to those people who did not even pay $ 1 in taxes so it is an entitlement.
CPP is credited overseas only if one has lived atleast 10 years in Canada. I still have 6 months left.
If I were to return to Canada after age 65 as a destitute and am expected to live till age 75, This is what I will do (at today's rate_ :
1. My CPP is around $ 50
2. I will get OAS benefit 1/4th of $ 650 which is $160.
3. Since I have low OAS, I will be eligible for GIS which may net me $ 400 a month.
4. HST Credit of $ 50 a month
5. I get total $660 a month.
6. I will pay $ 400 for room rent. Food will be free.
7. I will work labour job (cash) to get me $ 1000 a month. So I may save $ 5000 every 6 months.
8. WInter in Canada, I will be in Kerala or TN for 6 months minus one day. My house in TN, I shall give for rent (say Rs 10000 a month and live in a room for Rs 2000 a month while I am in India. So savings around Rs 8000 a month).
Murali The Krishna
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I am a Gents and not a Ladies.
Quote:
Originally posted by tamilkuravan
If those people return to Canada after age 65, Canadian govt. will lose more money that it would otherwise lose if they did not return.
I don't think people make decision to stay in Canada or leave based on OAS entitlement.
I think the decisions are more personal/emotional in nature.
At the end of the day, OAS + GIS is not that much money.
It enables only the most basic, meager existence.
For those with some CPP entitlement and some RRSP/pension, it might make more sense to retire abroad (India or lower cost South American country like Chile, Costa Rica, Panama, etc.), than to retire in Canada hoping to receive OAS & GIS.
Another important thing to keep in mind is that the federal govt. is constantly creeping up the eligibility age & criteria for receiving OAS & CPP.
For anyone less than 45 years of age right now, this is an important factor to consider.
As of right now, you can receive OAS only at 67, but it is almost certain than over the next 20 years, that age limit will creep up.
I suspect it will eventually end up at 71, which is what it used to be way back in the 1950s and 1960s when these programs were first put in place.
CPP eligibility age has also been effectively increased by increasing the penalties for taking CPP early (i.e. prior to 65) and by increasing the incentive to delay it to 70.
The net result is to compel people to retire later.
For anyone under the age of 45 doing the calculations today, I believe they should assume age 71 for getting OAS & CPP.
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I meant that OAS/ GIS/ HST Credit is given to those people who did not even pay $ 1 in taxes so it is an entitlement.
Yes, it is an entitlement, agreed.
However, it is extremely unusual for someone to go through their entire life until age 65 and never pay any taxes.
I cannot imagine how someone can do that under normal circumstances.
One would have to basically do cash jobs their whole live or undertake a business in such a way that they can write off pretty much their entire net earnings (and never get caught by the CRA).
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6. I will pay $ 400 for room rent. Food will be free.
You want to live like that?
For $400 you can only get poor condition basement apartments or have to live in some truly God-forsaken small town with no activity.
Also, the food that you will get in food banks is not very healthy to eat every day, forever.
It will make you gain weight and have cholesterol & diabetic problems.
Lastly, what do you plan to do for long-term care in old age i.e. after age 70.
You are saying you are expected to live till 75, but you don't know that for sure.
Average male life expectancy is 85 for males and 87 for females, I believe, in Canada.
Many people live well into their 90s.
You have to have a plan for age beyond 70+ when you cannot work and need constant health care (80+).
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
I am looking at "Work till you drop" policy, anyone looking at it.
I wish to stop only when I can't keep my back straight or hold anything but then I don't think I would last longer in such condition ( I don't have control though I wish I don't stay longer that way but pack off).... I've observed, I am very happy when I am working...
I am in IT and just stepped into 40s, I want to explore working in other fields that could fit me (not very physically demanding), also want to work in other countries pref warmer countries like middle east.
I don't enjoy beach, Golf etc., etc., I would be more than happy if I have access to gym (it gives me pleasure to move my arms / legs), play some light sports like badminton, watch TV, movies and help kids where ever they need assistance.
Somehow I feel life is bit boring here (as it is very organized) and I am not much liking it, like to live with many relatives and friends, and connect with my home town atmosphere, what my kids / wife want is a different thing. Often I feel trapped in my own net , the more stable I am, I feel that more. Yeah, true I am not setting bit career goals., perhaps because I've switched to contracting.
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The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM
