Well, aren't the OAS and GIS indexed to inflation? I am sure that the government wants retired people to be able to live on these payments, so I imagine by the time the younger generations retire, the amounts they get will be higher, too.

Anyway, I am not looking to get into an argument. I am just basing my understanding on my mom's situation. Yes, she lives in a house instead of a condo, so it's a bit different. I never said living off of OAS/GIS is an "inspiring" way to live. I said it's enough for people to survive on, and in a technical sense, I am right.

Housing is not properly represented in cost of living adjustments, there's been political pressure for years now for the cost of living adjustment to change. Housing has increased in multiples in the past 30 years OAS sure hasn't.

Survival isn't living anyone planning out a retirement knows the difference between those two.

If your question is just should I give up 18*52 to get 365*3 when you're older you don't need input on that. That's a very basic personal question.

This post was edited by SBD on Apr 25 2023 06:23pm

This sounds like the government's failure, tbh.



Omg....I never said living off of OAS and GIS is a desirable way to live. I merely said they're technically enough to survive on. Go start an argument with someone else.

If you or a relative are in this situation. owning a property but living on a fixed income...

Consider getting your or relatives property deed transferred before the end. At least in the US, the corporate hawks will swirl for real-estate and other assets after death claiming they are owed it for this and that nonsense (especially if living on a tight budget or maxing out state aid). At least in US, if you get deed transferred over correctly and timely you can avoid the hawks at the end and people like mum/grandmum can pass on a little gift instead of a burden to their kin. Imagine you actually paid for that apartment until 65 years old, then die at 70 and state takes it from your family. What a waste. Might be good to be strategic with pre-payment if that is a thing in CA (pay down principal with extra payment to save on the back-end of the loan).

This post was edited by RedFromWinter on Apr 26 2023 01:29am

That's not a thing in Canada. If you don't have a surviving spouse, child or immediate parent alive its divided among any siblings. You can appoint an executor to avoid conflict among your siblings to ensure its divided equally.

Now if you have no bothers or sisters, no surviving spouse / common law, or parents it goes to a niece or nephew and if those don't exist and you have absolutely no family whatsoever or a will it goes to the government. But who cares at that point, there was no one to give it to and you're dead.

There's some variance province to province but that's the basics.

This post was edited by SBD on Apr 26 2023 07:48am

I know it's bad that the government wants some of it, however if people transfer ownership of their homes to someone else before they die, they will lose a sense of security.

It's also a moronic decision in Canada. If you were to transfer ownership and you yourself also purchased a home, apartment, condo whatever, you then have two listed properties to your name, only one of which you can claim as a primary / principal residence resulting in future tax consequences when disposing or transferring of the properties in the future.

This post was edited by SBD on Apr 26 2023 08:55am

my aunt is retired and living on OAS

she can barely make it month to month and her rent is $113 a month

If I were you, i'd start an onlyfans

YOLO

but yeh if you like your job/ its the only way you socialize then go ahead and pick up more or work longer

This post was edited by KRR on Apr 26 2023 09:14pm