Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
OAS can be clawed back. I specified in my income bracket there is a quite large difference between what I would receive in Canada vs SS here in the US.
SS is more generous for some, but are you worried that it might not be there when it's time to collect?
Canada saw the issue of depletion of the CPP and took action so it should be good for another 75 years, although I'm sure the current pandemic and economy are having some impact.
OAS can be clawed back. I specified in my income bracket there is a quite large difference between what I would receive in Canada vs SS here in the US.
Apples and oranges comparison. Canadians don’t specifically pay into an OAS fund and only have to have lived in Canada for at least 10 years as an adult to receive it (subject to clawback based on income). They need not ever have paid Canadian income taxes.
As I understand it, Americans have to have paid into SS in order to receive benefits. In that way it’s more like the CPP.
Apples and oranges comparison. Canadians don’t specifically pay into an OAS fund and only have to have lived in Canada for at least 10 years as an adult to receive it (subject to clawback based on income). They need not ever have paid Canadian income taxes.
As I understand it, Americans have to have paid into SS in order to receive benefits. In that way it’s more like the CPP.
I believe that the SS act as both CPP and OAS because even if you never contributed you still would get SS.
SS is more generous for some, but are you worried that it might not be there when it's time to collect?
Canada saw the issue of depletion of the CPP and took action so it should be good for another 75 years, although I'm sure the current pandemic and economy are having some impact.
No I'm not worried about SS and neither Canadians should be worried about CPP.
Both countries enjoy full sovereign monetary systems with non convertible floating currencies and they issue debts in that currency. The US also enjoy reserve currency status unchallenged for the foreseeable future.. They will never go broke, period (ask Japan with 240% debt to GDP ratio). The sustainability issue was a ridiculous Trojan horse (the fallacious analogy between government finances and a household finances) introduced by conservative (when it suits them) politicians as an excuse to cut benefit and reduce public spending and unfortunately so called progressive politicians bought into this fallacy (maybe because behind most countries two party system there are the same financial interests).
SS will never be cut significantly, that issue is dynamite for politicians...if anything, Trump is proposing a gargantuan infrastructure spending bill to try to win re-election. Government debt (denominated in a currency the same government issue at will) is not real debt.
If there is one thing we have to thank the Coronavirus crisis for is that the curtain in front of how government financing work as been removed for good.
Last edited by saturno_v; 06-19-2020 at 08:02 PM..
I believe that the SS act as both CPP and OAS because even if you never contributed you still would get SS.
How?
"How you become eligible for Social Security
As you work and pay taxes, you earn Social Security “credits.” In 2020, you earn one credit for each $1,410 in earnings — up to a maximum of four credits per year. The amount of money needed to earn one credit usually goes up every year.
Most people need 40 credits (10 years of work) to qualify for benefits. Younger people need fewer credits to be eligible for disability benefits or for their family members to be eligible for survivors bene ts when the worker dies."
I believe that the SS act as both CPP and OAS because even if you never contributed you still would get SS.
It's probably a good idea to leave CPP out of the equation. With CPP you only qualify for it if you have been employed in Canada and have been paying Canada income taxes and additionally been paying into the Canada pension plan. If a person has never been employed in their lifetime and never paid into the plan (for one example, stay at home mothers/wives who never worked) the person is not eligible for CPP benefits upon turning age 60. The amounts of CPP benefits are based on how much was paid into it. Citizens/Residents 65 and over are eligible for OAS whether they worked or not provided they have been living in Canada for a specific period of time.
.
In Oklahoma it is $128,934 for a home or Ohio it is $150,374 for a home. Lot more people, bigger cities, more cities and people.
Yea that what I mean in Oklahoma base on Wikipedia 3,956,97 has the population and Ohio base on wikipedia has 11,689,100 has the population!!!
That is 11 times more people than Manitoba of just over million people or like in Saskatchewan of just over million people.
Way more people, cities and towns and people in those states. In places like Manitoba or Saskatchewan even $150,000 home or $200,000 home is way too much for middle class home base on the US.
And with cold weather, hardly any population, hardly any population growth and so much land no water or any thing it is very odd.
There some reason homes are very costly in Canada just don't know why? If any thing homes should be way cheaper in Canada than the US base on population and not many cities like the US.
I haven't read the thread yet, but I'm pretty sure the main answers have been brought up already over the 11 pages of it.
1) Canadian banks post-2008 have been accepting to lend exaggerated amounts (+ CMHC exists) which has boosted values since how much financing one can get plays a huge role in how much one ends up paying for property.
2) Canada is more welcoming than the USA of foreign capital of questionable origin; this has a boosting effect on the main markets (TO/Van) where all this speculative capital concentrates itself. It doesn't take much infusion of foreign cash/buyers bidding values up to bring all prices up significantly.
A coworker said to me today on this topic of this thread that construction workers in Canada like housing construction or road construction get lot more pay than construction workers in the US and that why homes may cost so much more in Canada.
He also said there is a very small number of developers building apartments and homes in Canada unlike the US that has lot more competition.
He was also saying he knows people in Toronto suburbs that got a house for $800,000 Well he knows people in Dallas and Houston that has house that they got for $300,000 and is way bigger in size and more property in the city not the suburbs there.
Last edited by Bubble99; 07-15-2020 at 12:03 PM..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
