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Thursday, November 20, 2008 2:12:59 PM
Canadians more likely to delay retirement in light of deteriorating economy, survey says
More Canadians over 40 are planning to delay retirement, according to a new survey conducted for Desjardins Financial.
Approximately 42% of respondents said they'll postpone their retirement by an average of 5.9 years due to the recent market turmoil. This was especially true for women. More than half of female respondents said they'll be delaying retirement compared with 36% of men.
The results are a significant shift from responses to similar surveys conducted by Desjardins in June and August, which found that Canadians were still confident about their financial security and retirement plans.
The survey found that Canadians are becoming more cautious about their financial decisions as 47% of respondents said they were concerned about the financial strength of their financial institutions; 40% said they were concerned about investment returns.
In the earlier surveys, respondents said they'd be reducing everyday expenses to increase their retirement savings. More than 80% of respondents said they'd postpone a major purchase or expense to avoid the use of credit, and 77% said they'd take fewer expensive vacations.
Almost 70% of respondents said they'd reduce their car use and start bringing bagged lunches from home rather than eating out.
Victoria tables legislation to help British Columbians weather the economic downturn
The provincial government has introduced legislation to implement the government's 10-point plan to deal with the global financial crisis.
The Economic Incentive and Stabilization Statutes Amendment Act will change various pieces of legislation:
Income Tax Act changes will reduce individual and small business income taxes.
Amendments to the Land Tax Deferment Act will create a new program to allow homeowners who face financial hardship and have at least 15% equity in their homes to defer their 2009 and 2010 property taxes.
School Act changes will introduce an industrial property tax credit for 2009 and future years with owners of major or light industrial property receiving a credit that reduces their school property taxes by 50%.
Amendments to the Financial Institutions Act will enhance supervisory powers of the Financial Institutions Commission and eliminate the $100,000 cap on deposit insurance for funds held in B.C. credit union accounts.
The government is also introducing changes to the Law and Equity Act in anticipation of the new Tax Free Savings Account to ensure that a designation of a beneficiary will be honoured on the account-holder's death.
Amendments to the Court Order Enforcement Act and the Pension Benefits Standards Act will help create RRSPs and protect similar funds inside other registered plans from seizure by creditors.
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