Should Canadians be concerned about their pensions plan or no because of market rundown.

2 ANSWERS

1. amomipais82
   

   Hi,
   Introduction
   
   Once again Canadian Pensioners Concerned, Inc. is pleased to respond to the invitation to participate in the pre-budget planning of the House of Commons Standing Committee on Finance. As an organization of seniors, we are especially concerned about the needs of those citizens which are not adequately being met. We live in a society where so much stress is placed on the making of profits, often at the expense of those who are low income by circumstances that limit them from full participation in the society around them. Often the taxation system, instead of meeting their needs, adds to their inability to achieve their full potential and society is deprived of the contribution they could make as well.
   
   Early in the history of mankind, people began to establish communities for mutual protection and support. They elected leaders to help them establish rules for living together. Today we have very sophisticated systems of government which establish laws, rules and regulations for the people, some of which fail to respond to the wishes of the people in a democratic fashion and others which may respond more to the power of those with money than to the wants of those who are less advantaged economically. In order to carry out governmental responsibilities, the people are taxed. Taxation is the cost of democracy.
   
   1. Taxation, spending, economic growth, balanced budgets and debt-to GDP ratio.
   
   Taxation must be used to restore our social programs, develop our conservation programs, rebuild and redevelop our infrastructure and our transportation and communication systems [including the CBC], and make a contribution to peace and stability in those countries in need of our assistance and skills.
   
   Prudent economic forecasts for the coming years show real opportunity for decreasing the public debt in relation to the economy while providing scope for spending on social and other programs. Canadian Pensioners Concerned believes in taxation if it is fair and progressive in terms of ability to pay. We see taxation as the expression, in fiscal terms, of the policies and programs of the government responding to the real needs of the Canadian people. The critical test should be, is it fair, is it equitable, and is it in the broad public interest? Too often it is not.
   
   Taxation
   
   We are not in favour of "tax cuts" so long as there are people who are hungry and homeless; so long as there are young people saddled with tremendous debts if they manage to hang in and complete their education; so long as there are people working in low paid jobs with no future; so long as there are handicapped persons cut off from full participation in the community; so long as our health care system requires such long waits and our home care system fails to meet the needs of those who want to stay in their own homes as long as possible; so long as we fail to train sufficient numbers of professional staff to provide adequate care and place impossible burdens on those who hang in and staff our institutions. Tax cuts provide a disproportionate benefit to the wealthy and do little to help economic performance. Furthermore, it has been shown that tax cuts do not stimulate the economy. They simply favour the well-to-do.
   
   Business will not invest in the real economy if there are marginal returns. Instead, with money saved through tax cuts, they will invest in the stock market, the speculative foreign exchange market, or, make real investment in those countries where wages are lower and have minimal environmental regulations. In contrast, government spending on social programs, on infrastructure, is in effect a redistribution of wealth and thus more money remains in the hands of the general population who do spend it on consumer goods and services.
   
   Strengthening Employment Insurance benefits would do much more in saving and creating jobs than corporate tax cuts. The spending needs of families receiving E.I. benefits typically exceed their income following the loss of a job. Therefore, these families are likely to spend a high percentage, if not all, of any additional income they receive during their period of unemployment. This spending maintains demand for products and services, and thus may protect the jobs of workers in the firms that produce these goods or deliver the service.
   
   International Responsibilities
   
   Canada must help other countries to fight the dreadful scourge of HIV/AIDS and develop programs to prevent other illnesses; to improve health care in general and provide a good level of nutrition; by assisting in educating their people to meet their own needs; to assist them in the provision of their own food and in marketing skills both at home and abroad. In these ways we can not only contribute to true globalization and world understanding and peace, but also ultimately benefit our own economy and people. In this regard, we applaud the United Church of Canada in their "Signatures of Hope Campaign" which promotes a vision of development in which people matter.
   
   Education
   
   Federal investment in research and higher education must be strengthened. It is obvious self-interest to do so. A highly educated population is a key factor in economic growth and job creation. Higher education must not be allowed to revert back to the times when it was primarily the preserve of the privileged few in society. It is a tragedy that students are coming out of our Universities and Colleges with such huge debts and that many others have to drop out because they can no longer do justice to their programs and survive financially. Education is a life long process and we need federal, provincial, territorial governments and the broader community working together to ensure education is available to all. In this regard, we wish to draw attention to the special needs of those with disabilities. Many need special help in achieving their full potential and both physical and academic support needs to be made available to them so that they can truly participate. Incentives should be created to encourage industries and employers to provide employment opportunities for handicapped persons.
   
   Immigrants
   
   Immigrants are essential to the social and economic fabric of our society. More assistance is needed for integrating newcomers to Canada. Most have come here seeking a better life. They need more help with learning the language and rules of our society. The Federal government must work more effectively with the provinces to eliminate the artificial barriers immigrants face establishing their professional careers in Canada. We are wasting the special skills they have brought, skills that can contribute to the economy and the well-being of our society. Immigrants need to be met with greater acceptance and appreciation of the contribution they can make. The Government needs to provide financial and other assistance to those organizations that are motivated and skilled in helping newcomers with housing, education, employment, etc. Communities must be encouraged to welcome these people and their talents. If they are admitted to Canada they must be assisted in their integration.
   
   The Environment
   
   As we have maintained in previous presentations, there is a need for much greater effort to protect our environment - our water, our forests, our farmlands, our air and our food. Targeted tax credits for industry and individual citizens should be developed that will lead to the improvement in the quality and sustainability of our environment while ensuring efficient use of our resources. We must increase our public and private investment in new environmentally supportive technology while at the same time we must aggressively pursue conservation practices. On the world scene we must fulfill our commitment to Kyoto and give leadership in moving it forward by both word and deed.
   
   2. Taxation, spending and measures to invest in, and care for, all Canadians.
   
   The basic exemption for individuals should be increased and fully indexed to inflation.
   
   Tax brackets should also be fully indexed to inflation and the two upper income tax brackets for those earning over $100,000 should be restored. The GST tax credit for seniors and disability tax credits need to be increased. Capital gains should be taxed at the same rate as employment income.
   
   The Child Tax Benefit should be increased and a stop must be made to provincial "clawbacks" of the benefit. (The right hand giveth - the left hand taketh away!)
   
   The Canada Pension Plan must be adjusted to give credit to workers who have had to leave the paid labour force to provide essential care to family members.
   
   Federal Spending
   
   Federal spending must be strategically targeted and clearly accountable. The public must know that its tax dollars are being spent on the programs they are intended to support. A yearly evaluation/report must be provided in terms that the layperson can understand.

   Report (0) (0)  |   12 years, 10 month(s) ago  

2. Guest9544
   

   check down your pension provider company ,is it fully sovent,if yes then no need to worry.

   Report (0) (0)  |   12 years, 10 month(s) ago