Vancouver's Real Estate Market

[sonick]

Originally Posted by waddy41

and isn't it a pomzi scheme?

your contributions today are not paying for the future you but for the retirees now

Yeah, and so are MSP and taxes. I am healthy, why should I be paying for medical expenses of those who are sick. I don't have kids, why am I paying for other people's kid's education.

[supafamous]

For a bit more background reading:

https://www.cbc.ca/news/business/cpp...iner-1.5133984 - An FAQ that's fairly high level.
https://www.advisor.ca/retirement/re...le-is-the-cpp/ - A much more detailed view for those of you who know about investment metrics.

I don't necessarily agree with all the POVs in the answers (and those of you who are anti-CPP will probably have some disagreement with some answers too) but, on the whole, it's pretty representative of the situation.

[PeanutButter]

You guys make good points about CPP.

You're right. It's a good safety net for the majority of the population.

I guess like most taxes I pay, it's the price to live in the nation we are living in.

I mean, I did complain about paying for the U-Pass transit pass when i was in school even though I drove.

[supafamous]

Originally Posted by PeanutButter

I mean, I did complain about paying for the U-Pass transit pass when i was in school even though I drove.

Think of paying for the U-Pass as the price of getting cars off the road which made your commute more enjoyable. If they didn't do that you'd probably have had to pay more for parking and/or couldn't get parking.

[whitev70r]

^ think of the U pass as socialism -->communism ... haha

[sonick]

Just wait 'til you think about the InSite and other similar programs, and realize your tax payers are literally paying for property to allow addicts to shoot up, or actual drugs to provide to addicts.

[JDMDreams]

Like welfare?

[Hondaracer]

Originally Posted by sonick

Just wait 'til you think about the InSite and other similar programs, and realize your tax payers are literally paying for property to allow addicts to shoot up, or actual drugs to provide to addicts.

Helping socially vulnerable, sick people seems more justified than propping up people at the end of their life who couldn’t figure out savings, investments etc.

In both cases it’s just “cheaper” to do it this way than have the govt. work on a case by case basis I guess

[6thGear.]

Not every senior may have had the chance to save or invest over the years they're here. My parents have very minimal savings as they both rely on their CPP as they never had the disposable income to put away. We should be glad that this country even has these in place.

[Hondaracer]

Originally Posted by 6thGear.

Not every senior may have had the chance to save or invest over the years they're here. My parents have very minimal savings as they both rely on their CPP as they never had the disposable income to put away. We should be glad that this country even has these in place.

For most, their home is their retirement.

The country as a whole would probably be far worse off if a lot of these home owners hadn’t seen 500% increases in their property values over the last 10 years

[whitev70r]

Originally Posted by Hondaracer

For most, their home is their retirement.

Except it's hard to buy groceries with the home that you are staying in and pay for daily expenses.

[supafamous]

Originally Posted by Hondaracer

Helping socially vulnerable, sick people seems more justified than propping up people at the end of their life who couldn’t figure out savings, investments etc.

In both cases it’s just “cheaper” to do it this way than have the govt. work on a case by case basis I guess

If the alternative is hundreds of homeless seniors fighting in my alley for the cans in my recycling then let's have CPP because I can't drink enough pop to keep them housed. (FWIW, housing the homeless is cheaper than making them live on the streets)

Of the people who depend on CPP/OAS/GIS I wonder how many are in that situation b/c of mismanaged finances and how many are there b/c they simply never made enough money to have savings. I'm betting it's more of the latter than the former and by a lot too.

At the very least folks who receive CPP are getting it b/c they paid into it - this is not a handout (at least in theory).

OAS and GIS are handouts though but both are indexed such that not everyone gets it.

[Hondaracer]

Originally Posted by whitev70r

Except it's hard to buy groceries with the home that you are staying in and pay for daily expenses.

Lol please.. if you don’t have a mortgage on your home and you’ve gained hundreds of thousands in equity, you either pull the equity from that home, or you move.

This is like those clowns who live on the west side and bitch about their taxes going up, you live in a 4 million dollar home. Yea it sucks that society and the govt. has let your taxes run away from you. But you live in one of the wealthiest/most valuable neighborhoods in the country. Deal with it

[Hondaracer]

I don’t understand finance at any sort of level to make a judgement one way or another on this, but what about people who have substantial investment/RRSP/Savings and use CPP and OAS as a tax write off?

Does that money basically vanish back into general revenue etc?

[PeanutButter]

Originally Posted by Hondaracer

I don’t understand finance at any sort of level to make a judgement one way or another on this, but what about people who have substantial investment/RRSP/Savings and use CPP and OAS as a tax write off?

Does that money basically vanish back into general revenue etc?

Can you elaborate on what you mean by using CPP and OAS as a tax write off?

[JDMDreams]

Yes please do tell, and you can always chip reverse mortgage or defer your property taxes. I'm not sure if only Vancouver has deferrals though

[Hondaracer]

Originally Posted by PeanutButter

Can you elaborate on what you mean by using CPP and OAS as a tax write off?

My understanding is that anyone eligible for CPP who is also pulling large sums from their RRSP’s for their retirement, that CPP basically becomes moot as you’ll be paying x amount back in taxes regardless

So CPP will count as Income on top of the “income” of your RRSP withdrawals. A quick search looks like you can request to have taxes automatically withheld from
CPP payments. But essentially (and maybe im just talking out my ass right now) but basically somthing you paid into your entire working life now could be somthing you opt out of completely or just becomes another line on your income
Tax.

I guess CPP is fucking peanuts though and it wouldn’t be anything that would be pushing you into the next tax bracket

[supafamous]

Originally Posted by Hondaracer

I don’t understand finance at any sort of level to make a judgement one way or another on this, but what about people who have substantial investment/RRSP/Savings and use CPP and OAS as a tax write off?

Does that money basically vanish back into general revenue etc?

I've never heard of this and couldn't find anything online about it either.

For further reading about CPP though: https://www.taxtips.ca/seniors/cpp-r...nt-pension.htm

I didn't know most of the changes that were put into place in 2016 - I thought the deduction increases were to keep CPP solvent but they're actually so you get more benefits in retirement. While arguably not great for high income folks (it's pretty minimal for them though) this is great for working class folks - the hollowing out of the middle class means more and more people are making shit money now so a pension that only pays 25% is not likely to be enough (33% ain't great either but probably is enough to live on if you have no savings).

[PeanutButter]

Originally Posted by Hondaracer

My understanding is that anyone eligible for CPP who is also pulling large sums from their RRSP’s for their retirement, that CPP basically becomes moot as you’ll be paying x amount back in taxes regardless

So CPP will count as Income on top of the “income” of your RRSP withdrawals. A quick search looks like you can request to have taxes automatically withheld from
CPP payments. But essentially (and maybe im just talking out my ass right now) but basically somthing you paid into your entire working life now could be somthing you opt out of completely or just becomes another line on your income
Tax.

I guess CPP is fucking peanuts though and it wouldn’t be anything that would be pushing you into the next tax bracket

Hmm. I think I understand what you're saying, but I still don't think you can write off any CPP or OAS payments, as to reduce your tax burden at least.

Even if your marginal tax rate at retirement is stupid high, let's just say 50% marginal tax rate, your CPP will be taxed at that rate. So if your CPP is $100, that will be taxed at your highest marginal rate, and you'll still have $50 in your pocket.

[hud 91gt]

That’s what I was thinking??? But I’m no accountant.

[whitev70r]

Hondaracer is blowing smoke ... you can't write off CPP. Even in his explanation, you can use it to pay your income tax like how they take it off your paycheck but nothing remotely close to 'writing it off'. He tends to write faster than his brain thinks.

[bobbinka]

[donk.]

Imagine paying ponzi scheme tax, to support the retired today

Then when you hit retirement, the cpp you get, you pay 50% ponzi scheme tax, towards the retired today

Infinity loop activated

[Manic!]

Got an email for the The One, Bel Air. It's going up for action. This is the largest private residence ever built in the urban world originally priced at 295 million but never sold. The builder has gone broke and it has gone into for-closer. All that money but it has no helipad.


Auction https://www.conciergeauctions.com/au...les-california

Video with the builder.

YouTube

[Hondaracer]

Who gave that clown the money to build that thing?

The knob goes on about the charity for building homes for underprivileged through that art peice lol..I’m sure the 200+ Million could have built a few homes