Quote:
Originally Posted by supafamous
Folks who "struggle" on OAS/GIS/CPP when they live in a $2m+ home get no sympathy from me (and my parents and in-laws both live in $2m homes) - they should either reverse mortgage the thing or downsize. They already get a super generous gift from the gov't in being allowed to defer their (ridiculously low) property taxes once they hit 65 (a completely bullshit policy) AND they've managed to win the lottery with the huge tax free gains of owning a home in a HCOL area.
My dad, being an old man with early stage dementia, will sometimes gripe about taxes and the gov't and I always call him on that bullshit. He gets so much for free now as a senior despite a net worth not too far from mine (in the millions).
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My mom complains about how less they get and she's sitting on $2.4M east van home which could generate 4-8% = $96-192K/year in equity gains if she needed cash.
Spends < $500/month, brother pays for all housing expenses, manages to save more than me as a retiree.
Absolutely bonkers
Quote:
Originally Posted by supafamous
What's legitimately can't afford the taxes?
My in-laws collect around $24/yr in CPP/OAS/GIS and get some rental income ($18k?) from their basement suite. They drive a 18 year old car, don't go on vacations, and live a generally basic life but as elderly they don't have extended health coverage so when my FIL needed dental surgery it was a $20k bill that he kept putting off till the pain was too much (and he didn't want the help of his kids for it).
My MIL sewed life jackets for 30+ years (minimum wage), barely speaks English, and raised 3 successful kids and somehow managed to own a home worth $1.7m - she didn't ask to be a millionaire, it just happened to her. Outside of their home they have less than $100k of assets.
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Sounds like my mom worked at sewing for a chinese factory on clark + chinatown medicine stores below min wage. Had teeth issues, wanted to wait the 2-3 extra years in pain until the dental plan for seniors came out to fix it.
If she didn't have money and neither me or brother would pay for it, she should've reverse mortgage the $1.7M in equity to pay for it. Imo the dental plan should've also qualified net worth, my mom has more than enough money to pay for this but decided to save so I can have more money when I have kids lol.