Retirement Planning: Retirees – A list of Government Services and Benefits

Bill Fraser • November 5, 2018

Need for retirement planning in Canada. As more and more Canadians are entering their golden years and heading into retirement, it is important to remember that seniors in this country are eligible for many benefits, services and programs on a federal, provincial and municipal level. Once you arrive at the age of 65, you are legally a senior in Canada and are privy to the Government of Canada’s website dedicated to information for seniors. These websites are also a great tool to assist Canadians with retirement planning.


Government Of Canada – Website for Seniors

http://www.seniors.gc.ca/eng/pie/saei/index.shtml

This website allows you to choose your province of residence and provides you with an array of information including provincial programs for seniors, federal benefits and pensions as well as federal tax information, application instructions and forms for Old Age Security (OAS) and Canada Pension Plan (CPP).

Benefits

The website also gives you access to a Benefits Finder tool, which allows you to receive a customized list of benefits that pertain to your personal situation and eligibility by answering a short list of questions. Each province and situation has different eligible benefits and by answering these questions, you can have a good sense of what you and your dependents are qualified for.

http://www.canadabenefits.gc.ca/f.1.2cw.3zardq.5esti.4ns@.jsp?lang=eng

Physical activity, healthy eating and maintain a healthy home

There is even an information guide on the website giving tips and advice for seniors to stay active, engaged and informed. This includes advice for physical activities, healthy eating and maintaining a safe and healthy home.

http://www.seniors.gc.ca/eng/pie/saei/index.shtml

Tax information

One of the links on this website is Tax Information from the Canadian Revenue Agency (CRA). This link provides seniors with specific information related to filing taxes as a senior, including CPP and OAS information as well as medical expenses and many other common topics pertaining to seniors and their taxes.

http://www.cra-arc.gc.ca/seniors/

Please make sure to take advantage of this informative tool for seniors. Whether you are entering your golden years yourself or you are helping a senior with retirement planning, it is always good to stay ahead of the game and be prepared to enroll in the benefits and services/programs that the Canadian government has to offer.

This article is the property of HomEquity Bank and has been published with permission.

BILL FRASER
OWNER / MORTGAGE EXPERT

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You’ve found the right home, your offer’s been accepted, and your financing is approved—congratulations! But before you can pick up the keys and celebrate, there’s one more important stage: the closing process. Closing is the final step in your homebuying journey, where all the paperwork, legal details, and financial transactions come together. It can feel overwhelming if you don’t know what to expect, but with the right preparation, closing can be smooth and stress-free. Here’s a step-by-step guide to help you understand the process. Step 1: Hire a Lawyer or Notary A real estate lawyer (or notary, depending on your province) handles the legal side of closing. They will: Review the purchase agreement and mortgage documents Conduct a title search to confirm the seller has the legal right to sell the property Ensure the mortgage lender is properly registered on the title Handle the transfer of funds between you, the lender, and the seller Your lawyer or notary will be your main point of contact during closing, so choose one you trust and who communicates clearly. Step 2: Finalize Your Mortgage Your lender will send the mortgage instructions directly to your lawyer or notary. At this stage: You’ll provide proof of property insurance (lenders require this before releasing funds) You’ll confirm your down payment and closing costs are available in your lawyer’s trust account The lawyer will prepare all documents for your review and signature Step 3: Pay Closing Costs Closing costs typically range from 1.5% to 4% of the purchase price. These can include: Legal fees Title insurance Land transfer tax (where applicable) Adjustments for property taxes or utilities prepaid by the seller Home inspection or appraisal fees (if not already paid) Your lawyer will provide a final statement of adjustments so you know exactly how much is due on closing day. Step 4: Sign the Paperwork A few days before closing, you’ll meet with your lawyer or notary to sign all the necessary documents, including: Mortgage agreement Title transfer Insurance confirmations Statement of adjustments Bring valid government-issued ID to this appointment. Step 5: Transfer of Funds On the day of closing: Your lender sends the mortgage funds to your lawyer Your lawyer combines these funds with your down payment and pays the seller Legal ownership of the property is transferred into your name The lender is registered on title as a secured creditor Step 6: Get the Keys! Once the paperwork is filed and the funds have cleared, your lawyer will confirm that the transaction is complete. You’ll then get the keys to your new home—officially making it yours. The Bottom Line The closing process is a series of important steps, but with the right team in place, it doesn’t have to be stressful. By working closely with your mortgage professional and lawyer, you’ll have guidance every step of the way—from signing the documents to turning the key in the front door. If you’d like help preparing for the closing process—or want a clear breakdown of your own closing costs— connect with us today.