What Ever Happened To Canada's Seniors?
Worked hard all his life, paid his taxes, gave to charity, paid off the mortgage and saved a nest egg he thought would secure his retirement.
After paying the banking 'system' rent on his home for 25 years at as much as 10% interest he is now faced with having to put a 'reverse mortgage' on his home if he wants to keep living there.
In the meantime that money he was able to put aside in savings now earns nearly nothing by way of interest, in fact at today's rate of inflation those savings are actually losing money with each passing year.
According to Stats Canada in 2021 Nanaimo's total population was 99,863 with a total of 24,520 being 65 years and older. There are also 7215 in the 60 - 64 age group. This means nearly one third of the Nanaimo population (31.7%) are over 60 years of age.
TAXES - Property taxes, Regional District taxes, School Taxes, Hospital taxes, Library taxes, user fees (just tax by a different name).
The average senior will have been paying taxes on his home for 25+ years and arguably is receiving no more value today than 25 years ago. Water still comes out of the tap and the toilet contents goes away when he flushes. Garbage gets picked up once a week and the snow may get plowed before it melts. The city provides little else to this average homeowner.
ACTUAL TAXES ON A MODEST 1000 SQ. FT BUNGALOW IN NANAIMO IN 2024 ASSESSED AT $512,000.00
City General ....... $1857.26
Library ................ 80.38
School .. ............. 667.00
Hospital .. ........... 208.50
RDN Parks ......... 36.73
RDN General .. .. 257.05
BC Assessment ... 17.77
Total ................... $3284.70
User Fees ........... 841.75
Combined Total .... $4126.45
Monthly Total ......... $343.83
Maximum homeowners grant available from Province $1045.00 = 87.08 /mo.
It should be noted, the Province could change the homeowner grant amount or eliminate it at any time but the total tax bill would not reduce.
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