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YourAdministrator, eh?
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Discussion Starter · #1 ·
Albertans feeling financial pinch, 42% live paycheque-to-paycheque
Many living paycheque to paycheque


http://www.calgaryherald.com/busine...+live+paycheque+paycheque/10190876/story.html

CALGARY - Many Albertans are feeling the financial squeeze these days, living paycheque to paycheque, saving less, postponing retirement and feeling overwhelmed by debt.

The sixth annual National Payroll Week Research Survey, conducted by the Canadian Payroll Association, released on Wednesday, points to a weakening financial picture for working Canadians and Albertans across the country.

In Alberta, 42 per cent of respondents, the lowest number in the country, said they are living paycheque to paycheque, down from an average of 48 per cent over the past three years.

That's better than nationally where 51 per cent of employees reported that it would be difficult to meet their financial obligations if their paycheque was delayed by a single week. This is up from an average of 49 per cent over the past three years.

"Even though the Canadian economy did well relative to other G7 countries in the past decade, many employed Canadians say they are having a difficult time making ends meet," said Marie Lyne Dion, CPA chairman. "They feel unable to put aside enough money to reach their retirement savings goal."

The survey also found that 22 per cent of Albertans would be hard pressed to come up with $2,000 over the next month if an emergency expense arose compared with 26 per cent nationally.

In Alberta, 41 per cent are putting away just five per cent or less of their pay for savings compared with an average of 47 per cent over the past three years. Half of all employees in Canada are putting away just five per cent or less of their pay, up from an average of 47 per cent over the past three years.

Part of the reason for low savings is that 44 per cent of employees nationally, and 38 per cent of employees in Alberta, are spending all of, or more than, their net pay, said the report. Among the top reasons for increased spending, the survey identifies: children, home renovations and education.

The report also found that 79 per cent of employees nationally and 73 per cent of employees in Alberta expect to delay retirement until age 60 or older - up from 70 per cent and 67 per cent respectively over the past three years. The number one reason cited for retiring later in life is that employees are not able to save enough money.

It said employees continue to raise the bar in terms of what they think they will need to retire comfortably: more think between $500,000 and $2 million will be required (69 per cent in Alberta, up from 66 per cent over the past three years; 68 per cent nationally, up from an average of 60 per cent over the past three years).

The report found that 39 per cent nationally and 37 per cent in Alberta say they feel overwhelmed by their level of debt (versus an average of 32 per cent and 37 per cent respectively over the past two years).
I am glad that I am not the only one who feels like my earnings cannot keep up with my expenses. More and more people that I talk to all say that between taxes and fees being tacked onto every bill, they can barely make ends meet.
 

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YourAdministrator, eh?
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Discussion Starter · #3 ·
Provincial taxes are barely ok .. it is the city and town taxes that are becoming unreasonable - they are regularly raising the amount of money that is taken from the residents to live in the towns. My last tax-bill for my town (I live just north of Calgary, not in city limits anymore) is just under $3000 for the year, and, I have zero for services, not even snow removal in the winter.

The fees being charged for 4-wheeled license plate renewal has just about doubled in the last 5 years (used to be $54 / year, now $84 / year) and for my motorcycles, it went from $35 / year to $54 / year. The "additional" fees tacked onto all the bills (Telus, Rogers, Shaw, Enmax, etc) has jumped significantly as well. Telus is now charging $2 for processing their bills to their customers!

There are schools in this area that are charging around $1000 / school year for each child for what they call "extras" ... band-fees, science-fees, gym-fees, these-fees and those-fees ... and then they have the nerve to tell parents that they have to purchase Apple iPads for their kids in elementary school. It has to be Apple and it has to be iPad ... can't be Android-based, oh ya - and the parents have to purchase iCloud services for those iPads as well ...

Yuppers - things are getting expensive because people are being told where their money has to go, no choices because "it is the law" and it doesn't matter if their income doesn't match the fees ...
 

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RockyMountainCanadian
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I would say that things are getting out of hand too, and local projects are being postponed. A lot of construction projects are being put off. and the user fees are rising, flood repair / mitigation projects are keeping some of the construction sector working , but it may be messy here this time next year.
 

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RockyMountainCanadian
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If the place that people go to to find work and a better life is hurting, then people all over need to take a good hard look at things around them and see what is really happening not what the MSM tells them. I know the local construction sector is hurting, If the 'patch hickups there will be a world of hurt, several big companies bailed out of the oil rig moving business over the last year, but the equipment sold well at auction so.............
 

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YourAdministrator, eh?
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Discussion Starter · #6 ·
It isn't just Alberta - but - across the country.

http://kitchener.ctvnews.ca/incomes-in-canada-divided-more-by-age-than-by-gender-study-1.2020177

OTTAWA -- Age, not gender, is increasingly at the heart of income inequality in Canada, says a new study that warns economic growth and social stability will be at risk if companies don't start paying better wages.

The Conference Board of Canada findings suggest younger workers in Canada are making less money relative to their elders regardless of whether they're male or female, individuals or couples, and both before and after tax.

The average disposable income of Canadians between the ages of 50 and 54 is now 64 per cent higher than that of 25- to 29-year-olds, the report found. That's up from 47 per cent in the mid-1980s.

Conference Board vice-president David Stewart-Patterson, one of the study's co-authors, said the economic think-tank was motivated to undertake the study due to a wealth of "anecdotal evidence" that suggests Canadian youth are falling behind economically.

"We all know the stories -- all our kids getting really good educations but too many of them are still stuck living in their parents' basements, still in low-end service jobs that don't really take advantage of all the education that we've paid for," Stewart-Patterson said in an interview.

"Our report provides some pretty persuasive, quantitative evidence that yeah, there really is a systemic pattern here. These aren't just stories of individuals -- there really is a pattern that's unfolded over a prolonged period, a pattern which has some disturbing implications going forward."

He pointed out that top Canadian earners fought for principles of equal work for equal value, yet their children now face lower wages and reduced pension benefits even if they're doing the same work at the same employer.

The trend is particularly troubling, he added, because as the baby-boom generation moves into retirement, Canadians will be relying on a smaller share of the population to drive economic growth and sustain the tax base that supports public services.

Canada therefore needs average employment incomes to rise, not fall behind, in order to pay for the increasing health-care costs of the baby-boomer generation, among a host of other expenses, Stewart-Patterson said.

"We are moving into an era where people of working age are going to be increasingly scarce; that should put upward pressure on wages going forward," he said.

"And yet, if we look at the past 30 years ... the real incomes that are being earned in the workplace by younger workers have barely budged after inflation. That creates an issue in how much governments can raise in tax revenues, how much can our economy grow?"

He also warned that before long, the younger generation is going to "get fed up."

Andrew Langille, a Toronto-based labour lawyer and youth employment advocate, said the Conference Board study confirms what's already known: Canada's young people are falling behind.

"Increasingly it's clear that Canada doesn't have a problem with a declining middle-class; rather it's a problem of income and wealth inequality for younger generations," he said.

"From skyrocketing tuition to the increasing cost of home ownership to the prospect of stagnating wages and precarious work -- young Canadians are increasingly on shaky financial footing and not able to get ahead."

Few politicians seem ready to tackle the problem, he added.

"Unless politicians get serious about intergenerational equity, this issue has the potential to cause damaging social and economic consequences," he said in an interview.

"I really wonder who the boomers expect are going to buy their pretty houses."
 

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Just walking at the edge of my grave
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It is too bad Canada is having economic problems. Things are all roses here in the states - just ask our President!
 
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