After a long career as a pension lawyer with a consulting firm, I retired for the first time 13 years ago and became Editor of Employee Benefits News Canada. I resigned from that position four years later and embarked on an encore career as a freelance personal finance writer.

In December 2010 I wrote the article Is this small pension plan Canada’s best kept secret?  about the Saskatchewan Pension Plan for Adam Mayers, formerly the personal finance editor for the Toronto Star. The Star was starting a personal finance blogging site called moneyville and he was looking for someone to write about pensions and employee benefits. I was recommended by Ellen Roseman, the Star’s consumer columnist.

The article about SPP was my first big break. I was offered the position at moneyville and for 21/2 years I wrote three Eye on Benefits blogs each week. It was frightening, exhausting and exhilarating. And when moneyville began a new life as the personal finance section of the Toronto Star, my weekly column At Work was featured for another 18 months.

But that was only the beginning.

Soon after the “best kept secret” article appeared on moneyville, SPP’s General Manager Katherine Strutt asked me to help develop a social media strategy for the pension plan. Truth be told, I was an early social media user but there were and still are huge gaps in my knowledge. So I partnered with expert Leslie Hughes from PunchMedia, We did a remote, online presentation and were subsequently invited to Kindersley, Saskatchewan, the home of SPP to present in person. All of our recommendations were accepted.

By December 2011, I was blogging twice a week for SPP about everything and anything to do with spending money, saving money, retirement, insurance, financial literacy and personal finance. Since then I have authored over 500 articles for savewithspp.com. Along the way I also wrote hundreds of other articles for Employee Benefit News (U.S.), Sun Life, Tangerine Bank and other terrific clients. As a result, I have doubled my retirement savings.

All my clients have been wonderful but SPP is definitely at the top of the list. I am absolutely passionate about SPP and both my husband and I are members. Because I was receiving dividends and not salary from my company I could not make regular contributions. Instead, over the last seven years I have transferred $10,000 each year from another RRSP into SPP and I would contribute more if I could.

By the end of 2017 I started turning down work, but I was still reluctant to sever my relationship with SPP. However, as my days became increasingly full with travel, caring for my aged mother, visiting my daughter’s family in Ottawa, choir and taking classes at Ryerson’s Life Institute, I realized that I’m ready to let go at long last. After the end of May when people ask me what I do, I will finally be totally comfortable saying “I am retired.”

I will miss working with the gang at SPP. I will also miss the wonderful feedback from our readers. I very much look forward to seeing how both savewithspp.com and the plan evolve. My parting advice to all of you is maximize your SPP savings every year. SPP has changed my life. It can also change yours.

Au revoir. Until we meet again….

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Written by Sheryl Smolkin
	Sheryl Smolkin LLB., LLM is a retired pension lawyer and President of Sheryl Smolkin & Associates Ltd. For over a decade, she has enjoyed a successful encore career as a freelance writer specializing in retirement, employee benefits and workplace issues. Sheryl and her husband Joel are empty-nesters, residing in Toronto with their cockapoo Rufus.

By now you have likely been profoundly saddened by media reports of the Humboldt crash that killed 15 members of the Broncos hockey family and  the subsequent vigils . You may be a friend or relative of at least one of the 15 victims. At Saskatchewan Pension Plan we share your grief and mourn with you.

In this space, we typically write about money – how to save it and how to spend it. But in reality, the heart and soul of our content is families. You learn about budgeting, paying down debt, registered educational savings plans and registered retirement savings plans so you can provide a good life for your family and remain independent when you retire.

You plan your finances so you can help your children mature into responsible adults and support their dreams to be professional athletes, farmers, electricians, teachers or nurses. You imagine attending their graduations, weddings and the birth of your grandchildren. And with the death of a child you are suddenly robbed of that future. In time dealing with their intense sorrow may become a little easier for parents of the Humboldt crash victims, but they will never forget.

I offer the link to a YouTube video of Rise Again by East Coast composer Leon Dubinsky, as sung by the Rankin Family. To me, the words of this beautiful song captures the role that our children play in our lives and in our hearts.

RISE AGAIN (WE RISE AGAIN)

When the waves roll on over the waters
And the ocean cries.
We look to our sons and daughters
To explain our lives
As if a child could tell us why.

That as sure as the sunrise
As sure as the sea
As sure as the wind in the trees.

We rise again in the faces of our children.
We rise again in the voices of our song.
We rise again in the waves out on the ocean,
And then we rise again.

When the light goes dark with the forces of creation
Across a stormy sky.
We look to reincarnation to explain our lives.
As if a child could tell us why.

That as sure as the sunrise
As sure as the sea
As sure as the wind in the trees.

We rise again in the faces of our children.
We rise again in the voices of our song.
We rise again in the waves out on the ocean,
And then we rise again.

We rise again in the faces of our children.
We rise again in the voices of our song.
We rise again in the waves out on the ocean,
And then we rise again.

And then we rise again.

***

As I write this, a gofundme campaign for families of the victim has exceeded its $4 million target but remains open. In memory of the deceased you may also wish to make a donation of time or money to the sports organization or another charity of your choice supporting young people in your community.

 

Written by Sheryl Smolkin
	Sheryl Smolkin LLB., LLM is a retired pension lawyer and President of Sheryl Smolkin & Associates Ltd. For over a decade, she has enjoyed a successful encore career as a freelance writer specializing in retirement, employee benefits and workplace issues. Sheryl and her husband Joel are empty-nesters, residing in Toronto with their cockapoo Rufus.

When the health or capacity of a loved one deteriorates and the family decides that a nursing home is the best care option, it can be a very traumatic time for both the caregivers and the patient. You want to ensure your parent or friend is placed in a facility where they will get the best possible care in a safe, nurturing environment.

However, depending on the length of waiting lists and where you live, your choices may be very limited. For example, this directory of long-term care providers in Saskatchewan illustrates that in many smaller communities there is only one government-subsidized nursing home. And if a bed becomes available you will likely have to decide whether or not to accept it on very short notice.

Last week we wrote about “What you need to know about residential care for seniors in Saskatchewan” and discussed the difference between retirement homes and nursing homes (special care homes). This week we offer a checklist of things to look for when you are evaluating the suitability of a special care home for your family member.

The Canadian Association of Retired People (CARP) has developed an extensive catalogue of things to look for. Here (in no particular order) are some of my favourites, including questions we asked when my mother recently moved into long-term care.

1. What is covered in the regular monthly fee and what additional charges can be expected?
2. Are residents clean, well-groomed and appropriately dressed?
3. Do they seem happy?
4. How do family members of current and past residents rate the facility?
5. What activities are available for residents?
6. How long have senior staff worked for the residence?
7. Do staff appear to be happy?
8. What is the staff-to-patient ratio of PSWs, RPNs and RNs to residents on each shift?
9. Does the home rotate all staff members or try to keep the person(s) caring for each resident?
10. Are there any limitations on visiting hours?
11. How do family members participate in the care plan?
12. How are care complaints handled and by whom?
13. Do doctors, physiotherapists, denturists, podiatrists regularly come to the residence for patient care?
14. Does a hairdresser and manicurist regularly attend to provide personal care?
15. What resources are available for the care and safety of residents with cognitive impairment?
16. Are religious holidays and birthdays celebrated? How?
17. What are the policies and procedures for ensuring that personal clothes and belongings are not lost or stolen?
18. What is the home’s fall prevention program?
19. Can the resident bring personal furniture, pictures and other knick knacks?
20. What are the policies and procedures for handling a resident who is harmful to himself/herself or other residents?
21. Does the home have a palliative care program?
22. Will the food appeal to your loved one?
23. Can a family member have a meal with their loved one? If so, is there a fee?
24. Are special menus available for people who require soft food or other special diets?
25. Does the menu suit your loved one’s cultural or religious regulations?

Regardless of the answers you get to these and other preliminary questions, once your loved one moves in, it is important for family and friends to visit as often as possible at various times of the day and in the evening both to keep his/her spirits up and monitor the actual care he/she is receiving. In many cases elderly or infirm patients are incapable of advocating for themselves.

Generally we are very happy with the facility we chose for Mom, but we have to stay on top of things. For example:

• When she returned to the residence after she broke her hip we had to encourage staff to get her up and walking so she didn’t totally lose her mobility.
• She is supposed to get her hair done every week and a manicure every two weeks but inexplicably, her name sometimes doesn’t make it onto the list.
• There is lots of staff, but they are rotated and often it seems like the right hand doesn’t know what the left hand is doing!

By understanding the rules and limitations of the special care home where your loved one resides, you can monitor care more effectively and provide additional support as needed.

Written by Sheryl Smolkin
	Sheryl Smolkin LLB., LLM is a retired pension lawyer and President of Sheryl Smolkin & Associates Ltd. For over a decade, she has enjoyed a successful encore career as a freelance writer specializing in retirement, employee benefits and workplace issues. Sheryl and her husband Joel are empty-nesters, residing in Toronto with their cockapoo Rufus.

Whether you are a member of the “sandwich generation” with young children and older parents or you are a senior yourself, sooner or later you will need to understand the residential care options in Saskatchewan for individuals who can no longer live at home, and how much they cost.  Typically, residential facilities are characterized as either retirement homes or government-subsidized nursing homes. In the discussion below we distinguish between the two, the services provided and how much they cost.

Retirement home/residence 
A retirement home in Saskatchewan is a multi-residence housing facility that provides accommodation and services such as meals and cleaning for older people. Retirement homes in the province are privately owned and operated and not administered by the provincial government. Each facility usually provides a private or semi-private room or complete living suite as well as common living quarters, including a lounge area, a common dining room, recreation rooms, cleaning services, social and/or religious programs and some basic health care services.

The unit can be paid for on a monthly fee basis, like an apartment, or can in some instances be bought the same way as a condominium. Admission, fees and waiting lists for retirement homes are controlled by the homes themselves, not by the government. Admission usually depends on the ability to pay and absence of serious medical conditions that require professional nursing care. Residents are responsible for paying their own fees and government subsidies are not available for accommodation in a retirement residence.

Costs for Retirement Homes*

Type of Accommodation	Provincial Median	Provincial Range	Regina Median	Regina Range	Saskatoon Median	Saskatoon Range
Private Rooms(per month)	$2,475	$1,500 – $5,500	$2,850	$1,800 – $5,500	$2,425	$1,600 – $4,000
1 Bedroom Suites (per month)	$3,415	$1,580 – $4,170	$3,750	$3,500 – $4,100	$3,150	$1,580 – $4,042

*As reported in Long Term Care in Saskatchewan 2016

Government-Subsidized Nursing Homes**
Nursing homes or special care homes, as they are called in Saskatchewan, are residential long term care facilities that provide 24-hour professional nursing care and supervision for people who have complex care needs and can no longer be cared for in their own homes.

These facilities are owned and operated by municipalities, religiously affiliated organizations and private, for-profit organizations. However, nursing home fees are set by the Saskatchewan Ministry of Health.

Admissions to residential long term care facilities are managed by local Regional Health Authorities (RHAs). An intake coordinator or social worker from the RHA conducts an in-home assessment with clients and their families to assess care needs and program options, to coordinate access, explain fees and coordinate placement into long-term care facilities.

A report of the assessment is sent to the Regional Committee, who decides on acceptance. Clients who are eligible for access to a long term care bed generally access the first available bed in the system and then transfer to a facility of choice. A chronological wait list is maintained by the RHA to ensure fair and equitable access to a facility of choice.

Eligibility/Requirements for Admission 
To be eligible for subsidized care services, a client must:

• Be a Canadian citizen or permanent resident over 18 years of age.
• Require ongoing care (usually 24 hour care, seven days a week) due to age, disability, injury from accidents, or long-term illness.
• Hold a valid Saskatchewan Health Services card, or be in the process of establishing permanent residence in Saskatchewan and have applied for a Saskatchewan Health Services card.

Income/Asset Test
The client’s income is assessed by Saskatchewan Health.  Income Tax returns of applicants are reviewed once the Regional Committee has approved the admission of the client into a nursing home. The client’s application is sent by the RHA to the nursing home, which in turn sends it to Saskatchewan Health for income assessment.

A resident pays the standard resident charge ($1,086 at July 1, 2017) plus 57.5% of the portion of their income between $1,413 and $4,200. For married residents, including common law couples, the couple’s income is combined, divided equally and then the above formula is applied.

The resident and spouse (if applicable) are required to provide:

• The most recent year’s Notice of Assessment(s) from CRA, or
• Pages 1 to 3 of Income Tax Return(s) upon admission and annually thereafter.

If income information is not provided, the resident charge will be assessed at the maximum rate.

A resident admitted for temporary care must pay the income-tested resident charge if their stay is more than 60 consecutive days.

Examples of resident charges at various income levels

Monthly Income	Monthly Resident Charge
$1,413	$1,086 (minimum)
$2,000	$1,423
$2,500	$1,711
$3,500	$2,286
$4,200	$2,689 (maximum)

 

Married residents living in separate special care homes 
Married residents who live in separate dwellings for reasons beyond their control may choose to complete an Optional Designation Form.

• With this designation, only the resident’s income is considered when calculating the charge.
• Choosing this designation does not change a couple’s marital status.

Additional charges
In addition to the resident charge, there is an additional cost for prescriptions, medications, incontinence supplies, and certain medical and personal supplies and services.

There is also a $21.25 monthly supply charge for personal hygiene items, such as shampoo, conditioner, soap, denture cream, toothpaste, mouthwash, etc. This charge is adjusted annually based on increases to Old Age Security and Guaranteed Income Supplement benefits

** As reported in Special Care Homes

Written by Sheryl Smolkin
	Sheryl Smolkin LLB., LLM is a retired pension lawyer and President of Sheryl Smolkin & Associates Ltd. For over a decade, she has enjoyed a successful encore career as a freelance writer specializing in retirement, employee benefits and workplace issues. Sheryl and her husband Joel are empty-nesters, residing in Toronto with their cockapoo Rufus.

I am proud to say that my Canada includes Saskatchewan. Not that I’ve actually spent a lot of time there. I’ve been to a couple of pension conferences in Saskatoon and Regina and in June 2011 I spent a memorable couple of days in Kindersley getting to know the folks at Saskatchewan Pension Plan.

But over the past six years since I started writing for SPP, the province has rarely been out of my thoughts for more than a day or two because I’m always planning my next blog. So when I was watching a recording of the Governor General’s Arts Awards on a rainy July 1^st afternoon it occurred to me that Tommy Douglas couldn’t be the only Saskatchewanian who has made a major contribution to our country in the arts, sports, business or politics.  With a little research, I found the online magazine Virtual Saskatchewan and a series of by freelance writer David Yanko:

Saskatchewan’s Own 1
Saskatchewan’s Own 2
Saskatchewan’s Own 3

Each of these pieces lists 25 individuals who have made their mark on both the national and international stage. I have picked only five to profile, but take a look all three of these articles to learn more about the accomplishments of many of the best and brightest who at one time or another have called Saskatchewan home. 

Brent Butt (born August 3, 1966) is a Canadian actor, comedian, and writer. He is best known for his role as Brent Leroy on the CTV sitcom Corner Gas, which he developed. It was set in the fictional town of Dog River, Saskatchewan. The show averaged a million viewers per episode. Corner Gas received six Gemini Awards, and was nominated almost 70 times for various other awards. In addition, Butt created the hit TV show Hiccups and the 2013 film No Clue. At our place we never missed an episode of Corner Gas, so I’m happy to report that an animated version is in the works.

Brian Dickson was appointed a justice of the Supreme Court of Canada on March 26, 1973, and subsequently appointed the 15th Chief Justice of Canada on April 18, 1984. He retired on June 30, 1990. Dickson’s tenure as Chief Justice coincided with the first wave of cases under the new Canadian Charter of Rights and Freedoms which reached the Supreme Court from 1984 onwards. He wrote several very influential judgments dealing with the Charter, and laid the groundwork for the approach the courts have since used to interpret the Charter. Through law school and when I practiced law, I read and cited a number of his important decisions.

Singer-songwriter Joni Mitchell, responsible for hits such as Both Sides Now and Big Yellow Taxi, was born on November 7, 1943, in Fort MacLeod, Alberta and grew up in Saskatoon. In 1968, she recorded her first, self-titled album. Other highly successful albums followed. Mitchell won her first Grammy Award (best folk performance) for her 1969 album, Clouds. She has won seven more Grammy Awards since then, in several different categories, including traditional pop, pop music and lifetime achievement. To this day, folk music is my favourite genre and songs like Chelsea Morning and Circle Game have become the soundtrack of my life.

Sandra Schmirler was a Saskatchewan curler who captured three Canadian Curling Championships and three World Curling Championships.  Schmirler also skipped her Canadian team to a gold medal at the 1998 Winter Olympics, the first year women’s curling was a medal sport. Schmirler sometimes worked as a commentator for CBC Sports, which popularized her nickname “Schmirler the Curler” and claimed she was the only person who had a name that rhymed with the sport she played. Schmirler’s accomplishments caught my imagination and that of the whole country. Sadly, she died in 2000 at 36 of cancer, leaving a legacy that extended far beyond her sport.

It may seem arbitrary to mention two folk singers in an ad hoc selection of notable sons and daughters of Saskatchewan. But Buffy Sainte-Marie is so much more. This Canadian legend is 76 and still going strong. She is a singer, songwriter, multi-instrumentalist, educator, social activist, philanthropist and visual artist, born February 20, 1941 on Piapot Reserve, SK.

She was an important figure in the Greenwich Village and Toronto folk music revivals in the 1960s, and is perhaps best known for her 1964 anti-war anthem Universal Soldier, which was inducted into the Canadian Songwriters Hall of Fame in 2005. On the eve of Canada Day I had the privilege to hear this diminutive giant sing Universal Soldier plus many of her newer releases in person, at Nathan Phillips Square in Toronto. She and her music never seem to grow old.

 

Written by Sheryl Smolkin
	Sheryl Smolkin LLB., LLM is a retired pension lawyer and President of Sheryl Smolkin & Associates Ltd. For over a decade, she has enjoyed a successful encore career as a freelance writer specializing in retirement, employee benefits and workplace issues. Sheryl and her husband Joel are empty-nesters, residing in Toronto with their cockapoo Rufus.

Many prolific personal finance bloggers don’t hesitate to share a surprising amount of information about their family finances and the milestones on their journey to financial freedom.

In his Net Worth Update: 2017 Mid-Year Review, Boomer & Echo’s Robb Engen reports that he is well on his way to meet his, “big hairy audacious goal of Freedom 45.” To do so, his savings rate will need to remain high and he’ll have to avoid the evil temptation of lifestyle inflation. Currently his net worth is $574,296.

Tim Stobbs is an engineer in his thirties with two kids living in Regina, Saskatchewan who decided working until 65 sounds like a bad idea. At first he thought Freedom 45 might work, but he is now aiming to retire on his 40th birthday. Since he is mortgage free, and his May 2017 Net Worth is $972,000, early retirement could be right around the corner.

Krystal Yee has been sharing her financial goals and challenges for 10 years on Give me back my five bucks. Her recent blogs The real cost of moving in Vancouver, How I’m saving for travel this year and May 2017 Goals: Recap will give you some perspective on how this busy professional freelance writer is managing her finances and what she hope is her final household move until retirement!

Are you expecting an addition to the family? Personal finance and travel writer Barry Choi (Money We Have) and his wife have been Getting the baby room ready and buying all the necessary bits and pieces from furniture to car seats to strollers. He figures they have spent about $1040 so far. And these expenses are in addition to the costs of IVF which he estimated at $25,000. Although he says, “I’m on the hook for 20 years and I could do a running tally but the costs may terrify me,” he is thrilled at the prospect.

Bridget Eastgaard (Money After Graduation) is also contributing to the personal finance blogger baby boom. She notes that many millennials want to become parents, but their finances are holding them back. The combined burden of student loan debt and sky-high housing prices make having a family seem like an unaffordable dream, but it doesn’t have to be.

How to save for Baby? “You have an Emergency Fund, you have a Retirement Fund, and now you need a Baby Fund — a dedicated savings account to afford all pregnancy, birth, and child-related expenses.” Eastgaard advises. “Ideally, you would start this before you even begin trying to become pregnant, but even if you find yourself with an unplanned baby like yours truly, a Baby Fund is a crucial first step to ensuring your family starts off on the right financial foot.”

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Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere?” Share the information on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

Written by Sheryl Smolkin
	Sheryl Smolkin LLB., LLM is a retired pension lawyer and President of Sheryl Smolkin & Associates Ltd. For over a decade, she has enjoyed a successful encore career as a freelance writer specializing in retirement, employee benefits and workplace issues. Sheryl and her husband Joel are empty-nesters, residing in Toronto with their cockapoo Rufus.

By Sheryl Smolkin

As soon as the sun comes out and daytime temperatures hover above zero, Canadian gardeners get itchy to plant flowers and vegetables. But depending on the part of the country and how far north you live, the optimum dates for planting differ. And if you take a chance and put in your garden too early you run the risk of having delicate seedlings ravaged by an unwelcome frost.

Here are links to some helpful information about gardening in Saskatchewan:

The goal of the  Northern Saskatchewan Gardening Manual is to encourage people to grow gardens, specifically in Northern Saskatchewan where many people still think that the climate is too harsh for growing a prosperous garden. This manual can help you to:

• Start and maintain a healthy and prosperous garden in Northern Saskatchewan
• Start gardening in containers
• Start gardening in raised garden beds
• Learn more about gardening, plant basics, and/or
• Work as part of a group to create a community/shared garden.

The Old Farmer’s Almanac Planting Dates Calculator for Saskatoon not only tells you when to sow vegetables indoors and plant in the ground, but also when to harvest — and it is customized to your location based on the nearest weather station. For example, lettuce can be planted outside in early May but wait until the first of June for peppers. You can also receive planting reminders and a copy of this planting calendar by email.

LandscapeSaskatchewan.com says when planting vegetables, find an area, which will receive at least five to six hours of direct sunlight daily. Take into consideration: the amount of space you have available as some vegetables need more growing room than others; your own requirements for canning, freezing or table use; local frost dates and climate conditions. For a longer harvest period, plant vegetables at staggered time intervals.

Interviewed by CBC last year, Rick Van Duyvendyk, the owner of Dutch Growers Garden Centre in Saskatoon suggested that customers try watermelons or cantaloupes for a change. “Put them in a pot [then] put them outside during the May long weekend,” he said. “Once you get to September, cover them with a frost blanket. Two weeks into September, you’ll have watermelons that are 17 pounds.”

And also on CBC News l Saskatchewan, landscape designer Heather Lowe, the owner of Heather Lowe: Landscape Design in Regina offered 5 tips on how to add beautiful fall colour to your garden. She says don’t worry about matching colours, because in nature all kinds of colours blend together beautifully. “You can plan a garden around any season but try to have it be at peak beauty in the season you use it most,” she concludes.

—
Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere?” Share the information on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

By Sheryl Smolkin

Editor’s note: If you came here looking for “10 things you need to know about enhanced CPP benefits” post follow this link: http://wp.me/p7Idrl-1ir.

An article I read in the Globe & Mail this week noted that the Canadian tourism industry is grappling with a demographic problem that could threaten its future. Apparently millennials are spending far more of their travel dollars outside the country than at home. One reason cited is that it is so expensive to fly within Canada, it makes sense to go further afield.

I can understand that most of us would love to be able to jet off somewhere warm to get away from our frigid winters. But in spite of seasonal mosquitoes and black flies in some parts of the country, Canadian spring and summers at their best are not to be missed.  So in the hope of persuading more of you to spend at least a couple of vacation weeks a year exploring closer to home, here are eight reasons in no particular order why I think you should consider some domestic travel along with the international adventures on your bucket list.

1. Mobility rights
   You don’t need a passport or a visa to travel from one end of our vast country to the other. With the exception of arcane laws forbidding the import of alcohol between provinces, you can buy anything you want and take it home without worrying about declaring your goods or paying duty. Medicare insurance coverage varies from one province to another, but your health card will generally be accepted across the country. Nevertheless, travel insurance is still a good idea to fill in any coverage gaps like air ambulance in the case of illness or an accident.
2. See Canada first
   Tourists come from all over the world to see our country, but many of us are looking for “exotic experiences” elsewhere. The fact is that every region in Canada has its own unique attractions. Unless you have seen the snow-capped Rockies, skated on the canal in Ottawa or visited Peggy’s Cove you cannot fully appreciate the beauty of this diverse country and how well it compares with foreign destinations.
3. They speak your language(s)
   Travelling in Canada can be so much less complicated than going to Europe or Asia because you don’t have to worry about making yourself understood. Even if you decide to visit Quebec, most of us studied some French in school and can get by. And if Air Canada loses your luggage or you need to see a doctor for an unexpected ailment, you will be able to explain the problem without the benefit of an interpreter.
4. Spend Canadian dollars
   In January of this year, the Canadian dollar sunk to new lows. It has bounced up and down since then, but the fact is if you have to exchange it for U.S. dollars or euros to pay for a trip, it’s going to cost you a lot more than a few years ago. It’s a great time to see your country and support our economy.
5. Meet great people
   Whether they live north, south, east or west, your Canadian neighbours are great people. They will go out of their way to show you around, invite you into their homes and make sure you have a terrific visit. With few exceptions, you can feel confident that whether you travel alone, with a companion or as part of a family you are vacationing in a safe, welcoming place.
6. Festivals and special events
   Theatre, music, comedy, film and literary festivals abound. Whatever you are interested in, you can time your visit to catch concerts and live performances. Here is a listing of the top ten summer music festivals in Saskatchewan, but from the Symphony Splash in Victoria B.C. to the Stratford Shakespearean Festival in Ontario to the Shelbourne County Lobster Festival in Nova Scotia there are hundreds of local events across the country you can plan your vacation around.
7. The great outdoors
   Frequently whether we travel at home or overseas, we just fly from one city to the next. But there are about 2.6 million lakes and 5 mountainous ecozones in Canada. To really see the country, get into your car and drive in any direction. Whether in a tent, yurt, airstream, pod, igloo, hut, villa, cabin, cube, teepee or treehouse, camping or glamping (upscale camping) are excellent ways to experience the great outdoors.
8. Multi-cultural cites
   Canada recently welcomed over 25,000 Syrian refugees. That is in addition to the thousands and thousands of immigrants and refugees from all over the world who have found a home here over the last 149 years. As a result, you can sample the cuisine and experience the culture of their homeland right around the block or down the street. Within walking distance of my house in Toronto I can eat Chinese, Indian, Iranian, Japanese, Hungarian, Korean, and Greek cuisine and then head over to a Jewish delicatessen.

******

Do you have a Canadian vacation planned this summer? Send us your favourite pictures with a short paragraph telling us where you went and describing the high points. With your permission, we’d love to share your images and your story.

By Sheryl Smolkin

Last year when I wrote about the buy vs. rent dilemma which most of us have confronted at some stage of our life, the five questions I suggested that readers consider were:

1. How big is your down payment?
2. How much house can you afford?
3. Is your job secure?
4. What are your family plans?
5. What if interest rates go up?

All of those things are still important, but in the last year dramatic changes in both the Saskatchewan and Alberta rental and housing markets due to the drop in the price of oil may influence your decision.

For example, a report released at the end of last year from the real estate company Re Max says house prices in Regina and Saskatoon have dipped compared to a year ago because there are more properties on the market.

In Saskatoon a recent flurry of construction activity “has created market conditions modestly favoring the buyer,” the report says. “Currently, there are four months of inventory on the market and inventory is expected to increase as more of these new builds come to market next year.” The study also notes that the average sale price for a home in Saskatoon was $361,000 last year. However, by December 2015 it was $354,000 — a two percent drop.

Moreover, the report found similar market conditions in Regina, where there has been a lot of new construction taking place. “High inventory kept Regina in a buyer’s market throughout 2015,” the report says. Prices also dipped in Regina, by about three percent compared to 2014. An average Regina home was $329,000 last year and that figure has now dropped down to $320,000. For 2016, Re Max predicts that in both cities average prices will likely remain the same as for the previous year.

Recently interviewed on Breakfast TV Calgary, blogger Bridget Eastgaard said, “Assuming house prices stay down as long as oil prices remain low and layoffs continue to happen [in Calgary] which is unfortunate, it will give you more time to save and invest so you can accumulate the down payment you need to get the house you want.”

With Saskatchewan experiencing a similar downturn, her advice will also resonate with savewithspp.com readers. “If you are uncertain about your own job security now is a good time to wait it out and see what happens in the next year,” Eastgaard said.

Fortunately, if you do opt to continue renting in the short or long-term, the Saskatoon Landlord Association says it’s a tenant’s market with vacancy rates doubling in the city over the last year. According to the Canada Mortgage and Housing Corporation, the vacancy rate went from 3.4% to 6.5% from October 2014 to October 2015. Chandra Lockhart, executive officer with the landlord association attributes this glut in rental properties to the large number of new, unsold houses and condominiums that have been flipped into rentals.

That means renters have lots of leverage Eastgaard says. “You can pick and choose. You also have the bargaining chips to negotiate perks like parking spaces, utilities included or even ask for the first month rent free.”

So how do you decide?

If you have already saved a 10% or 15% down payment, it may be an ideal time to buy your first home or trade up. But if you are not quite ready, don’t be in a rush. Lots of great rental stock means you can find a nice place to live and you don’t have to worry that you will be priced out of the market in the immediate future.

 

By Sheryl Smolkin

While most (94%) Canadians aged 55 to 75 ‘agree’ that they would ‘like to have guaranteed income for life’ when they retire, a new Ipsos poll* conducted on behalf of RBC Insurance finds that just two in ten (22%) Canadians agree that ‘Canadian public pension plans (such as CPP/QPP/OAS) will provide enough retirement income’ for them. In fact, most (78%) disagree that these pension plans will suffice.

It’s no surprise then that six in ten ‘agree’ that they’re ‘worried about outliving their retirement savings’, while four in ten ‘disagree’ that they’re worried. Women (66%) are considerably more likely than men (50%) to be worried about outliving their savings, as are those aged 55 to 64 (62%) compared to those aged 65 to 75 (52%).

Atlantic Canadians (67%) are most worried about outliving their retirement savings, followed by those in Ontario (63%), Alberta (60%), Quebec (59%), Saskatchewan and Manitoba (58%) and finally British Columbia (41%).

One way of supplementing retirement income is through the use of an annuity, but many Canadians aged 55 to 75 appear in the dark about what an annuity is and how it might help them. In fact, six in ten say ‘that they ‘don’t know much about annuities’, while four in ten disagree that they lack knowledge in this area.

Women (71%) are significantly more likely than men (51%) to say they don’t know much about annuities, as are those aged 55 to 64 (66%) compared to those aged 65 to 75 (55%). Albertans (75%) are most likely to admit they don’t know much about annuities, followed by those living in Saskatchewan and Manitoba (71%).

Responses to this quiz also confirm that many Canadians lack fundamental knowledge about annuities. Just 55% of Canadians were able to answer more than half of the questions correctly, and only 6% got all six questions right. British Columbians (62%) were most likely to pass the test, followed by those in Quebec (57%), Ontario (54%), Atlantic Canada (53%), Alberta (52%) and finally Saskatchewan and Manitoba (49%).

• Just four in ten believe that it is true that they need a licensed insurance advisor to buy an annuity. In contrast, six in ten believe this is false – when in fact, it is true.
• Seven in ten correctly believe it’s true that there are potential tax savings to investing in annuities, while 29% incorrectly believe this to be false.
• Half incorrectly believe it’s true that annuities last for a specific period of time, while the other half believes this is false, which is the correct answer.
• Seven in ten correctly believe it’s true that annuities can provide guaranteed income for life, while three in ten incorrectly believe this to be false.
• Half think it’s true that annuities are not a good investment during low interest rate environments, while the other half correctly believes this to be false.
• Three quarters correctly believe it’s true that they can invest in an annuity using their RRSP and/or RRIF savings, while 27% incorrectly think this is false.

Despite the majority being uneasy about their retirement savings, just one in three agrees that they are exploring or considering annuities as part of their retirement plan, while most (65%) are not. One quarter say they have an annuity.

Members of the Saskatchewan Pension Plan can opt at retirement to receive an annuity payable for life. Life only, refund and joint survivor annuities are available.

*These are some of the findings of an Ipsos poll conducted between August 7 to 14, 2015 on behalf of RBC Insurance. For this survey, a sample of 1,000 Canadians aged 55 to 75 from Ipsos’ Canadian online panel was interviewed online.