FINANCIAL GURUS FINANCIALLY ILLITERATE ABOUT SINGLES’ FINANCES

Posted on January 27, 2016 by ffswpadmin

FINANCIAL GURUS FINANCIALLY ILLITERATE ABOUT SINGLES’ FINANCES

(These thoughts are purely the blunt, no nonsense personal opinions of the author and are not intended to be used as personal or financial advice.)

In the definition of family, for example Canada Revenue Agency, ‘ever’ singles and early in life divorced/separated persons are included in the definition of family, but in financial discussions by financial gurus they are often ‘kicked out’ of the family.

Financial gurus are often financially illiterate and discriminatory in the financial affairs of singles. The most often egregious examples of this is the exclusion of ‘ever’ singles and early in life divorced/separated persons from their blogs and studies. The following three examples are used as a basis for this post.

Example #1

(false-assumptions-four-ways-seniors-singles-lose) The December 2, 2015 post “False Assumptions of Article ‘Four Ways Senior Singles Lose Out’” talks about false assumptions and false categorization of singles by Ted Rechtshaffen’s October 13, 2012 article “Four Ways Senior Singles Lose Out”. In this article he states how widowed persons financially lose out in tens of thousands of dollars because they are no longer part of a couple. He suggests that tax systems should be made fairer for only widowed and later in life divorced/separated persons. ‘Ever’ singles and early in life divorced/separated persons were left out by exclusion because definition of single status was incorrectly used. (Ted Rechtshaffen is president and wealth advisor at TriDelta Financial, a boutique wealth management and planning firm) (http://www.tridelta.ca/)

Example #2

(thebluntbeancounter) The Blunt Bean Counter blog by Mark Goodfield article “The Burden of Singledom” May 6, 2014 is a response to a single person who stated his blog series on retirement was no help and was indeed obscene (this was stated in his blog) to her as a single person. He is a Chartered Professional Accountant who readily admits that his blog is for everyone, but in particular high net worth individuals and owners of private corporations. He states that the target audience was not singles or low income Canadians for the retirement series. There is no problem with this statement; however, he asked Rona Birenbaum to do a guest post, a well-known and often quoted financial planner who also typically deals with high net worth clients. Her article, ‘The Burden of Singledom’ again gave no meaningful advice beyond what is already known by singles.

Example #3

Dr. Jack Mintz is the President’s Fellow of the School of Public Policy at the University of Calgary. Jack Mintz and Philip Bazel published an article in February 2014 called “Income Adequacy among Canadian Seniors: Helping Singles Most” (policyschool.ucalgary)

In the article the following statements are made:

‘Policies should be directed at these most vulnerable single seniors, such as enhancements to the GIS top-up program targeted at those seniors with the lowest incomes, and increased survivor-benefit rates under the Canada Pension Plan.’

’When the income inadequacy of singles and married couples is evaluated using LICO (Low Income Cut-Off), we find a significantly higher incidence of elderly singles with income under $20,000 below the LICO threshold (52.6 percent) when compared with the LICO incidence of elderly households containing a married couple below $40,000 (15.7 per cent for households containing a couple with one elderly, and 6.3 per cent for households containing a couple with two elderly)’.

Such a statement shows financial illiteracy to the finances realities of senior singles as it costs them 70 per cent of what it costs a married/couple persons to live as a single unit. A better alternative would be to forget the marital manna benefits directed to survivors or widowed persons and treat all senior singles whether they are ‘ever’ singles, divorced/separated or widowed persons as equals with top-ups equal to 70 percent of married/coupled person units. The 52.6 per cent for singles versus 15.7 and 6.3 per cent for married persons mentioned in above quote shows an enormous spread between the two and is proof of this. Financially, while in a coupled state, widowed persons appear to have a pretty good quality of life while singles below LICO appear to never have an equivalent quality of life.

(Many low income singles do not have close family members to live with and when they are forced to cohabitate in non-family situations, they often live in undesirable situations such as other household members stealing food, etc., “Social Housing Waitlists and the One Person Households in Ontario”) (to-rent-or-own-affordable-housing-that-is-the-question)

Seniors living with family is an expense to the family unit. However, senior singles living on their own have to incur not only 100% of the living costs, but also 70% of the costs of married/coupled persons as a single unit.

Financial gurus state that 70 per cent replacement of pre-retirement income is the standard norm for retirement. Statistics Canada analysis has found that gross replacement rates vary by income but typically is about 70 percent. People in the lowest 20 percent income quintile have replacement rates of 100 percent, implying their real standard of living actually rises after retirement. However, the real truth common sense evaluation of these findings show that married/coupled people financially benefit more than singles and divorced/separated persons. A higher income level for the low income single person is still a low level income. Financial gurus seem to think that when Canadians have an equal or greater income during retirement than while they are working, that is okay. Try telling that to low income Canadian ‘ever’ singles and early in life divorced/separate persons who have not received the same benefits and are unable to save at the same rate as families or married/coupled persons during their working lives and, therefore, have lower retirement income.

(senior-singles-pay-more-part-4-of-4-response-to-reader-letters) An example of retired ‘ever’ singles and early in life divorced/separated singles receiving less is the December 22, 2015 blog “Senior Singles Pay More, Part 4 of 4” showing that in a targeted tax relief program single seniors pay no tax on up $20,360 income, while married/coupled seniors pay no tax on up to $40,720 income. (It costs more for singles to live person to person that it does for married/coupled persons. This program barely covers the rent for a senior single, but allows married/couple senior to live a much better financial lifestyle). A further example is the 10 per cent increase of the GIS (Guaranteed Income Supplement) for low income single seniors in the 2015 budget. One person has indicated that this has amounted to an increase of only $17 per month.

Conclusion

Financial gurus like Chartered Professional Accountants, writers of blogs, members of think tanks and financial planners need to educate themselves and include all singles in their discussions, not just widowed persons and later in life divorced/separated singles.
Financial gurus need to insure singles of all types are given fair and equal financial status in financial formulas and decision making.
Financial gurus need to become educated on what it truly costs ‘ever’ singles and early in life divorced/separated persons to live. It costs these persons 70 percent of what it costs married/coupled persons to live as a unit. These extra living costs need to be included in financial formulas and financial decision making.

The blog posted here is of a general nature about financial discrimination of individuals/singles. It is not intended to provide personal or financial advice.

TO RENT OR OWN AFFORDABLE HOUSING – THAT IS THE QUESTION

Posted on January 10, 2016 by ffswpadmin

TO RENT OR OWN AFFORDABLE HOUSING -THAT IS THE QUESTION

These thoughts are purely the blunt, no nonsense personal opinions of the author and are not intended to provide personal or financial advice.

This post will discuss whether renting or affordable housing are good housing options for single and low income persons.

RENTING AS VIABLE OPTION FOR LANDLORDS AND RENTERS

Rental costs from landlord perspective: A review of financial information shows that in order to generate a 5% annual return on a $250,000 rental property with no mortgage costs, the expenses incurred will be as follows:

What Landlords think they need to make renting their spaces a revenue generating business at 5 percent profit in the Calgary market:

rent charged (2 bedrooms) $12,500

condo fees ($325 X 12) $ 3,900

PT taxes $ 1,500

upkeep (paint, carpet, etc.) $ 1,200

extra cost of wear (kids/pets) $ 1,200

TOTAL RENT PER MONTH $20,300 divided by 12 months = $1,700

This does not include costs associated with loss of income when property is vacant, cost of major upkeep such as replacing appliances, cupboards every 5 to ten years, damages incurred from kids and pets, eviction costs, insurance, etc.

Arguments for and against high rental costs from perspective of landlords and renters

A review of an online article “Calgary Landlords war against the poor?” (landlords) shows pro and con comments on why landlords think they need to charge the present rental amounts and why poor are left out because they cannot afford to pay the present high rental amounts. Arguments are also made as to whether or not mortgage payments should be included in the rental costs; if included, then even higher rents need to be collected.

Comments on the side of the poor and low income include:

‘So then I ask you, where are these people supposed to go? No offense, but the “it’s just business, nothing personal” should have no place when talking about human lives.’
‘Gouging is a very common competent of a working free-market. The right (Conservative and like) just don’t want to admit they’re are (…..) for doing it. It is not about right or wrong. The difference between a renter and a landlord is that the landlord has assets. So even if you are living in a home and renting a condo, having to shell out money for repairs doesn’t exactly cost you as much (in the long run) as it would a long term renter. Because eventually you can sell that property and retire in comfort. It is very hard for a person who is just starting out with nothing to build themselves up to your level It is not that we don’t want to be there, it is just that there may not be as much opportunity for us so called “low-lives” as one may think. So when your entire income goes to shelter, food and clothing, there is not much left to save for any sort of down payment on anything…’
‘You are already making money by charging a tenant the mortgage, the land tax and the insurance. The mortgage part is already profit. An accumulated investment Beyond that, maybe a little more, is gouging. These people can’t see that is wrong. If they could charge a million dollars a month they would.’

One of the last reader comments submitted was the following (it is interesting to note that this comment pretty much shut up any further comments being made):

‘When, by gouging people for the necessities of life such as food and shelter, you contribute to the cost of living being higher than a working person can afford. You force me as a taxpayer in a rather high tax bracket, I might add ,to pay for the subsidization required to keep these people from starving or being out on the street or alternatively imprisonment when they steal to live, or more cops to maintain social order with a starving underclass. I’m tired of deadbeat free-riders trying to shuffle the externalities of their greed onto me. It is time for some controls being placed on the ability of landlords to raise rents. Rental increases being limited to 5% or double to rate of inflation annually, whichever is lower, seems reasonable to me.

Some comments suggested that most people should stay away from the landlord game as it is not a profitable business for the lighthearted.

Landlord profile and Financial Planner Advice

Financial profile of a married couple is as follows: Calgary Herald, December 12, 2015 (and Edmonton Journal) Financial Post “Oil Crash Forces Fix for Couple” (edmonton-journal)

This summary is about Gary, 60 and Wendy, 67, an Alberta couple who grew prosperous with Gary’s work as a petrochemical engineer often earning as much as $200,000 a year doing consulting. However, his work is now history as a casualty of collapsed oil prices. Wendy worked as an administrative assistant earning $24,000 a year before she retired in 1990 (well before age 65, by the way). Their income at the present time is $2,175 a month and is $3,240 less than their total monthly expenses of $5,415. (Part of their income is $590 after expenses from their two rental properties.) They say they need to know if they can survive. The article does mention one child is renting one of their rental properties.

Their net worth is $1,867,238. Their assets include residence $550,000, rental property #1, $460,000, and rental property #2 $430,000. Their investments include Registered Retirement Savings Plan $132,616, USA 401K in Canadian dollars $250,000, Tax Free Savings Account $39,334, non-registered savings/GICs $174,288 and two cars $17,000. Their total liabilities are two mortgages of $186,000 on rental properties.

The profile states the largest problem is that the couple’s income properties, which make up 60 per cent of their invested assets, produce little cash flow. One unit is rented to the couple’s son and its $1,150 monthly rent is below market values. Their other rental property generates $1,300 a month before expenses.

The financial planner makes the argument: ‘When Gary generated an income of $200,000 a year or more, they could afford to ignore investments, rent properties below market value and spend freely’. The financial planner’s recommendation is get rid of money losing rental property, cut expenses and reallocate assets to cut investment costs. It doesn’t seem to matter to the financial planner that this couple has acquired huge financial assets in their rental properties ($700,000+ value).

Conclusions about Renting

Renting income properties from landlord’s perspective is that this is a business and needs to generate a profit even when renting to singles (son in above example)and the poor (many of whom cannot afford $1,700 for rent). In other words, the goal of financial Utopia in a land of ‘milk and honey’ (Alberta) will never be achieved by the landlord with reasonable rents and certainly not by singles and the poor who are renting. Maslow’s Hierarchy of Needs principle for singles and the poor will also be violated when basic needs of shelter as well as food and clothing will not be realized.

UNAFFORDABLE RENT = VIOLATION OF “MASLOW’S HIERARCHY OF NEEDS” PRINCIPLE

For landlords and families who think singles and low income persons deserve only a single room‘ or ‘should live with someone’ they should read the January, 2009 study “Social Housing Waitlists and the One Person Households in Ontario” (cprn.org) on what it is like to live in these housing circumstances. An excerpt from this study reads as follows:

‘many households turn to shelters or make do with what they are able to find in the private market, often spending more than 50% of their income on rent. The focus of this study is one-person households under the age of 65 who make up approximately 40% of the applicants on Ontario social housing wait lists. This cohort has the longest wait times. How does this demographic cope during these waiting periods? What are their housing experiences? ‘

AFFORDABLE HOUSING AS VIABLE OPTION FOR SINGLES AND LOW-INCOME

From “Upside-Down Finances re Housing for Singles and Low Income – Part 1 of 3”, November 13, 2015 post (upside-down-affordable-housing), one example of housing shows condos presently being sold as follows: 1 bed, 1 bath, 1 patio micro-condo of 552 sq. ft. with starting price of $299,900 and $543 per square foot.. Two patio, 3 bed, 2.5 bath, 2 and 3 story 1830 sq. ft. condos priced from $649,900 to $749,900.start at $355 per square foot.

Singles and single parent with children are more likely to buy one bedroom housing. Ripple effects are owners of micro-condos have to proportionately pay more house taxes, education taxes, mortgage interest and real estate fees on less house and less take home pay since these fees are based on price of property, not square footage of the property. When it is sold, will seller recoup buying price?

Financial world for singles and low income continues to be completely flipped upside-down and turned topsy-turvy for housing while the rich and middle-income families pay less and get more.

COMBINATION SINK AND TOILET IN TINY SPACE

As in many parts of the world, parts of Canada are heading for a crisis in affordable housing. Different solutions have been proposed to avert this crisis. One is Attainable Housing, (attainyourhome), for example in Calgary, which allows maximum household income of $90,000 for single and dual/parent families with dependent children living in the home and maximum household income of $80,000 for singles and couples without dependent children living in the home. While this method allows singles and low income to enter the housing market with a low down payment, it does not alleviate the problem of insane upside-down pricing of housing as outlined in the example shown above. Another solution that has been proposed is an affordable housing action plan of inclusionary zoning where a certain percentage of new housing units built would be social and community housing partly funded by government programs, and a certain percentage of new housing units would be affordable rental or ownership housing units built by the private sector. However, developers and the housing associations will argue this will not work (as only new purchasers will be participating) and neighbors continue to have a “not in my backyard” mentality (NIMBY). Tiny house NIMBY mentality also extends to homeowners who don’t want tiny houses near their properties.

Calgary Herald “‘Nothing new’ from housing collective” article, December 16, 2015 (calgaryherald) is a 46 – page document – 18 months in the making – and calls on homeless and housing organizations, the development industry and governments to ‘work together differently’ for at least two years, developing ‘Calgary-based solutions with blueprints for action’ and providing support as required. The mayor, in addition to other parties, is disappointed at how long study has taken and states that ‘time for talk’ is over.

Conclusions about Affordable Housing

There is no affordable housing for singles and low income persons when they are forced to pay more for less space with less income than the rich and middle-class families. Inaction and NIMBY continues to be prevailing principle for Affordable Housing.

Conclusion overall for Renting and Affordable Housing for Singles and Low Income

Options for both renting and affordable housing continues to become more and more out of reach for singles and low income.

So, when both renting and affordable housing are out of reach for singles and low income persons, just what are they to do?

“Eggleton: Canada needs more affordable housing” September 20, 2015 (eggleton) article in the Ottawa Citizen states:

‘I think we all understand intuitively the importance of having decent shelter. A home anchors a person, anchors a family. It provides a foundation for people to move forward toward greater stability in the workplace or higher educational attainment. Health experts also tell us that adequate housing is a key determinant of health and long-term health outcomes’.

This blog is of a general nature about financial discrimination of individuals/singles. It is not intended to provide personal or financial advice.

COUNTRY SHOCKED BY VETERANS HOMELESSNESS

Posted on January 7, 2016 by ffswpadmin

COUNTRY SHOCKED BY VETERANS HOMELESSNESS

(These thoughts are purely the blunt, no nonsense personal opinions of the author and are not intended to provide personal or financial advice.)

March, 2015 study has revealed that approximately 2,250 veterans are homeless.or about 2.7 per cent of the total homeless population (homeless-veterans). There is shock that there are homeless veterans and it took five years to track the data. Average age of homeless veterans is 52 years of age compared to 37 years of age for general homeless population. Review of online information reveals that many veterans joined armed forces because of lack of jobs as in Atlantic Canada, and then come back to again no jobs. Age in fifties also makes it more difficult to integrate back into civilian life. Many of these homeless are single or if married/ partnered suffer broken marriages/partnerships because of the mental stresses of service.

Why should this be shocking when 300,000 Canadian persons or families are waiting for affordable housing ? In addition immigrants are brought into country, given temporary free housing and jobs adding further insult to injury. (In recent news immigrant family,while travelling to Jamaica, found their Canadian-born child is on a ‘no fly’ list – so what is this, immigrant family wealthy enough to have a nice little vacation while Canadian-born persons are homeless or waiting affordable housing?)

The mentality of government, decision makers, businesses and families in this country is to serve only the rich and middle class families while ignoring singles, low income and no income individuals and families. When reading or listening to articles on housing for families, families will always talk about how important their housing is for them in regards to entertaining and maintaining close ties to friends and families. They talk about how their ‘hearts are eternally and inexplicably changed’ when bearing their children, but same hearts appear to become ‘hearts of stone’ when these same children become adult singles, low income or no income persons and families. The greed of business decisions takes over from family values and these disadvantaged persons are tossed out or are considered less important or non-existant in financial formulas and decision-making processes.

Housing is just one example. Those with the money and decision making powers continue the NIMBY mentality where they do not want to see tiny houses or condos in their precious spaces. When tiny condos are built, for example 200 square feet, the purchasers of these spaces are often forced to pay more on less square foot living space and less take-home income than families paying for houses (thus violating Maslow’s Hierarchy of Needs (Maslow%27s_hierarchy_of_needs). One example is a complex in Calgary where the 532 square foot condo is $299,900 or $543 per square foot, and the 1830 square foot condo begins at $649,900 or $355 per square foot. The higher cost per square foot means that tiny space purchasers also will pay proportionately more real estate fees, education fees, house taxes and mortgage interest payments because all these fees are based on the cost of the housing, not square footage. (See November 13,2015 post “Upside Down Finances re Housing for Singles and Low Income” – how is this any different than loan sharking or payday loans?)

Calgary Herald December 16, 2015 article “Nothing New from housing collective” (housing-affordability) (a study going on for 14 months) states:

’Mayor Naheed Nenshi says he’s unhappy with the city’s Community Housing Affordability Collective strategy, but hopeful it’s members now understand the ‘time for talk is over.’

Talk, talk, talk, and study after study without action is just meaningless rhetoric. In this so called democratic, civilized country all persons, whether they are immigrants or Canadian-born, single or married, male or female, low income or no income deserve the same financial dignity and respect such as being included in financial formulas. All individuals deserve a living wage job and a place to live in just like the rich and middle class families.

(This blog is of a general nature about financial discrimination of individuals/singles. It is not intended to provide personal or financial advice).

NEW YEAR’S RESOLUTIONS (FINANCIAL) FOR SINGLES

Posted on January 1, 2016 by ffswpadmin

NEW YEAR’S RESOLUTIONS (FINANCIAL) FOR SINGLES

I resolve to contact my members of government, policy and decision makers and educate them about the financial discrimination of singles.
I resolve to question fees when married/coupled persons (adult to adult) are paying less person to person for two adults than for one adult. (Example: gym memberships when married/coupled persons pay less per person than single persons. It is recognized that children are expensive to raise and, therefore, fees for the children may be free. However, it is financially discriminatory to charge a single adult and a divorced/separated adult with and without children more, adult to adult, than married/coupled adults.)
I resolve to contact my members of government, policy and decision makers and insist that singles (ever) and divorced/separated individuals need to be included in financial formulas, not just married/coupled persons and widowers.

_________________________________________ _____________________

Name Date

SENIOR SINGLES PAY MORE – PART 2 OF 4

Posted on December 9, 2015 by ffswpadmin

FINANCIAL FAIRNESS FOR SENIOR SINGLES NOT PART OF PLAN

(These thoughts are purely the blunt, no nonsense personal opinions of the author and are not intended to be used as personal or financial advice).

This article was published in a local newspaper on August 19, 2015. The Conservative Party was in power federally at the time. In the October, 2015 federal elections the Conservatives were ousted by the Liberal Party. Proper names have been removed.)

In the midst of a Federal Election the financial rhetoric continues. The Conservative Member of Parliament, Wildrose, in his latest mailbox flyer, states that Conservatives have been committed to helping provide Canadian seniors with a secure and dignified retirement. The reality is that married/partnered people stand to gain much more from the Conservative Action Plan 2015 and other Conservative financial initiatives than individual/single seniors.

First, increases in the contribution limits of the TFSA account favors married/partnered people as the contribution limit per person is doubled. (The doubling of the TFSA was rescinded by the Liberals when they came into power in the October, 2015 federal election).

Second, pension splitting benefits applies only to married/couple people, not singles.

Third, the Age Credit benefits initiative increased by an amount of approximately $1,000. This benefit is incrementally reduced by 15% of net income exceeding approximately $35,000 and is eliminated when net income exceeds approximately $80,000. Any unused portion of the Age Credit can be transferred to the individual’s spouse or common-law partner. Comparable benefit of unused portion to individuals/singles without a spouse/common-law partner is zero.

Fourth, in the targeted tax relief benefits a senior couple can earn $40,720 without paying income tax (marital manna benefit), while a single senior can only earn $20,360 before paying income tax.

Fifth, Allowance for people ages 60 to 64 benefits are available to the spouses or common-law partners of GIS recipients. The spouse, age 60 to 64, of a senior with a single income of less than $31,584 may receive an allowance of $1,070.60 per month. This is an additional $12,000 per year. Furthermore, this benefit may also be available to immigrant married/coupled people who have been in the country for only ten years. Canadian-born and immigrant individuals/singles have nothing comparable to this benefit.

These are just a few of many more examples.

The following tables showing the income and net worth/wealth of unattached individuals versus families of two or more have been taken from MoneySense, The All-Canadian Wealth Test, January 2015 (moneysense) (based on Statistics Canada 2011 data)

____________________________________________________________________

INCOME TABLE

______________________________________________________________________________

INCOME

HOW DOES YOUR PAY STACK UP

_____________________________________________________________________

Quintiles Unattached Individuals Families of Two or More

Bottom 20% $0 to $18,717 $0 to $38,754

Lower-Middle 20% $18,718 to $23,356 $38,755 to $61,928

Middle 20% $23,357 to $36,859 $61,929 to $88,074

Upper-Middle 20% $36,860 to $55,498 $88,075 to $125,009

Highest 20% $55,499 and up $125,010 and up

______________________________________________________________________________

NET WORTH TABLE

____________________________________________________________________

NET WORTH

ARE YOU RICH?

______________________________________________________________________________

Quintiles Unattached Individuals Families of Two or More

Bottom 20% Negative to $2,468 Negative to $67,970

Lower-Middle 20% $2,469 to $19,264 $67,971 to $263,656

Middle 20% $19,265 to $128,087 $263,657 to $589,686

Upper-Middle 20% $128,088 to $455,876 $589,687 to $1,139,488

Highest 20% $455,877 and over $1,139,489 and up

______________________________________________________________________________

An individual/single person who has an income of more than $55,000 is considered to be in the top 20% ‘wealthy’ category, but has great difficulty living a ‘wealthy’ lifestyle on $55,000 especially if they have a mortgage or need to pay rent in their senior years (meanwhile wealthy family income is $125,000 and up). Women between ages 45 and 64 earn on average $23,000 less than men.

What is even more revealing is the net worth of unattached individuals compared to families of two or more. The MoneySense article makes the following comments:

“The collective net worth of the lowest 40% of individuals wouldn’t match the poorest 20% of families. Families can build wealth faster than individuals because they can pool resources, which enables them to pay down debts faster and make larger purchases. And what a difference it makes: between ages 55 and 65, families are worth, on average, a whopping $670,000 more than unattached individuals in the same age group”.

(It should be noted that the net worth is probably even higher for families of two or more, since it appears that single parents with children are included in families of two or more statistics. Single and divorced/separated parents of children, especially if younger in age, should excluded from families of two or more and placed into their own category for more accurate statistics -added January 20, 2016).

It is always prudent to have more than one source for verification of facts, so here are another two.

The “Current State of Canadian Family Finances 2013-2014” report by the Vanier Institute of the Family vanierinstitute.ca states that

“between 1999 and 2012 the net worth of families advanced more than it did for unattached individuals”.

The 2009 “Report of the National Seniors Council on Low Income Among Seniors” (seniorscouncil) states that:

“between 1980 and 2006, the unattached have the highest incidence of low income of any group, with 15.5 percent of unattached seniors living below LICO in 2006, a rate 11 times higher than that of senior couples (1.4 per cent)”.

So how can married/coupled people continue to demand more financial benefits? How can governments continue to increase the financial means of married/coupled people at the expense of unattached individuals/singles? And, how expensive is it really to raise children when families can achieve so much more net worth than singles? Financial fairness requires balance and elimination of unfair benefits such as income/pension splitting and ability to transfer credits from one spouse to another.

The Conservative MP claims to “stand up for Canada’s seniors who have helped make Canada the strong and prosperous country it is today”. However, this holds true more for married/coupled people in Canada than it does for individuals/singles. In his flyer, the Conservative MP wants feedback on the question “Am I on the right track to deliver support to seniors?” For senior individuals/singles the answer is a resounding and unequivocal “NO”.

Individuals/singles need to stand up, speak out and make facts such as the above known to their members of Parliament, those with decision-making power, and families. Individuals/singles need to decide which political parties are detrimental to their financial health and vote for the party which best meets their financial needs in the Federal election. They need to demand financial sensibility and equality. Financial discrimination of one segment of the population over another is a blatant violation of human rights and civil rights.

(This blog is of a general nature about financial discrimination of individuals/singles It is not intended to provide personal or financial advice.)

FINANCIAL DISCRIMINATION OF SINGLES MUST END

Posted on November 26, 2015 by ffswpadmin

These thoughts are purely the blunt, no nonsense personal opinions of the author and are not intended to be used as personal or financial advice.

FINANCIAL DISCRIMINATION OF SINGLES MUST END

(This article was originally published in a local newspaper prior to the May 5, 2015 Alberta provincial election. The ruling Progressive Conservative Party had been in power for over forty years and was ousted by the New Democratic Party on May 5, 2015)

So it is election time again. And Premier Prentice has outlined a ten year budget plan for which he is seeking voter approval. He has repeatedly stated that in order to maintain the Alberta Advantage there will be a small 1% increase in the provincial flat tax rate and no increases in corporate taxes.

Also, with one hand the PCs will be taking away an additional 1% flat tax from all Albertans and with the other hand giving tax breaks back to only Alberta working families (new supplement for families with income under $41,220 and increase of the family employment tax credit by $346-$736 per year). Individuals have been excluded from the family manna benefits. The Federal PCs have also given additional benefits to families including income splitting even though this has been shown repeatedly over and over again to benefit high-income families the most while excluding low-income, equal-income families and individuals with and without children.

In his handout, “The Prentice Plan – Choose Alberta’s Future” Prentice talks about building a future for all Albertans, but only speaks to Alberta’s working families.

(Preference here is given to the word ‘individual’ rather than ‘single’ as the word ‘single’ implies negativity simply because the societal perception is that if he/she has not yet achieved the Nirvana state of being married/partnered/widowed/divorced/separated, he/she is less of a whole person).

Individuals/singles are never mentioned in the financial formulas or political statements. In fact, they are given ‘non person’ status. Surely Nellie McClung must be turning in her grave.

Young individuals not yet married/partnered today are faced with the grim prospects of high student loan debt, low wages when starting their employment, and paying more taxes than families.

Just one example of gross financial discrimination of individuals is where individuals are forced to overpay three times for pensions. One, they pay more taxes while contributing to pension plans; two, they are forced to support the survivor manna benefits which coupled/partnered people have not paid more for; and three, on retirement they pay more taxes than coupled/partnered people, plus get less pension because they can’t pension split. The mantra for individuals is pay more, get less, pay more, get less, and pay more, get less.

Regarding the status of individuals (especially ever singles) it is a well-established fact that individuals on their own who do not own a house require 70 to 75% of a married/partnered income to maintain a reasonable standard of living. If they own a house, then 60% to 65% of a married/partnered income is required.

It stands to reason the basic personal exemptions for individuals should be at least 60% to 70% of the combined personal exemptions for a couple.

In a stunning, eye-opening report “The Alberta Disadvantage: Gender, Taxation and Income Inequality http://www.parklandinstitute.ca/the_alberta_disadvantage by Kathleen A. Lahey soundly chastises the Alberta flat tax system for:

‘especially adversely affecting women, shifting disproportionate amounts of the provincial annual tax share to women and low income men in order to fund breaks for corporations and high income individuals’. Furthermore, ‘racialization and aboriginal heritage form further barriers to economic equality.’

Could we, please, also add financial discrimination of singles?

Alberta’s Liberals have stated gender inequality needs to change, but don’t say how change will be achieved.

And apparently Prentice prefers the recommendations of the Fraser Institute on the flat tax system.

If one carefully reviews the recommendations for a flat tax system (Alvin Rabushka and Niels Veldhuis) fraserinstitute.org/studies/-the-case-for-flat-tax-reform versus a progressive tax system (Lahey), both systems call for fairness and equity and elimination of most tax credits, deductions, exemptions and benefits; in other words

“repeal the transferability of the large dependent spouse/partner tax exemption credits and all other transferable exemption credits”.

Both systems have a personal allowance or exemption-an amount all individuals are allowed to earn tax free. Both systems state that present tax systems fail to ensure that individuals and households with similar incomes face similar tax burdens. Proponents of each system state there would be more than enough revenue generated to support infrastructure and government programs. Inequalities would be addressed with changes only to the basic personal exemption with no further tax exemptions or benefits required.

Lahey states that Alberta must enforce women’s rights and the Alberta Human Rights Account to achieve genuine economic equality. She also advocates for a living wage and subsidized, registered childcare and elder care programs. (Lahey’s entire report should be required reading for all politicians, think tank persons and those who believe basic human rights are not being violated by present tax systems, Canadian or provincial).

In our so called civilized country and province which political party (far right, far left or middle of the road as Prentice states he is) will step up to the plate and ensure financial equality and respect for all Canadians and Albertans based on gender equality, and without regard to marital status and family composition, not just high-income families?

Get out and vote! Individuals and singles of all ages, talk to your Member of Parliament about financial discrimination of singles!

The blog posted here is of a general nature about financial discrimination of individuals/singles. It is not intended to provide personal or financial advice.

UPSIDE DOWN FINANCES RE HOUSING FOR SINGLES AND LOW INCOME – PART 3 OF 3

Posted on November 21, 2015 by ffswpadmin

UPSIDE DOWN FINANCES RE HOUSING FOR SINGLES AND LOW INCOME- PART 3 of 3 LOST DOLLAR VALUE LIST AND PSYCHOLOGICAL IMPACT

These thoughts are purely the blunt, no nonsense personal opinions of the author and are not intended to be used as personal or financial advice.

As stated in Part 1 and 2 of this series, one example of financial unfairness is condos presently being developed in Calgary by a developer including 1 bed, 1 bath, 1 patio micro-condo of 552 sq. ft. with starting price of $299,900. Two patio, 2 bed, 2 full bath, 2 story 1232 sq. ft. condos were already sold out so price not available. Then there are 2 patio, 3 bed, 2.5 bath, 2 and 3 story 1830 sq. ft. condos priced from $649,900 to $749,900. Apparently, ultra-deluxe model has master bedroom suite covering entire third 600 sq. ft. floor. The third floor bedroom is bigger than total square footage of $299,900 condo. When price per square foot is calculated, micro-condo is selling for $543 per sq. ft. while three bed condos are selling from $355 to $409 per sq. ft.

Average square footage of Canadian house is 1950 sq. ft. (2010) so how can a developer socially, morally and ethically justify charging $150 to $200 more per square foot for two-thirds less space? “CREB now” http://www.crebnow.com/, Aug. 28 to Sept. 3, 2015, page A5, talks about Calgary developer selling 440 sq. ft. condos in north inner city tower for $149,000 ($339 per sq. ft.) in 2012 and 440 sq. ft. condos in south inner city tower for $219,000 ($498 per sq. ft.) in 2015. Two and three hundred sq. ft. condos are now being sold in Vancouver and Toronto for around $250,000 ($1250 and $833 per sq. ft. respectively). Salaries for low income and singles has not risen to same level, nor has Canadian housing for the middle class and rich ($400,000 and up (except perhaps in Vancouver).

So who is more likely to buy micro-condos? Possibly low income couples, single parent with one child, or environmentally conscious, and probably an individual/single person. Who gets to pay $150 to $200 more per square foot for two-thirds less space? Ripple effects are owners of micro-condos have to proportionately pay more house taxes, education taxes, mortgage interest and real estate fees on less house and less take home pay for biggest lifetime expense. When it is sold, will seller recoup buying price?

To further magnify the issue, lottery in major northern Alberta city has first grand lottery prize of $2,092,000 for 6,490 sq. ft. house ($322 per sq. ft.), second grand prize of $1,636,000 for 5,103 sq. ft. house ($321 per sq. ft.), and third grand prize of $1,558,000 for 5,097 sq. ft. house ($306 per sq. ft.). First house has elevator, games/theatre area, kid’s lounge, gym, and music room. Second house has hockey arena with bleacher seating, lounge and bar. Third house has spa, gym, yoga studio, juice bar and media room. Need anything more be said about the rich? They always get more while paying less and acquiring choicest spots.

As stated in a recent real estate article, Watermark, a deluxe complex in Calgary is selling an ‘inspired’ (so stated in article) 8,644 sq. ft. estate home and its guest house for $3.45 million or $399 per square foot which is less per square feet than 600 square foot condo mentioned above. Article goes on to say that beyond homes, Watermark garners interest with both natural and man-made beauty. It has 17 cascading ponds and more than five kilometers of interconnected walking and bike trails. Then there’s the central plaza with its 1,000 sq. ft. pavilion, kitchen, barbecues, a sports field and NBA-sized basketball court. One family’s daughter is looking forward to booking the plaza and using the outdoor kitchen for her birthday party. The family goes on to state that space between homes and low density was also very important so they weren’t looking into someone’s back yard. This same complex has a show home with 17 sinks.

Another real estate article talks about another family with three children moving from 1900 sq. ft. house to a 2,837 sq. ft. house with price starting from $900,000s. They are moving because they need more room for the kids as they grow. Their new house will provide 567 sq. ft. per person at a starting price of approximately $317 per sq. ft. Yet again other articles state that owners are happy they don’t have condos in their back yard and their children can experience nature from their own bedrooms.

Further advice usually given by married people states singles can live with someone else if they can’t afford housing when they are already living in studio, one bedroom apartments, and basement suites. Senior singles who have lived productive lives while contributing to their country want and deserve their own privacy and bathroom. Many senior assisted living dwellings have in recent years built more spaces for singles who with one income pay more for that space than married/coupled persons. Just how long should shared arrangements go on for (entire lives?) instead of correcting underlying financial issues?

Following examples show dignity and respect for singles (and low income families). Attainable Housing http://www.attainyourhome.com/, Calgary, allows maximum household income of $90,000 for single and dual/parent families with dependent children living in the home and maximum household income of $80,000 for singles and couples with no dependent children living in the home. Living Wage for Guelph and Wellington livingwagecanada allows singles dignity of one bedroom apartment and a living wage income that is 44% of a family of 4 income and 62% of a family of two (parent and child).

While singles are living in their small spaces (average size of new studio, one bed and one bed/den new condo combined being built in Toronto is 697 sq. feet), majority of Canadian married/coupled people and families are living in average 1950 sq. foot houses (2010) with large gourmet kitchens, multiple bathrooms, bedrooms for each child and guests, basement, garage, yard, and nice patio with barbecue, etc.

LOST DOLLARS VALUE LIST

For a 700 square foot condo where price is $50 more per square foot than lowest price of largest condo in complex, it can be assumed that the purchaser will be paying $35,000 more than purchaser’s base price of largest condo, if the price per square foot is $100 more per square foot then purchaser will be paying be paying $70,000 more, if the price per square foot is $150 more per square foot then purchaser will be paying $105,000 more and so on. The amount of house and education taxes, real estate fees and mortgage interest will also incrementally increase.

Our Lost Dollar Value List is still a work in progress, but when lost dollar value for real estate is added to the list, $50 will be used as the example as well as gestimate loss for taxes and real estate fees, interest charges based on $50.00 per sq. ft.

PSYCHOLOGICAL IMPACT

There seems to be very little understanding of the psychological impact that decision makers and policy makers have on singles regarding housing.

Many families live in houses where their young children have separate bedrooms, and likewise, there is a trend towards ‘man caves’ and ‘she sheds’ so family members can have ‘alone’ time, but when children become single adults, singles are consistently told that they can live with someone if they have financial problems with housing while paying more.

And, of course, singles never have claustrophobia, so it is okay to stick them in small spaces for which they have to pay more. And singles never have problems with noise, so it is okay for them to live in small units in less desirable areas close to airports and railway tracks, etc. (As one single person moving from one unit to another stated in a real estate article “I was very impressed with the pricing and the fact that they’re doing concrete floors and walls “. Concrete is said to restrict noise. “I work on Saturday mornings and a lot of people like to stay up a little later on Friday and Saturday nights”. With thinner walls, he adds, it is easier to hear “people in the hallways coming and going. It is not the end of the end of the world, by any means, but I am looking forward to something quieter above and below”. But for this person, the decision was less about sound and more about getting something larger, with better specifications and closer to work-moving from 615 sq. ft. two bedroom condo to 715 sq. ft. two bedroom condo. “The bedrooms are a little bit bigger with an ensuite. I really liked that and I liked the fact that it has a washer and dryer so I don’t have to go to the laundromat.”

Singles deserve same standard of living as married/coupled persons, i.e. having washer and dryer in their own home instead of having to go down a dark hall or to basement to do laundry or paying per load at a laundromat.

When reading or listening to articles on housing for families, families will always talk about how important their housing is for them in regards to creating memories for their children, entertaining and maintaining close ties to friends and families, but apparently adult singles don’t have friends and families, so it is okay for them to live in micro condos, some as small as 200 square feet, where it is pretty much impossible to entertain or have friends and families stay with them.

SOLUTION

Singles and low income persons need to become more aware of financial unfairness by taking pricing down to the lowest common denominator, i.e. price per square foot and speak out about the financial atrocities being directed towards them. They need to start questioning why they are being targeted to pay more while getting less. (While it is recognized that it is expensive to raise children, adult to adult it is also unfair to make one segment of the population like singles and the disadvantaged pay more than another segment).

The blog posted here is of a general nature about financial discrimination of singles. It is not intended to provide personal or financial advice.

UPSIDE DOWN FINANCES RE HOUSING FOR SINGLES AND LOW INCOME – PART 2 OF 3

Posted on November 19, 2015 by ffswpadmin

These thoughts are purely the blunt, no nonsense personal opinions of the author and are not intended to be used as personal or financial advice.

UPSIDE DOWN FINANCES RE HOUSING FOR SINGLES AND LOW INCOME-PART 2 OUTSIDE THE BOX SOLUTIONS FOR PRICING OF HOUSING

Part 1 of this series of three articles showed how singles and low income families buying the smallest units in the housing market are forced to pay more for less space while the rich are getting much more while paying less.

From Part 1, information restated here is one example, condos presently being developed in Calgary by a developer in one housing complex includes 1 bed, 1 bath, 1 patio micro-condo of 552 sq. ft. with starting price of $299,900. Two patio, 2 bed, 2 full bath, 2 story 1232 sq. ft. condos were already sold out so price not available. Then there are 2 patio, 3 bed, 2.5 bath, 2 and 3 story 1830 sq. ft. condos priced from $649,900 to $749,900. Apparently, ultra-deluxe model has master bedroom suite covering entire third 600 sq. ft. floor. The third floor bedroom is bigger than total square footage of $299,900 condo. When price per square foot is calculated for units in the complex, micro-condo is selling for $543 per sq. ft. while three bed condos are selling from $355 to $409 per sq. ft.

So who is more likely to buy micro-condos? Possibly low income couples, single parent with one child, or environmentally conscious, and probably an individual/single or divorced/separated person. Who gets to pay $150 to $200 more per square foot for two-thirds less space? Ripple effects are owners of micro-condos have to proportionately pay more house taxes, education taxes, mortgage interest and real estate fees on less house and less take home pay for biggest lifetime expense. When it is sold, will seller recoup buying price?

One could question how this is any different than gouging like loan-sharking, and pay-day loans rather than the welfare of singles and low income.

As in many parts of the world, parts of Canada are heading for a crisis in affordable housing. Different solutions have been proposed to avert this crisis. One is Attainable Housing (attainyourhome), for example in Calgary, which allows maximum household income of $90,000 for single and dual/parent families with dependent children living in the home and maximum household income of $80,000 for singles and couples with no dependent children living in the home. While this method allows singles and low income to enter the housing market with a low down payment, it does not alleviate the problem of insane upside-down pricing of housing as outlined in the example shown above. Another solution that has been proposed is an affordable housing action plan of inclusionary zoning where a certain percentage of new housing units built would be social and community housing partly funded by government programs, and a certain percentage of new housing units would be affordable rental or ownership housing units built by the private sector. However, developers and the housing associations will argue this will not work and neighbors continue to have a “not in my backyard” mentality.

Regardless of the above proposed solutions, outside the box thinking is required for affordable housing. How about the following suggestions?

OUTSIDE THE BOX SOLUTIONS FOR PRICING OF AFFORDABLE HOUSING

Solution 1 – for a housing complex as identified in the above outrageous pricing example, prices should be set where the base price of the unit with the smallest square footage cannot be more than the base price of the unit with largest square footage within the complex. Any changes and upgrades by the buyer would be added to the base price. (In the above example the base price of the 552 square foot condo could only be $355 per square foot to match the cheapest price of the biggest per square foot unit in the complex.

Solution 2 – Charges for house taxes, education taxes, and real estate fees should be based on square footage, not the price of the housing unit. This would provide fairness where fees are based on largest unit and become proportionately less on smaller units. (Added January 7, 2016)

Solution 3– charge a fee such as a carbon tax fee for units greater than a certain number of square feet. For example, allow a maximum size of 2500 square ft. for a housing unit (assumption is that there is no need for excessive amounts of square footage in housing). For anything greater than 2500 square feet, charge an extra fee to the buyer with an incremental increase in the fee for every additional 500 square feet of space. (The rich have been paying less and getting more square footage while using non-renewable resources plus water at an alarming rate, i.e. 5000 square foot log cabin using twelve logging trucks filled with harvested logs and a showhome that has seventeen sinks). The monies collected from these fees could be used to build more affordable housing.

The following are excerpts from two published articles:

MoneySense, Sept./Oct., 2015, page 17 ‘Two ways to cool white-hot home prices’ (ABBREVIATED VERSION) (moneysense.ca)

“Concern should not be for how much houses cost, but how out of reach home ownership has become for Canadians….Developers motivated by profit have built mostly smaller one and two bedroom condo units…There is also rapidly increasing rental rates due to a scarcity of new rental units….One solution-taxing housing, not income. We don’t currently pay tax on the profit earned from the sale of our primary residence. We do, however, pay progressive tax on the income we earn. Thomas Davidoff, economics professor at Sauder University, uses himself as an example and selling a house in Vancouver for a large profit. ‘I was wrong about the prices, wrong about the future value, and I was still rewarded for my dumb luck’. He compares this to his professional life, where he spent the better part of 10 years completing a bachelor, master’s degree and PhD. Today, he pays the government $0.42 in tax for every dollar he earns. ‘Getting my PhD damn near killed me. Why is my dumb luck rewarded but my hard work penalized?’….He suggests the federal government tax capital gains made on the sale of a property. The tax could also be progressive. More important is what a new tax structure would do to affordability. By taxing property profits, you reduce the number of speculators and real estate investors who help to inflate housing profits. This would be politically challenging, since homeowners are a politician’s biggest voting block….Still, those elected to political office need to take initiative—and put housing affordability for the many before the political aspirations of a few. To do nothing would mean we accept that $1 million for an average home is the new norm in Canada”.

Calgary Herald, September 12, 2015, page F3, ‘Builders frame up the coming year’ (calgaryherald):

“Canadian Home Builder’s Association- Tally Hutchinson, president ‘Our message on affordability is being heard. We still believe there are some large issues on the table that need to be ironed out. One being inclusionary zoning’….This zoning would require the private sector to construct and sell a percentage of units within a development at a pre-determined percentage, below market price….’The issue we have with inclusionary zoning is that it transfers that broader societal obligation of subsidized housing onto a small group of homeowners. We believe these costs should be shared by all members of a community, not just those who are buying new homes for condos. It still is a large issue on the table that needs to be ironed out’.”

The blog posted here is of a general nature about financial discrimination of individuals/singles. It is not intended to provide personal or financial advice.

UPSIDE-DOWN FINANCES RE HOUSING FOR SINGLES AND LOW-INCOME-PART 1 OF 3

Posted on November 13, 2015 by ffswpadmin

These thoughts are purely the blunt, no nonsense personal opinions of the author and are not intended to be used as personal or financial advice.

UPSIDE DOWN FINANCES OF AFFORDABLE HOUSING SINGLES AND LOW INCOME-PART 1 of 3

Why does it seem more difficult for individuals/singles and low income persons to purchase affordable housing? For possible reasons why, consider the following scenarios.

One example, condos presently being developed in Calgary by a developer in one housing complex includes 1 bed, 1 bath, 1 patio micro-condos of 552 sq. ft. with starting price of $299,900. Two patio, 2 bed, 2 full bath, 2 story 1232 sq. ft. condos were already sold out so price not available. Then there are 2 patio, 3 bed, 2.5 bath, 2 and 3 story 1830 sq. ft. condos priced from $649,900 to $749,900. Apparently, ultra-deluxe model has master bedroom suite covering entire third 600 sq. ft. floor. The third floor bedroom is bigger than total square footage of $299,900 condo. When price per square foot is calculated, micro-condo is selling for $543 per sq. ft. while three bed condos are selling from $355 to $409 per sq. ft.

To further magnify the issue, lottery in major northern Alberta city has first grand lottery prize of $2,092,000 for 6,490 sq. ft. house ($322 per sq. ft.), second grand prize of $1,636,000 for 5,103 sq. ft. house ($321 per sq. ft.), and third grand prize of $1,558,000 for 5,097 sq. ft. house ($306 per sq. ft.). First house has elevator, games/theatre area, kid’s lounge, gym, and music room. Second house has hockey arena with bleacher seating, lounge and bar. Third house has spa, gym, yoga studio, juice bar and media room. Need anything more be said about the rich? They usually get more while paying less and acquiring choicest spots.

Average square footage of Canadian house is 1950 sq. ft. (2010) so how can a developer socially, morally and ethically justify charging $150 to $200 more per square foot for two-thirds less space? “CREB now”, Aug. 28 to Sept. 3, 2015, page A5, talks about Calgary developer selling 440 sq. ft. condos in north inner city tower for $149,000 ($339 per sq. ft.) in 2012 and 440 sq. ft. condos in south inner city tower for $219,000 ($498 per sq. ft.) in 2015. Two and three hundred sq. ft. condos are now being sold in Vancouver and Toronto for around $250,000 ($1250 and $833 per sq. ft. respectively). In many cases salaries for low income and singles has not risen to same level, nor has Canadian housing for the middle class and rich ($400,000 and up).

How is any of this different than loan-sharking or pay day loans where targeting of the most vulnerable occurs?

Article, “The Micro Units Movement” May 27, 2015 (smartergrowth) states

‘although micro units are cheaper on an absolute scale for buyers, they tend to be more valuable for developer on a per square foot basis. Shawn Hildebrand, vice president of condo research firm Urbanation, says condos under 500 square feet can bring in well over $3 per square foot, while the rest of the market averages around $2.50 or $2.60′.

(Lies, lies and more lies-Mark Twain quote ‘there are three kinds of lies: lies, damned lies and statistics’-it is more than $3). Cheaper on absolute scale? (These tiny spaces are not cheaper for economies of scale.) Why is it okay on any scale to financially rob the poor, low income, young people and singles in what will likely be most expensive purchase of their lives and affecting one of most basic principles of Maslow’s Hierarchy of Needs, that is shelter?

MoneySense, September/October, 2015, (moneysense) ‘Two ways to cool white-hot home prices’ says as much by stating developers, motivated by profit, have built mostly smaller one and two bedroom units. This article also talks about how concern should not be how much houses cost, but how out of reach home ownership for Canadians has become.

Further financial unfairness occurs when individual/single homeowners without children are forced to pay education taxes, but parents pay only fixed rate based on value of their home regardless of number of children. For ‘nineteen kids and counting’ it is possible parents are only paying a few cents a day for their children’s education. Some married/partnered seniors with kids are looking to have education tax payments eliminated from their house taxes. For families with children, logic implies parents should pay education tax throughout their entire lifetime, or individuals/singles without kids should not have to pay education tax ever. However, families don’t seem to be able to apply financial logic of their own finances equally to the financial realities of their single children.

There are many more examples of financial unfairness, but just the above few show how financial world for low-income families and individuals/singles has been completely flipped upside down and topsy-turvy. Have governments, society, and our publicly and privately funded education systems failed us so miserably and family/corporate greed taken over with critical thinking, social/ethical responsible thinking sinking to all-time lows? Since when is it okay under present financial system for families to accumulate wealth and huge inheritances while their low income and single children are not able to support themselves on a day to day basis?

Young individuals/singles not yet married are facing huge financial hurdles because of low incomes, less full time jobs, enormous education debt, and out of control housing costs. Families (parents), governments, society, corporations, businesses to date have failed to provide support and responsibility that is needed to ensure all Canadian citizens are able to financially take care of themselves without financial parental aid, inheritances of parents and without bias of gender, race or marital status.

In this so called civilized, enlightened country of ours, it appears that citizens of value are only middle-income families and the rich while individuals/singles with and without children are being annihilated from financial, political, and everyday living scenes. (Examples are present day TV home buying/renovation programs and married/coupled persons getting free homes in “Home Free” program. Individuals/singles without children have been eliminated from these programs. Why is this so-probably because they no longer have financial wherewithal to be part of this programming, just blatant discrimination or both?)

If families have such high family values, shouldn’t family values and moral social values take precedence instead of being trumped by almighty dollar greed and philosophy of charging what the market can bear and more?

Low income families, individuals/singles and young adults not yet married who can apply simple math and critical thinking skills are in financial despair and angst knowing that they, as the most vulnerable citizens of this country, have been targeted and pawned to pay more for housing than middle class families and the rich.

It is the duty of politicians elected by the people, for the people to represent all Canadian citizens, not just vote getting middle class families. (MoneySense article-‘housing affordability for the many should take precedence over the political aspirations of a few’). To stop gross financial discrimination of low-income families and individuals/singles, talk to your Member of Parliament and mayors about financial unfairness and the upside/down financial world you are being forced into particularly in the housing market.

The blog posted here is of a general nature about financial discrimination of individuals/singles. It is not intended to provide personal or financial advice.