It is fair conjecture to suggest that many of us think of seniors as being someone sixty-five or older. Of course, if you are twenty then you probably think of a senior as someone who is thirty. At twenty, thirty or even fifty there are few Free-B’s available to you but if you are approaching your ‘Golden Years’ it’s a different story.

Magic

All the magic of Free-B’s seem to start somewhere around the age of fifty-nine. Recently, I sat in a bank and started to read some of the most boring literature ever produced to find a few hidden gems.

Banks, those places we hate for the service fees they charge and love for the security of knowing they are keeping our money safe don’t make a habit of broadcasting that once you reach a magical age of say 59, you are entitled to a range of services and products that are Free-B’s.

Here are some Free-B’s

• Personalized cheques
• Certified cheques
• Stop payments
• Processing of foreign currency cheques drawn on or deposited to your account
• Commission-free regular American Express®S1 Travellers Cheques
• Money orders and drafts
• Processing postdated or mailed-in deposits

Or,

• Discounts on safety deposit box annual rental fee
• Bonus interest on the daily interest savings account
• Spousal benefits
• In some banks your spouse (regardless of age) can share the benefits of the Scotia Plus Program for Seniors on all designated accounts held jointly in the name of you and your spouse.
• Overdraft protection

The Trick

They won’t make a point of telling you – you have to ask. Don’t be shy. When approaching your ‘Golden Years’ check to see what Free-B’s your bank is prepared to give you. Also check with other banks. The Free-B’s vary and a different bank may offer a Free-B more suitable to your needs.

Adapted from Scotia Online

Image Credit

Time!

It was time. The elderly couple had decided to sell their large home and move to a Condo.

The Reasons Many

The move, fortunately, was not precipitated by ill health or finances but, rather a reasoned approach to meet their current needs. Living the retirement dream, they found that their annual journeys to far away sunny places meant their home remained unused for extended periods during which the home either sat empty or was occupied by a house sitter. For many years this formula worked. As age crept along this arrangement became inconvenient and finally proved unsatisfactory as the house was now becoming a burden of worried concern.

A Good Thing

With the decision to go forward began the process of making the home ready for sale. While viewing their home and gathering information a problem of magnitude appeared for their home has vast crawl spaces in which was stored an incredible number of possessions. Each crawl space was crammed to the brim. Such was the number of stored items that it was impossible to see the full dimension of these spaces. With surprise, the words “what will you do with all of this stuff” flew out as the doors burst open to the two massive crawl spaces.

How Did This Get Here?

Although well organized, the boxes of unused books, hobbies, power tools, garden tools, left over paints, counter top appliances, rugs, lamps, plaques, certificates of accomplishment, children’s art and a million memories occupied every square inch of the storage area. Accumulated in these cavernous areas was a lifetime of stuff. Unopened dusty boxes proclaimed certainty that cherished items acquired had become distant memories. Within, was a lifetime of gathering – a life time of memories. Now, forced by the inevitability of the move, these memories would be revisited one last time as the minimal condo storage space precluded their continuance.

Throwing It All Away

Watching this couple it was obvious they were contending with an unforeseen dilemma of change. How do you throw away memories? Where do you start? Which one will be the first? Can we give them to someone in the hope they will survive and be valued as they had done? Standing beside them you witness the stress of change while they voice whether family members or friends will want and cherish their most precious items. You share in the doubt as it begins with the inevitable realization that their memories while important to them, may well be cast aside as meaningless within the lives of their beneficiaries?

Time Passing

As a Realtor, it is a sad moment to be in the presence of others as they look upon the sign posts of their life’s accomplishments knowing in their heart that for others, those sign posts may be considered inconsequential or worse, irrelavant.

Lost

The move to the condo means some boxes will upon removal, be opened one last time. From within those few, contents will be held in awe and reviewed with reverence, as memories are relived. Others will be emptied, their contents almost casually discarded. Fewer still, will be repacked with the most important treasures. These to be shared amongst family in the hope their flame survives. Some will never be opened. Within those will remain the memories of life’s changes lost forever in the sealed darkness.

Got a Vancouver Real Estate question? Always happy to do my best to answer it. Call or send me an email.

Larry

* Someone who victimizes, plunders, or destroys, especially for one’s own gain *

Predatory Loans

My Old Ma

They are not a common occurance in Canada but there is growing concern that some of the practices witnessed south of the 49th parallel may be creeping into our systems.

Canadian Centre for Elder Law

The Canadian Centre for Elder Law recently released its study paper on the topic. Below are excerpts from the Executive summary.

Predatory lending is the practice whereby a lender deceptively persuades a borrower to agree to abusive loan terms. It is closely tied to the concept of subprime mortgage lending, which is the practice of making loans to borrowers who do not qualify for the best market interest rates (people with poor or non-existent credit history or low income). A lender may be expected to require less favourable loan terms in exchange for dealing with a comparatively more risky borrower. But, if the surrounding circumstances include a vulnerable borrower easily taken advantage of due to their own desperate financial circumstances, the situation may be characterized as predatory. Although anyone could be a victim of predatory lending, older adults often fit the profile of having a scant (or even non-existent) credit history, low income, and financial need, all of which predatory lenders tend to seek out.

The study paper’s focus is primarily on how predatory lending may affect older homeowners, but similar issues may arise in connection with individuals who are purchasing a home and obtaining a new mortgage.

The conclusion,is that the extent to which predatory lending occurs in Canada is still largely unknown.

Senior borrowers may increasingly find themselves victims of predatory lending without legal recourse or remedy

Dazed and Confused

As we age we become vulnerable to these issues more frequently. Trust your common sense. If in doubt, don’t be shy. Go to a number of recognized banks and talk to them. Still not sure, consult with a lawyer before you sign anything. They can help you determine if what is being offered is legitimate.

If you know a neighbour or friend who you think might be experiencing a predatory action be kind, take the time to help. You may one day appreciate a similar concern.

Got a Vancouver Real Estate question? I’ll do my best to answer it. Call or send me an email.

Larry

Less of Senior’s Income Will be Taxed

The Government of Canada has reduced taxes for low-and middle-income seniors aged 65 and older.
The maximum age amount is raised to $5,177 for 2007. That means less of your income will be taxed.

Pension Income Splitting

When you file your income tax you will be able to transfer up to half of your eligible pension to the partner or spouse with the lower income.

RRSP Age Limit Increased

As an incentive for older Canadians to work and save the age limit has been increased from 69 to 71.

More Tax Relief

• new maximum amount eligible for the spousal or partner credit of $8,929 means an additional tax relief of $209
• doubling of the maximum amount eligible for the pension income credit of $2,000, for a tax credit reduction for 2007 of up to $310
• tax credit for eligible transit passes
• lowering of the GST to 6%

For more information call 1.800.959.8281 (Monday to Friday)

I admit, prior to reading the article I didn’t give this issue much thought. It now lingers. I began to reflect on the elderly people I have encountered in my business as a REALTOR®. Given the assumed validity of the statistics noted, it is probable that a slight lack of knowledge may have caused me at some point, to have overlooked a situation.

I have cobbled together the following links to help us recognize the situation. If you are being abused here are some things you need to know.

What can you do about it?

What can you do if you think an adult is abused, neglected or self-neglected and they cannot get help on their own?

Start here:

• Contact the Public Guardian and Trustee of British Columbia

or see the list below for contacts by phone:

• The British Columbia Law Institute is a great resource for seniors or others to find out what to do if you spot elder abuse. This is their list of places to contact if you need help.

In British Columbia,

• Health and Seniors’ Information Line 1-800-465.4911
• BC Coalition to Eliminate Abuse of Seniors (BCCEAS)
• VictimLINK 1-800-563-0808
• Crime Stoppers 1-800-222-TIPS (8477)
• Public Guardian and Trustee of British Columbia
• Vancouver 604-660-4444
• Victoria 1-250-365-8160
• Kelowna 1-250-712-7576
• To contact their office toll-free, call Enquiry BC 1-800-663-7867 and ask to be transferred to the Public Guardian and Trustee.

Note: I have not checked the phone numbers and assume they are accurate.