FACT SHEET ON THE FINANCIAL SITUATION OF SENIORS 1999
Prepared by Monica Townson for OCSCO presentation, January 30, 2002
|
Incomes
|
| |
Average market income |
Average government transfers |
Average total income |
Average income tax |
Average income after tax |
| Elderly families |
$25,937 |
$19,206 |
$45,142 |
$6,297 |
$38,846 |
| Non-elderly families |
62,002 |
4,825 |
66,827 |
13,320 |
53,507 |
| Unattached senior men |
13,937 |
12,672 |
26,609 |
4,032 |
22,577 |
| Unattached senior women |
8,863 |
11,909 |
20,772 |
2,345 |
18,427 |
Source: Statistics Canada, Income in Canada, 1999, p. 80.
|
Assets and debts
|
| $ millions - |
Aggregate net worth |
Average net worth |
Median net worth |
| Elderly families |
518,396 |
439,400 |
302,900 |
| Non-elderly families |
2,041,280 |
287,100 |
138,600 |
| Unattached senior men |
73,060 |
273,800 |
170,800 |
| Unattached senior women |
150,735 |
192,000 |
108,600 |
Source: Statistics Canada, The Assets and Debts of Canadians:
Focus on private pension savings. p.39.
Sources of income of seniors - 1998
Prepared by Monica Townson for OCSCO presentation,
January 30, 2002
|
| Source of income |
Women |
Men |
| OAS and GIS |
36.4% |
20.8% |
| CPP/QPP |
19.9 |
21.0 |
| Other government transfers |
3.1 |
2.6 |
| Total public programs |
59.5 |
44.3 |
| Pensions and RRSPs |
21.7 |
34.9 |
| Investments |
14.0 |
11.6 |
| Total average income |
$16,898 |
$26,833 |
OLD AGE SECURITY FACT SHEET
Prepared by Monica Townson for OCSCO presentation,
January 30, 2002
Ninety-eight per cent of all seniors, or more than 3.8 million people, now receive Old Age Security.
Of these, about 5% - or about 190,000 people - are subject to some clawback.
Approximately 2% of seniors - about 76,000 people - have the entire amount of their OAS benefit clawed back.
For 2002, the threshold income at which the clawback starts is $56,968. For 2001, it was $55,303, but people
with higher incomes may still receive some OAS benefits.
Only those whose taxable income in 2002 is more than $92,381 will have to repay the entire amount of OAS
benefits received. (In 2001, this amount was $90,195.)
With the 2000 budget, the government restored full indexing of the tax system, so the clawback threshold
will now be fully adjusted each year for inflation.
Initially, the clawback required higher-income seniors to repay their OAS benefits when they filed their
tax returns. But, starting with the 1996 tax year, the clawback has been imposed at source, so that full
benefits are no longer paid out to seniors subject to the clawback.
Amounts clawed back are based on taxable income from the previous year and are adjusted in July of each
year when the previous year's tax return becomes available.
The Income Security Programs branch then notifies seniors of the amount of their benefits that will be
clawed back for the coming year.
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