More seniors spending golden years in bankruptcy
By Tavia Grant
Globe and Mail Update
The share of insolvent consumers among people aged 55 and older has more than quadrupled in the past decade.
Blame dwindling pensions, the rising cost of living or the rocky stock market – a growing number of seniors are insolvent.
The share of insolvent consumers among people aged 55 and older has more than quadrupled [http://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br02508.html] in the past decade, hitting 20.6 per cent last year, the Office of the Superintendent ...Continue Reading ?
Banking watchdog to track dementia-related cases
By Grant Robertson and Tara Perkins
Canada’s banking ombudsman is preparing significant changes to the way it handles complaints against the country’s financial institutions in a bid to track cases that involve people who suffer from dementia.
The decision will help the federal government and 600 banks and financial services across the nation gauge, for the first time, just how badly Canadians with diminished capacity are being mistreated when it comes to their money.
The Toronto-based Ombudsman for Banking Services and ...Continue Reading ?
‘Lovey-dovey’ con man defrauds widows of $1.5 million
The man would begin the con by gaining the victim’s trust and impressing them with his various business successes, even though he had none, police said. Then he would offer them great returns through his investment channels if they gave him their money.
The man said he was chairman of the World Police Academy which trains officers on the value of human rights, according to its website. The academy’s building was nothing more than a vacant house ...Continue Reading ?
GTA man charged in insurance scam against seniors
from Liem Vu, Staff Reporter – www.thestar.com
York Regional Police have charged an elderly former life insurance agent after other seniors were allegedly defrauded of more than $200,000.
The 79-year-old Richmond Hill man surrendered to police Tuesday after a “lengthy investigation” into an insurance investment scam.
Police say four elderly people from Ontario were defrauded of $257,000 between 1998 and 2004.
One of them filed a complaint in April after discovering that $27,000 – believed to have been invested in a Canada Life or ...Continue Reading ?
Senior war veterans miss out on possible benefits
If you served overseas during the Second World War or during the Korean War, then you should call Veterans Affairs (1-866-522-2122). This applies to both male and female veterans. It is estimated that only 40 per cent of the veterans who qualify for benefits are receiving them. Even if you did not qualify before, you might qualify now. If during the Second World War you were in the military but you did go overseas, you too may be eligible for ...Continue Reading ?
Minister unveils changes to Ontario pensions
Ontario Finance Minister Dwight Duncan unveiled a slew of changes Tuesday which he says will stabilize and strengthen the province’s pension system.
Some of the changes apply to Ontario’s pension benefits guarantee fund, which provides pensioners with up to $1,000 a month if a private-sector plan fails to provide its full benefit, or any at all.
Ontario is the only province that has such a fund, and the government has repeatedly said that it’s dramatically under-funded.
Mr. Duncan says he won’t follow ...Continue Reading ?