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finances

finances

Posted by Vox on Nov 17, 2019 5:04 am

hi, so in an earlier post, I said that I had our finances in hand.  Well, I have been punched in the gut.  Our finances were based on my husbands diablility CPP, LTD and an annuity .We knew that when he became 65 (which if he survives that long) his CPP would drop and he would no longer have his LTD. We also planned that when he and I  were 65 that with both our CPP's, OAS, and his annuity, we would be ok.
  We have lived in the same apartment for well over 40 years.  It is reasonable priced since we are grandfathered in (ie: rent hikes etc).  We can afford it and our life style.  However, I learned and yes I will call to confirm.... that when my hubby dies - this thing called survivors benefits will be some like 1/10th of his CPP..and I his LTD will stop.
I will not have the finances, to stay in my home.  I understand that I need to apply for housing - I also know that there is a HUGH waiting list for housing.
My head is spinning as it is.... and now somehow I have to start to deal with this issue.  Hell, I dont even know who - as in agencies etc - who to talk to.  I dont know what to ask on the internet to try and get some basic direction...I just donk know..  I dont even know where to begin,  do I start selling my possession?  When do I give up my car -where do I even start.   This (insert swear word) sucks.

Re: finances

Posted by Brighty on Nov 17, 2019 8:51 am

Vox‍  you have a lot to deal with...and it's very overwhelming. ....it's the oncology  social  worker that will be  able to help you with  all this kind of stuff.    Thats who we spoke to as well about  finaces when my guy was sick.      
Help is out there. All you have to do is reach out.

Re: finances

Posted by Jackwb on Nov 17, 2019 9:13 am

This is going to be tough situation and there is no easy solution. I would recommend that you apply for social assistance now, get on the waiting list for subsidized housing, and look at getting a job, even at minimum wage. I know many people dealing with your situation...one friend moved to subsidized housing after her husband died, another who is 68 is now working as a service adviser at a car dealer after her husband was diagnosed with stage 4 prostate cancer.

Depending on your province, there are a lot of resources available, both government and non-profit agencies...however the biggest issue is that you rent and have no equity in a house that you can monetize. That's a problem, however your municipally and province have safety nets...best to start exploring what's out there now. Maybe start with those experienced in these situations, first call 211, they are a national help line for those in your situation, then check with the Sally Anne, your church, the government sucks, but there are agencies that will get you started.

It's a weird coincidence...my daughter works at a high level in our provincial government and we had a good discussion last night about the issue that people expect the province to help them out with everything, yet her point is that there is no money, Ontario is running a $8 billion deficit just doing the basic stuff, with rent and payroll being the major expenses. Her point is that the only two options are to raise taxes or cut back services. If you're in Ontario you are seeing the reactions to our government policy implementations...strikes and protests are now the norm. Her take on this is that everyone is not happy with the way things are but that everyone hates change.

Hang in there, cancer is a life altering condition that affects not only us but those around us.

Re: finances

Posted by Lianne_adminCCS on Nov 22, 2019 3:35 pm

Vox‍ 
So overwhelming to add this worry to a cancer diagnosis. There is an organization in Ontario ( and Calgary ) called Wellspring. They have a program called Money Matters.
They list it as a service for patients so your husband may have to make the initial contact but it could be helpful to you to get info on where to go.
The link is here:
https://wellspring.ca/online-programs/programs/all-programs/money-matters/


Our Cancer Information Services may be able to point you in the direction of the appropriate resources. They can be reached at 1-888-939-3333 

Lianne

Re: finances

Posted by Jackwb on Dec 7, 2019 8:23 am

There is one option I forgot to mention in my earlier post.

For those with a life expectancy of over two years they should look into the non-medical life insurance policies out there, like the Canada Protection Program. They're expensive and the coverage is limited by the age of the applicant when compared to traditional policies but will pay the full benefit if the policy holder survives two years + 1 day. If they die earlier then only the premiums will be returned.

Re: finances

Posted by Scarletkate on Jan 13, 2020 8:04 pm

Vox:
hi, so in an earlier post, I said that I had our finances in hand.  Well, I have been punched in the gut.  Our finances were based on my husbands diablility CPP, LTD and an annuity .We knew that when he became 65 (which if he survives that long) his CPP would drop and he would no longer have his LTD. We also planned that when he and I  were 65 that with both our CPP's, OAS, and his annuity, we would be ok.
  We have lived in the same apartment for well over 40 years.  It is reasonable priced since we are grandfathered in (ie: rent hikes etc).  We can afford it and our life style.  However, I learned and yes I will call to confirm.... that when my hubby dies - this thing called survivors benefits will be some like 1/10th of his CPP..and I his LTD will stop.
I will not have the finances, to stay in my home.  I understand that I need to apply for housing - I also know that there is a HUGH waiting list for housing.
My head is spinning as it is.... and now somehow I have to start to deal with this issue.  Hell, I dont even know who - as in agencies etc - who to talk to.  I dont know what to ask on the internet to try and get some basic direction...I just donk know..  I dont even know where to begin,  do I start selling my possession?  When do I give up my car -where do I even start.   This (insert swear word) sucks.

Here is a link to the Survivor's pension page at the Government's website.  I am not sure where the 10% number came from but that is not the percentage for either of the scenarios listed on the site.  Maybe have a look at it, and as someone else suggested, talk to an oncology social worker who might have some additional information for you.  Wishing you all the best.  Take care.     https://www.canada.ca/en/services/benefits/publicpensions/cpp/cpp-survivor-pension.html
 

Re: finances

Posted by Nan1 on Jan 13, 2020 8:49 pm

Hi
if your husband took his cpp early then that will lower survivor benefits.  Have you thought of looking into seeing if you qualify for the Guaranteed Income Supplement?

Your spouses LTD would end at 65 and any annuities most likely will as well.

What province are you in? Do you have any public advocacy offices where you live?  Does the province you live in offer rental assistance to low income seniors?  It would be a good idea to speak with social work at your cancer agency as they should he aware.of all of the financial assistance and programs available to you.

Re: finances

Posted by Cinderella59 on Feb 5, 2020 6:19 pm

Hi Vox‍ i like you have finance issues. 
I’ve seen a social worker through the Vaughan Community Access Center.
I live outside of Toronto, Ontario. They have a program called P.A.C.T. 
im sure like someone mentioned to check out 211 service line to see what’s available in your area. You can google them too. To see what’s on there website. 

hope this helps. 
take care. 
cindy
 

Re: finances

Posted by Vox on Feb 6, 2020 5:14 am

Thank you for all your information, I will see about talking to a social worker.... and I will look into PACT

I am not 65 until next year, so as far as gov't is concerned i am not a senior

I did apply for housing, as a person (husband) with terminal cancer gets put to the top of the list, but they said even then it wont be until about 7 months before the interview.... we dont see hubby making it until June.

it was all stressing me out, so I have decided, that I cant deal with it right now,.... I will wait and see what happens and deal with it then

Vox

Re: finances

Posted by LucyK on Feb 7, 2020 10:08 am

Check the government website.  Search for Guaranteed Income Supplement.  You might qualify for assistance.  I tried to paste the link below for you. Not sure if it worked.


Apply as soon as you can or his CPP and OAP change.  It could take a few months to process an application.

Re: finances

Posted by Cynthia Mac on Feb 7, 2020 10:37 am

Vox‍ , please try not to be discouraged. I hope you’ve left your application in with the housing agency. Is there a chance at all that your husband could surprise you and exceed the current expectations?
“When the root is deep, there is no reason to fear the wind.” - Japanese saying