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Those over 55 also are more likely to use TFSAs

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MessagePosté le: 14/09/2018 04:40:58    Sujet du message: Those over 55 also are more likely to use TFSAs Répondre en citant


HANGZHOU, Sept. 3 (Xinhua) -- With the global economy posting the worst performance since the global financial crisis, worries about China are heightened, to the surprise of no one.

Chinese President Xi Jinping reassured world business leaders in Hangzhou on Saturday that China is able to realize good growth and will not backslide on structural reform and opening up.

Xi's reassurances are well-founded and inject stability into the precarious global situation.

As the IMF has called for forceful action to get out of the low-growth trap, Xi told business leaders that China has the confidence and ability to maintain medium-high rate of growth and deliver more development opportunities to the world while ensuring its own development.

Although China's growth has eased to the lowest rate since the financial crisis, it remains the single largest contributor to world economic growth.

Sustainable, healthy growth matters more than speed.

The malaise of the global economy has not been cured, partly due to the half-baked and half-hearted structural reforms undertaken since the global financial crisis.

On that front, China offers inspiration. As President Xi said, China's reform goal has been set, and will not be deviated from. The country will advance reform and will not slow the pace.

Structural reform is painful and takes time to have its effect. With structural problems plaguing Chinese economy for so long, the later to carry out reform, the higher the price the economy must now bear.

Instead of relentless monetary easing, China looks to supply-side structural reform by reducing overcapacity and bureaucracy and supporting efficiency and innovation.

As major advanced economies erect walls of protectionism to shore up growth, the Chinese president said the beggar-thy-neighbor approach will not help any country out of crisis and only narrows the space for common development, leading to a lose-lose scenario.

Ideas have been translated into actions. The number of free trade zones has expanded at remarkably pace. Foreign companies are reaping handsome benefits in China and the country is considering allowing them easier access to a bigger market.

It's not crisis time yet, but the alarm bell is ringing. IMF Managing Director Christine Lagarde observed that not since the early 1990s has the world economy been so weak for so long.

The global community has never been as unanimous as they are today in recognizing the urgency of structural reform. With countries facing a variety of structural challenges, they need to work together to ensure that their policies do not counteract each other.

The world economy needs more than a shot of adrenaline. It needs a cure for its chronic ills. President Xi's reassurance on China's future offers one more thing the world economy urgently needs: confidence.


OTTAWA, Sept.13 (Xinhua) -- More than 65 percent of Canadian households are saving for retirement, according to Statistics Canada Wednesday.

Out of 14 million households#1# 65.2 percent made a contribution to either a registered retirement saving plan (RRSP) or a tax-free savings account (TFSA) in 2015.

That's a shocking number of responsible saving from Canadians of all ages at a time when experts have lamented household debt at record highs and savings rates that have fallen dramatically since the 1980s.

The census data released by Statistics Canada Wednesday did not reveal how much money Canadians were saving, but it showed a change in the approach to savings by age and income level.

Younger Canadians and those in lower-income households were more likely to put their money in TFSAs#2# likely because they had lower earned income and RRSP contribution levels depend on having earned income at tax time.

They may also be attracted to the fact there is no financial penalty if they have to withdraw money from a TFSA for an emergency or when buying a home.

Meanwhile people in their prime working years, aged 35 to 54#3# are most likely to use RRSPs to save, likely because they have earned income and enjoy the tax deduction of contributing to an RRSP.

The census numbers also show the increasing popularity of TFSAs#4# with more than 40 percent of Canadians contributing to them. The RRSP is middle-class Canadians' more traditional retirement savings vehicle, while the TFSA was only introduced in 2009.

More than 45 percent of them contributed to an RRSP#5# compared to 37 percent of people aged 25 to 34. They're also most likely to contribute to both RRSPs and TFSAs, compared to younger people#6# who may be stretched to buy a home in today's high-priced markets.

Those over 55 also are more likely to use TFSAs, perhaps because they have maxed out RRSP contributions or anticipate they may need the cash in the near future..

It's the first time the census has probed the question#7# taking advantage of tax data to paint a more accurate picture of just how seriously Canadians take retirement planning.

The national household saving rate, which has fallen from 20 percent in 1989 to t 4.6 percent in the second quarter of this year#8# is misleading in how it portrays Canadians' savings habits.

Research compiled by actuary Malcolm Hamilton of the C.D. Howe Institute suggests that the rate of retirement saving for employed people has actually almost doubled in recent decades.

China, Brunei to boost ties

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