Regulation will boost political clout, says Toronto advisor

Regulation will boost political clout, says Toronto advisor

Regulation will boost political clout, says Toronto advisor
“It is a necessary precondition that there be people out there that can give good advice and Ontarians know who they can trust, while separating the wheat from the chaff,” he says.
The pension plan crisis in Canada has come to a head for two distinct reasons, according to De Goey. First – individual households – which previously saved enough for retirement – did not perceive the urgency of the situation until now, with additional considerations including a less secure workforce and longer life expectancy. Second – governments ignored the demographic shift that was taking place, assuming there would always be enough workers to pay into the pension plan system. Not to mention, the impact of economic crises including the tech bubble in early 2000s and the mortgage crisis in 2008.
“They (the governments) were whistling past the graveyard all this time and there wasn’t a problem because they always had enough people working to pay into the system to make it viable," says De Goey.

"Now, they have to play catch up ... and everyone has to scramble to make up for lost time because they weren’t putting enough away when they could have been and should have been ... The government is starting to realize that if they don’t empower citizens to take control of their own financial destiny, then they are going to be on the hook and have to pay."

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  • Mark 2014-02-13 1:48:25 PM
    This same Liberal government that wasted billions of dollars on cancelling power plants, the E Health fiasco, the Ornge Air Ambulance waste, not to mention Hydro One, well why not mention Hydro One and the Liberal's energy plan that is charging excessive electricity rates to us while paying out exorbitant salaries to all of the Hydro One managers, middle managers and executives, this same Liberal Government is worried about my pension and wants to make sure I get trusted financial advice for it? This is absolutely outrageous. And they want to put in place another mandatory retirement pension plan for Ontario workers? After paying all of the taxes and fees imposed on us by them these past ten years, and budgeting for the ever increasing increasing costs for electricity and water, where exactly do these Liberals think I will have funds available after paying all those expenses to contribute to their provincial plan. I think the majority of Ontarians are having a hard enough time to max out their own RRSPs and TFSAs. Thanks, but no thanks. Come back to me when you can balance a budget and provide reasonable services without an horrendous tax burden.
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  • Boyd Anderson 2014-02-13 3:19:06 PM
    I agree with Mark.
    The line "I am from the government and I am here to help you" should be kept in mind when considering any new government initiative!
    As for Mr. DeGoey; perhaps he should leave political advice to those that "have been there, done that". I could shoot several holes thorough his comments but I have better things to do. And I have been there and done that.
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  • Freeda 2014-02-18 9:25:35 AM
    I agree with Mark wholeheartedly.
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