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Silversea Water Cooler: Welcome! Part Four

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By CCHelp ,
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mysty "Live from...." Rare

mysty

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That's a probable explanation J! Yes, I do agree about the blinders. I wasn't really attempting to keep Coolers on the straight and narrow. :) I really have no business doing that! Especially when Coolers who have the resources to do so are free to exercise whatever whim strikes them. :) And hopefully they are also trying to recycle or re-use in the process. :) I just saw the two articles published very close to one another and I couldn't help but wonder about the possible connection. I am very proud of our country for many reasons and it saddens me that many could be in financial difficulty soon.

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UKCruiseJeff

UKCruiseJeff

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I think that one of the repercussions of inheritance tax M, is the desire to spend down to zero preferably on the day we depart.

 

We have a real property problem in the UK in that availibility of social rental housing is far too inadequate and first time buyers cannot find anything like affordable property to buy and get them on the housing ladder. At the same time older people have been the greatest sector owning second homes and have been holding on to them largely because of penal capital gains tax. Many bought property because they weren't going to earn any money on savings kept in banks because bank rates were being kept artificially low to help those in debt. Older people in the UK have sacrificed.

 

Much of the shortage of housing could be eased therefore if they had a few years of either zero or 50% capital gains tax for second home sales for pensioners ... or all. Such an immediate entry of what would be a very large number of cheaper houses onto the market would also stabilise or lower house prices helping the affordability issue for first time buyers even more.

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mysty "Live from...." Rare

mysty

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Fortunately for us here in Canada, there is no inheritance tax (yet). "Instead the CRA treats the estate as a sale, unless the estate is inherited by the surviving spouse or common-law partner, where certain exceptions are possible. This means that the estate pays the taxes owed to the government, rather than the beneficiaries paying." as per https://turbotax.intuit.ca/tips/canada-inheritance-tax-laws-information-463

 

I can well understand the situation you presented for the UK. The issue here also deals with affordable housing with the additional issue of a housing bubble in many of the larger cities like Toronto and Vancouver. Second homes released for sale, especially in these cities would not provide affordable housing. They would be sold at market rate or even higher. And of course the seller would be subject to Capital Gains Tax on the sale of their second property. I'm not sure how many pensioners here have purchased a second property as a way to save tax.

 

Many people approaching retirement here in Canada are investing in Registered Retirement Savings Plans (especially if they do not have a company pension plan). This program allows the money deposited (with a yearly limit on the amount that can be deposited based on employment income for that year) to be invested and the interest on those investments is not taxed. On withdrawal from the plan the money is taxed as income. Because interest rates have been so low, many investors in this program have resorted to the stock market to try to amp up the value of their funds. Of course, this is dangerous with stock market volatility. Myster and I are trying to walk as prudent a path as we can with help from our financial adviser. Government pensions like CPP and OAS (with additional funds available through the Guranteed Income Supplement for low income folks) provide very limited income and would be extremely difficult to survive on without additional resources.

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UKCruiseJeff

UKCruiseJeff

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Hi M,

 

We have capital gains tax on the sale of all second homes and every few years they make a change and normally it is for the worst. There was also normally tax on any realisable assets on the sale of a business. We were extremely lucky in that our accountant was an ex-tax inspector and one day we had lunch and he enabled us to plan to close our business with a sizeable bank balance that was completely cgt-free which saved us a very welcome amount of tax. We closed a limited company and continued for a while as a partnership. Normally cash reserve balances on closing a business are taxable ...... unless you were conserving them for a particular purpose that didn't materialise .........

 

Until Gordon Brown became chancellor the UK probably had the finest private pension arrangements in the world. In one budget he announced several tax changes that weren't adequately understood at the time, but essentially he killed them. i was lucky in that in my time with the corporation I paid 16% of my salary into pensions and even though I wasn't there for a full career the pension is pretty unaffordble for the Corporation. We were extremely fortunate as the pension value is out of all proportion to contributions made both by me and the corporation at the time. I'm pleased i always took the option of forgoing flasher company cars for decent but less ostentatious cars for higher pension contributions .....

 

Our state pension system has recently changed, and although wifey had insufficient contributions as we always lived on company dividends when we were working in our own business, and she didn't work when I was at the Corporation, I made voluntary contributions for her and she is therefore entitled to a full state pension.

 

Both of us can take them now but women on the older scheme were entitled to take the pension up to 5 years earlier than men ie 60 instead of 65. I have deferred her pension and recently my own because under the old scheme for every year you deferred it would be increased by 10.4% So if you are fortunate not to need it, it increases. 5 years deferral on her state pension increases it by 52%. The base pension when taken then increases each year by a triple lock with a minimum of 2.5% or average earnings increases or inflation - whichever is highest - and the deferred element increases by inflation.

 

The next generations will effectively not be able to retire. This has been obvious to me for the last ten years or so. The state will not be able to afford adequate pensions, or health care and the vast majority of people will never be able to make the level of savings to ensure an adequate pension. A small number may be able to get on the housing ladder and eventaully use a trade down to finance retirement but the housing market remains an unpredictable bubble. Our kids will probably need to work until they drop or if they are fortunate, inherit. But I think longevity has probably plateaued. We are probably the last generation that will have what we currently call retirement.

 

It's interesting comparing how different countries address these issues. Sorry for all ipad typos. :)

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mysty "Live from...." Rare

mysty

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Your pension arrangements sound great J! We can also defer government pensions from 65 with the amount being increased by 0.6 % per month deferred up to age 70. Once pensions are received they are incremented every year by a measure tied to the rate of inflation (1.3% increase for 2017) determined by Treasury Board. I think you guys got the better deal though. :)

 

We also can do pension splitting to enable the tax burden to be shared between spouses. That also helps..

 

I am afraid that I do agree with your prediction for the situation that will be faced by the generations that follow us. Both our provincial government and federal government are operating at a deficit. Inevitably taxes will rise to pay for health (especially with aging boomers), education and infrastructure further deepening the deficits.

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Tothesunset "Live from...." Rare

Tothesunset

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On a brighter note the TTSs have reached the airport in Barbados and I believe Penny is here also. Another excellent cruise completed.

 

We liked the Wind a lot but still prefer Spirit followed by Whisper/Shadow. But we're talking fractions here.

 

14 hours until we see our doggy. Woo hoo!

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Camillus112

Camillus112

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Welcome back TTS, and we all eagerly await details on your cruise.

 

Yesterday was a marvelous day with granddaughter Ava (for Ava Gardner, though our Ava is blonde, but go figure...). She just turned 13 and it was her first shopping spree with Lala (as she call me...because Lala was a Teletubby doll I had gifted her as a baby). Our Black Friday was exciting, yet without any issue. She saw some of her friends on and about, and we had a lovely, leisurely lunch. She got most of her Christmas shopping done, and she selected a beautiful gift for me to use with my cruise formals. I know that as the teenage years advance, I will remember this day as one most special in our relationship. Being a teenager is always difficult, and I will keep this "declaration" in mind.

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Lois R Great Review Rare

Lois R

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Welcome back TTS, and we all eagerly await details on your cruise.

 

Yesterday was a marvelous day with granddaughter Ava (for Ava Gardner, though our Ava is blonde, but go figure...). She just turned 13 and it was her first shopping spree with Lala (as she call me...because Lala was a Teletubby doll I had gifted her as a baby). Our Black Friday was exciting, yet without any issue. She saw some of her friends on and about, and we had a lovely, leisurely lunch. She got most of her Christmas shopping done, and she selected a beautiful gift for me to use with my cruise formals. I know that as the teenage years advance, I will remember this day as one most special in our relationship. Being a teenager is always difficult, and I will keep this "declaration" in mind.

 

Hi Cam, it sounds like an absolutely wonderful day with Ava:)

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Camillus112

Camillus112

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Cam, your day with Ava sounds wonderful! I have 3 grandsons so shopping with a young teen female is not in my future (unless I borrow someone else's). Beautiful memory to savour!

 

Thanks, Mysty. Are they also teenagers or younger? The trouble with boys is that they become allergic to hugs and kisses!!

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Camillus112

Camillus112

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Hi Cam, it sounds like an absolutely wonderful day with Ava:)

 

Thanks, Lois. Wow, I'm impressed with your research into your next cruise! I will be trying Seabourn again after around five years. Our cruise is this coming January and I'll share my impressions with you. Actually, I was very happy with food and service, and I thought the mostly Eastern European crew was charming. Lately we had cruised solely with Silversea, mostly due to dates and itinerary, and we have been very happy... except for our last cruise... nothing to do with SS, but definitely with a few obnoxious passengers... oh well, this can happen anywhere. Keep on with your research, it's fun!

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Tothesunset "Live from...." Rare

Tothesunset

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Well, that's the TTSs back home in one piece. Just a bit disappointed with the Virgin Atlantic Premium Economy cabin upstairs on the 747 - can't help but compare with Vietnam Airlines Prem Eco which we thought was excellent. But we used Airmiles so can't really complain. Getting Upper class seats on Airmiles is not easy on the Barbados LGW route.

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mysty "Live from...." Rare

mysty

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Greetings Coolers! Snow is back!

 

Cam, only one of the wee lads will enjoy hugs at this point. That would be the 6 year old. His four year old brother is not into a lot of contact. The youngest grandson (17 months old) lives further away and hasn't seen us as much. On our last visit he maintained his distance.

 

J... the short ribs look divine! Myster made an interesting bread last night. Not your typical loaf and cooked in a 425 oven for 35 minutes on a pizza stone. It did not rise very much (sort of looks like a pizza base on steroids) and was a wee bit salty. It was, however, surprisingly tasty!

 

Glad your flight was reasonably satisfying TTS. Good work with the airmiles and Premium Economy. Your furry baby must be thrilled to have you back!

 

Today is Grey Cup Sunday. It is the Canadian Football League's equivalent to the Superbowl. Calgary Stampeders versus Toronto Argonauts being played here in Ottawa. Yesterday's shopping at the Liquor Control Board of Ontario was the busiest we've seen outside of the few days leading up to New Year's Eve.

 

Have a great day all!

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MissSophia

MissSophia

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G'Day All......

 

Short beef looks delish Jeffers.....just roasting a stuffed chicken here for luncheon following a determined attack with the packing which is now done...thankfully two cases sufficed!

 

Good to know the TTS's are home safe......hate the LGW route ....much cheaper than the MAN route though as l found out last year...grabbed a one way £500 UC seat from Barbados on air miles...MAN route was £5000!

Virgin are flying into LHR from Barbados next year so that may make a bit of a difference....😏

 

Cam...your day with Ava sounds so good........as she gets older she will have such lovely memories of these times.

 

Great to see Mysty has got DH slaving away in the galley...😉Hope the snow isn't too bad....today here is bright and sunny but very very cold...

 

Good on Lois for researching all the cruise options...so many choices out there....

 

Happy Day 😊

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