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As the name suggests, a Registered Retirement Saving Plan, or RRSP, is meant to be used to fund your retirement. Money contributed to an RRSP and must be converted to: a Registered Retirement Income Fund (RRIF) or annuity, or withdrawn by December 31st of the year you turn 71 years old.
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Financial elder abuse is the most common form of elder abuse. As our population continues to get older elder abuse is becoming more common. This may be a major problem in Nova Scotia where the percentage of the population over 65 is greater than the percentage of the population under 15 for the first time ever.
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Many older people who are the victim of financial elder abuse don’t want to talk about it and end up taking little or no action. This can be because of shame or embarrassment, or because they believe if it becomes known, they will lose some of their freedom and independence.
Submitted by nsscadmin on
As our population continues to get older, financial elder abuse is becoming more prevalent. Many victims of financial elder abuse stay quiet out of shame, or they fear that if it’s discovered they will lose some of their freedom. They may be silent, but there are still warning signs that someone is a victim of financial elder abuse.
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First observed by the United Nations in 2012, World Elder Abuse Awareness Day recognizes that nearly every country across the globe will see a substantial growth in the number of older persons in the next decade. With the population of older persons increasing it unfortunately also leads to an increase in the amount of elder abuse.
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Someone being older is not the only thing that makes them vulnerable to financial elder abuse. There are certain signs and life changes that can make someone more susceptible to abuse.
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Our regular question of the week segment will be taking a short break for the next five weeks. Every Wednesday throughout Seniors Month in June we’ll be republishing our blogs on financial elder abuse. Today we start with our blog post on What is financial elder abuse?
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June is Seniors Month and throughout the month on our website and social media channels we’ll be sharing information on investing focusing on topics relevant for seniors and caregivers.
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The broad answer to this question is yes, crypto trading platforms that are considered to be trading in securities must abide by Canadian securities laws.
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The Nova Scotia Securities Commission constantly reminds Nova Scotia investors that anyone selling or advising in securities in the province must be registered, unless an exemption applies. A visitor to our website was wondering what is the exemption that allows someone to deal with a Nova Scotia resident without registration.