Tag: Afra

Minister Launches Adult Day Program

first_imgNova Scotians now have more spaces to enhance the wellness of people older than 50 who have had a stroke, are living with Parkinson’s disease or are physically frail, with the opening of a new adult day centre in Halifax today, Oct. 1. The centre provides programs and services that address physical, emotional, social and spiritual wellness. It operates Monday to Friday, 8:30 a.m. to 4:30 p.m. and is on Bayers Road in Halifax. Increasing adult day program spaces is part of the Department of Health’s continuing-care strategy, a 10-year plan released in 2006. The strategy aims to create a system that supports Nova Scotians in their desire to live well in a place they can call home. Because of pressures in acute care, long-term care and home care, the Department of Health agreed to support interim adult day programs through provincial district health authorities. The province budgeted $2-million to help set up or expand adult day programs across Nova Scotia. The initiative is not meant to replace existing programs, but to build on successes and expand to other communities. “A successful partnership like this shows what can be done when different levels of the health-care system work together with a common goal – meeting the needs of the citizens we serve,” said Health Minister Chris d’Entremont. The need for an adult day program in the Halifax area was brought forward by the Chebucto West Community Health Board. Capital Health, which is working to offer more community-based services that address health and wellness needs identified by residents, partnered with Northwood to provide the service. “The adult day centre signals a new direction in health care for Capital Health, one that reflects us working with friends and neighbours to identify and address the social conditions that affect well-being in our broader community,” said Chris Power, president and CEO, Capital Health. “We believe that citizen participation, a holistic view of health, and partnership — all of which have come together to open the adult day centre — are critical elements to transforming health care.” Northwood is a pioneer in the field of adult day programming, and was the first organization in Nova Scotia to start an adult day program, 30 years ago.last_img read more

Splitting up RRSPs other assets during a grey divorce can get messy

TORONTO — Dividing assets during a divorce can be a complicated and emotional process, especially for seniors who may not have planned on spending retirement alone.Financial experts say like in any separation, one of the most trying aspects for those going through a so-called grey divorce is agreeing on how to split the family’s assets — which can be anything from a shared home to an RRSP account.[np_storybar title=”RRSPs have little to do with retirement” link=”https://business.financialpost.com/2013/01/18/rrsps-have-little-to-do-with-retirement/”%5DRegistered Retirement Savings Plans (RRSPs) are commonly thought to be a retirement savings tool used by Canadians to supplement spending in their golden years. The fact is, RRSPs have little to do with retirement.First and foremost, RRSPs are a way to reduce your current year taxes and on that basis, it’s important to ensure that you’re getting the best bang for your buck. In any given year, it’s important to be mindful of what your tax bracket is and how much you should be contributing to your RRSP.Read more. [/np_storybar]“What happens is that the average couple develops an accumulation of assets to fund their retirement,” said Jason Abbott, a member of the Financial Advisors Association of Canada with a private practice in Toronto.“Invariably, if you chop those in half and expenses that used to be shared between two… are now borne by the individual, now you have to take a major step back. Now, all of a sudden, your nest egg isn’t going to go as far as it used to.”According to the most recently available statistics, silver separations are an increasing trend.Statistics Canada reported there were 852 divorces where both partners are 65 and over in 2008, up three per cent from two years earlier. There were 1,237 divorces where women were aged 65 and over, slightly down from 1,247 in 2006. Still, there were 2,486 divorces where men were in that age bracket, up from 2,415 two years earlier.Abbott said dividing an RRSP is as easy as signing the paperwork, but can get complicated if the two sides can’t agree on how much each partner should get — especially in situations where one person was the main breadwinner.“The fact that on paper, one client is technically the owner, the registration is in their name, doesn’t discount the other spouse from having entitlement on that asset,” Abbot explained.One of the factors to keep in mind when dividing retirement savings, especially if you’re a senior, is that there is less potential for the value of the RRSP to grow in the future. You no longer have the benefit of waiting out decades of investment appreciation and compound growth to fund your retirement.That’s why having knowledge about shared finances is one of the best ways to make sure you get your fair share, he said.“Both spouses need to know without question, where do we stand? Similarly, what are our assets?” added Abbott.Elizabeth Taylor, an advisor with Sun Life Financial in Calgary, says she’s been seeing more and more instances of silver separation in the past few years.“When you’re married and raising kids, you’re preoccupied but when you get into retirement, you’ve got two people in the same house— either you’re going to go through that smoothly or not,” she said. “Their needs and their goals are different.”Taylor said people should try not to get too emotional when dividing assets during a divorce, because they need to look realistically at their cost of living and determine whether they can sustain their lifestyle once they’ve split up.Couples going through a divorce should also take into account other valued assets like pensions, group benefits, and high-priced items like vehicles and homes, she said. read more