New programs could see homeowners coming out ahead

If you've been paying attention, you're aware that, starting Jan. 1, we'll be paying $1.01 more per gigajoule for natural gas to heat our homes and a few extra cents a litre to fuel our cars.

It's the provincial carbon levy, and it's inevitable.

If you're like me, you want to know what the government is going to do with the revenue.

For starters, it's setting up an agency whose goal is to reduce our utility bills, decrease emissions and save energy in general.

'Wholly inadequate' for some key segments

A new study is painting a frightening picture of the financial preparedness for those nearing retirement in Canada.

According to the Broadbent Institute, the value of retirement assets of those aged 55 to 64 without an employer pension – representing about half in this age cohort in Canada – is "wholly inadequate," with a median value of only $250 for those earning between $25,000 and $50,000 and $21,000 for those with incomes in the $50,000-$100,000 range.

"This new data on retirement savings and gaps in support makes one thing perfectly clear – we have a retirement income crisis on our hands that requires urgent government action now," said Rick Smith, executive director of the Broadbent Institute.

A survey by Manulife Financial found almost one in five homeowners expect they'll be accessing home equity to supplement their retirement income.

The Manulife Bank Debt survey, which questioned more than 2,300 Canadians, finding nearly one in five respondents see their home as part of their retirement income equation.