senior

Saturday March 4, 2023

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Saturday March 4, 2023

Interest rates have skyrocketed. So why hasn’t the rate on your savings account budged?

As anyone with a mortgage can attest, the cost to borrow money has gotten a lot more expensive this year. Banks were swift to pass on the rate hikes the Bank of Canada implemented as part of its aggressive campaign to tame inflation.

May 2, 2020

Variable rate home loans routinely top five per cent right now, more than twice what they were a year ago.

But the same can’t be said of savings accounts, which are not paying out much more today than they were a year ago, when the Bank of Canada’s lending rate was 0.25 per cent — its lowest level on record.

Canada’s five biggest banks offer a basic savings account with a rate paying between 0.01 and 0.035 per cent at the moment. So, if you are saving $1,000 for a year, you could earn a grand total of 10 to 35 cents in interest.

Even their so-called high-interest savings accounts that come with minimum balances and other stipulations all pay less than two per cent on an annualized basis.

CBC News reached out to Royal Bank, TD Bank, CIBC, Scotiabank and the Bank of Montreal this week, asking for an explanation as to why savings account rates seem to be slow to rise while lending rates do not, and all the responses were versions of a similar theme: that their rates are based on a variety of funding costs, and while rates on savings accounts are competitive, customers can often get higher rates with products such as GICs that lock in their money for a longer term.

May 13, 2010

Natasha Macmillan, director of everyday banking with rate comparison website Ratehub.ca, says consumers are keenly aware of that gap between what’s happening to the rates on what they owe versus what they have to save.

“As soon as the Bank of Canada raises their interest rate, we see that being translated immediately on the borrowing side,” she told CBC News in an interview. “But it does take a little bit slower for it to be translated to the high-interest saving side — not quite as quickly [and] not quite at the same rate.”

Natasha Macmillan, director of everyday banking with rate comparison website Ratehub.ca, says consumers are keenly aware of that gap between what’s happening to the rates on what they owe versus what they have to save.

“As soon as the Bank of Canada raises their interest rate, we see that being translated immediately on the borrowing side,” she told CBC News in an interview. “But it does take a little bit slower for it to be translated to the high-interest saving side — not quite as quickly [and] not quite at the same rate.” 

That’s not happening today, and there are a few reasons why… (Continued: CBC) 

 

Friday February 24, 2012

By Graeme MacKay, The Hamilton Spectator, Friday February 24, 2012

Tougher rules expected for older drivers

Ontario’s transportation minister expects drivers with dementia will face tough new rules within the year.

The province’s aging population — with an increase is cognitively impaired drivers — will make road safety a “top priority,” said transportation minister Bob Chiarelli.

“I think we need to accelerate our attention to it,” Chiarelli said in an interview.

“I believe we are doing that and I would be surprised if in the next six months to a year we didn’t initiate some enhancements to it.”

In the wake of a Star series on drivers with cognitive impairment, Chiarelli predicted there will be a “tightening across the board” of the system that allows many seniors with dementia to drive unchecked.

The ministry is considering making the following changes: better training for family doctors on reporting cognitively impaired patients who drive; more rigorous on-road testing of senior drivers; and the introduction of graduated licensing for some seniors who, like teenage drivers, would not be allowed to drive at night or on 400-series highways.

Ontario is one of the last jurisdictions in North America that has not embraced “degraduated licences” for seniors. This would put limits on seniors with diminished eyesight in the dark or nerves that can’t handle highway speeds.

In the interview, Chiarelli said he has heard both good and bad things about that approach but is open to exploring it here. (Source: Toronto Star) 

Thursday July 23, 2009

 

The other day every media outlet carried a list of a bunch of places vying for the Seven Natural Wonders of the World. It provided a nice diversion from the usual negative stuff happening in the world, but in particular filled a gaping hole that comes with the lack of news in the depths of the northern hemisphere’s summer.

So I thought I’d follow up the trivial fodder with my own. Old guys who dye their hair… it sure feels good to get that burning issue off my back.

Editorial Cartoon by Graeme MacKay, Editorial Cartoonist, The Hamilton Spectator – Thursday July 23, 2009

The best of a wonder-full world

The world’s most impressive tides. The highest waterfall on Earth. The tallest mountain in Africa.

A group called the New 7 Wonders has come up with a contest in which people can vote for the “new seven wonders of nature.”

The choices can be made over the next year-and-a-half from a list of 28 finalists, including the Bay of Fundy in Canada, Angel Falls in Venezuela and Mt. Kilimanjaro in Tanzania.

The winning seven spots will be announced in 2011.

Many of the 28 finalists announced yesterday are traditional picks, such as the Grand Canyon, the Great Barrier Reef and the Amazon rainforest. But there are also a couple of lesser-known spots that might send folks scurrying for their atlases, including the Bu Tinah Shoals of the United Arab Emirates, the Mud Volcanoes of Azerbaijan and Lebanon’s Jeita Grotto.

Niagara Falls would be a no-brainer in many people’s eyes, but it didn’t make the cut because folks in the state of New York apparently didn’t want to spend any money to promote the cause. (One would have thought they could find money in President Obama’s bailout plan, but perhaps not).

Swiss adventurer Bernard Weber, who started the New 7 Wonders group, says he expects a billion people will vote online and over the telephone in months to come.

Folks around the world came up with an initial list of 261 natural landmarks. That was pared to 77 top vote-getters, and a panel of experts whittled that down to the 28 finalists, using criteria such as geographical balance (you can’t have Canada hogging everything), diversity and the importance to human life. (Source: Toronto Star) 

 

 

Friday February 29, 2008

February 29, 2008

Editorial Cartoon by Graeme MacKay, Editorial Cartoonist, The Hamilton Spectator – Friday February 29, 2008

Smitherman apologizes for diaper comment

Ontario Health Minister George Smitherman has apologized for his comments about “seriously considering” wearing an adult diaper to better understand the condition in nursing homes. 

“I guess it’s not surprising that people have jumped on it but I’m disappointed that anyone would see this as trivialization,” he told Global Morning News Thursday. “I really didn’t mean it that way.”

The comments were made Wednesday at Queen’s Park following complaints from nursing home staff about residents being forced to wear soiled diapers for much of the day because there are not enough caregivers to change them. 

The fallout in response to those comments by various opposition parties Thursday was vast. 

Some have called for the health minister’s resignation for the insensitive remarks and others have asked Mr. Smitherman to come up with a concrete solution to improve long-term care in the province. 

“If people were offended or think I shouldn’t have raised those comments. I apologize,” Mr. Smitherman told a Toronto radio station Thursday. 

Valerie Hanley, whose elderly mother is one of the 75,000 people living in long-care in the province, was disgusted by the health minister’s comments.  (Source: National Post) 

 

Thursday January 31, 2008

Editorial Cartoon by Graeme MacKay, Editorial Cartoonist, The Hamilton Spectator – Thursday January 31, 2008

McCain defeats Romney in Florida vote

Senator John McCain defeated Mitt Romney to win the delegate-rich Florida primary on Tuesday, solidifying his transformation to Republican front-runner and dealing a devastating blow to the presidential hopes of Rudolph Giuliani.

Republican officials said after Giuliani’s distant third-place finish that he was likely to endorse McCain, possibly as early as Wednesday in California. They said the two candidates’ staffs were discussing the logistics of an endorsement.

McCain’s victory showed he could win among Republican voters. Florida allows only registered Republicans to vote in its primary, unlike New Hampshire and South Carolina, where McCain’s earlier victories were fueled by independent voters.

With 97 percent of the precincts reporting, McCain had 36 percent of the vote, Romney 31 percent, Giuliani 15 percent and Mike Huckabee 14 percent.

“Our victory might not have reached landslide proportions,” McCain said, “but it is sweet nonetheless.”

After a campaign in which he was often on the attack, McCain praised his rivals, especially Giuliani, who he said had “invested his heart and soul in this primary, and who conducted himself with all the qualities of the exceptional American leader he truly is.”

But the outcome could be decisive for Giuliani, who suffered lopsided losses in all the early voting states this year, and had staked his candidacy on a strong showing in Florida, where he campaigned more than anywhere else and outspent his rivals on television advertisements over the last month.

Exit polls showed that Giuliani did not even have a clear edge among voters who were most concerned about his signature issue, terrorism; incomplete returns Tuesday night showed him narrowly finishing ahead of Huckabee, the former Arkansas governor, who barely campaigned in Florida.

Giuliani, speaking in Orlando, thanked his supporters and talked about his campaign in the past tense but did not drop out of the race. “The responsibility of leadership doesn’t end with a single campaign,” he said in a serious, gracious speech that he leavened with a humorous asides. “If you believe in a cause, it goes on and you continue to fight for it, and we will. I’m proud that we chose to stay positive and to run a campaign of ideas.” (The New York Times)