Mar. 26: Janet Gray Interview

March 26, 2026

Looking for ways to get by on less money – Janet Gray

One of the less-talked-about aspects of retiring is that, more than likely, you will be living on less money than you were when you were working. It could be a lot less if you don’t have a workplace pension plan or retirement savings.

So – what strategies does one employ when making do with less? Save with SPP reached out to Janet Gray, advice-only Certified Financial Planner, of Money Coaches Canada, to find out.

First off, she suggests, you need to “make sure you’ve got all the money due you.” Are you collecting your Canada Pension Plan, Old Age Security (OAS), and other benefits you may qualify for, like the Guaranteed Income Supplement (GIS), she asks.

“If you were married in the past, but have since divorced, you might qualify for a share of your ex’s CPP,” she notes. “There’s nothing to lose by asking – better that it’s in your pocket than their’s!”

While OAS starts automatically at 65 unless you choose to defer it, you need to contact Service Canada about the GIS, she advises.

Some municipalities, including Ottawa where Gray lives, allow you to take a break on costly property taxes by deferring them “until death or the sale of your property.” A house in the Ottawa suburb of Alta Vista, she says, would currently go for more than $1 million – but the property taxes could be $8,000 or more per year.

Not paying the property taxes can help rectify a situation where you are living in a house that you can barely afford owing to lower retirement income, she says. “Check to see if your municipality offers property tax deferment,” she advises.

As well, be sure to find out about any provincial tax benefits or programs that might help you.

There are, says Gray, tax credits for low-income earners who pay rent, as well as the Ontario Drug Benefit (before age 65) and the Trillium Benefit for qualified seniors 65 and over. See if your province offers anything similar, she suggests.

“Just type in your province and `housing credits’ in a search engine and you should find something,” she notes. “Housing, for many people, is their largest single expense.”

In addition to looking for government housing credits, some folks facing lower income may want to downsize, Gray says. “You might want to move somewhere smaller, where you will pay less rent,” she says. Or, you could sell your home, saying goodbye to property taxes and maintenance costs, and use the proceeds to pay for a rental residence.

“It can be hard to keep up with the responsibility, and cost, of running the home,” she says, especially for retirees or those who are widows or widowers. Cutting down on housing costs will give “you peace of mind, and more money to spend on necessities.”

Another option many are choosing is to move “to a lower-cost province. Many moved to the East Coast in recent years for that reason,” she says. “Alternatively, you could choose to move from your expensive urban property to a less expensive rural setting.”

Another strategy Gray has seen people adopt is “home sharing.”

“You could put a student in your basement and charge $500 rent, giving you more income as well as the safety of having someone there in the house.” The students go home for the summer and holidays, and at that point “you get the place to yourself again.”

Or you can collaborate with friends on housing, she says.

“I know of four women who bought two houses, side by side, and then bridged them into one big houses. It cost money to do this, but they are all equal part owners of the property.” When moving in with friends, typically one friend will get the master with an ensuite, say, and the other friend a bedroom and the main bathroom.

Some homeowners look into reverse mortgages, Gray explains.

“With a reverse mortgage, you’re not selling, but accessing the equity,” she explains. “You don’t have to pay any interest on the amount you receive until the time of sale, or your death. That’s better than a straight home equity line of credit that requires monthly interest payments on any balance – not a good idea for low-income earners.”

With a reverse mortgage, you can access “up to 55 per cent of the equity in your home.” You can take a lump sum or arrange to have monthly payments – “you don’t have to take it all at once,” explains Gray.

Other cost saving ideas – in many cases, you can pre-arrange your funeral and have the cost charged to your estate.

You should, Gray recommends, review your TV/Internet bill – are there parts of it you can live without? Are there streaming channels you aren’t watching?

“Do you still need collision insurance on your 15-year-old car,” asks Gray. If not, there’s some extra cost savings for you.

Take advantage “of seniors’ days and senior’s discounts,” she suggests.

Buy in bulk and cook at home more often, she notes. Frequent discount grocery stores and use the FLIPP app to get coupons that save you more.

There are lots of things to do and programs of interest in the community, she says. “Your MP or provincial representative may host a seniors’ lunch or tea, as do service clubs and libraries.” These tend to be free or low-cost programs, she points out.

“In the community you will also find food banks, volunteer drivers to help you get to appointments, and shopping buses. Tell them your story and they will sign you up,” she advises.

The new federal dental program can be of help if you don’t have post-retirement dental insurance, she notes.

If you are able to work part time in retirement, that might help with basic expenses. But be sure to take note of any employment income limits that may apply if you are receiving GIS, notes Gray.

“It’s all about having an open mind,” she says of coping with living on less. “Make your hobby a source of income – bake for the local farmer’s market. Teach line dancing. If you have a skill, teach it or be a mentor.” The possibilities, she concludes, are limited only by your imagination.

We thank Janet Gray for taking the time to speak with us again.

While retirement income is less of an issue if you have a workplace pension, not all of us have access to such programs through work.

So if you are saving on your own for retirement, consider signing up for the Saskatchewan Pension Plan, open to any Canadian with registered retirement savings plan room.

You can contribute any amount up to your RRSP limit each year, and can transfer in any amount from other RRSPs you might have. SPP will take each precious savings dollar and invest it for you in our low-cost, professionally managed, pooled account. Those savings will grow, and at retirement, you have the option of receiving a lifetime monthly annuity payment from SPP or the more flexible Variable Benefit.

Check out SPP today!

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Janet Gray

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