Ming Wong/The Globe and Mail
For Canadians turning 65, it’s not just another birthday – it’s a milestone that opens the door to a wide range of seniors’ discounts, whether you’re ready to be called “senior” or not.
While some seniors’ discounts begin trickling in at 55, and others at 60, many businesses wait until the age of 65 before offering them.
To show how much a senior could realistically save, The Globe and Mail took a small basket of seniors’ discounts available in Toronto and nationwide, and did the math on how those discounts compared to regular prices.
With this basket of goods, a senior could save $66.60 a month, or $799.20 a year, through monthly purchases on hobbies, pet supplies, movie tickets and personal care items, along with paying reduced banking and public transportation fees.
Transit systems across the country offer reduced fares for those 65 and over. Seniors can save up to $28 a month on a Toronto Transit Commission passes, for instance, which could add up to around $335 in savings a year. Film buffs who frequent major movie theatre chains such as Cineplex can cut down ticket costs by roughly 25 per cent.
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Here is how these discounts stack up:
Lesser-known discounts worth asking about
Seniors may not be aware that some mobile phone and internet providers offer special deals to older clients. Rogers provides a $5 per month discount when seniors activate a mobile device, or $15 when they add a second line on eligible plans. Both Rogers and Telus also offer discounted monthly phone plan rates to customers on a guaranteed income supplement, including seniors.
Organizations such as the Canadian Association of Retired Persons can also provide access to negotiated discounts on hearing aids, eyeglasses, footwear, newspaper subscriptions, travel and more. To access the discounts, you need to be a member, which currently costs $24.95 for a one-year membership.
Do discounts actually amount to a good deal?
While everybody loves a deal, it helps to approach seniors’ discounts with a bit of skepticism.
“It’s critical to remember that retailers are offering these discounts to sell you more – not to be nice,” said Bruce Sellery, chief executive at Credit Canada.
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Mr. Sellery said the tactic plays into the principle of reciprocity: “If I do something nice for you, you’ll do something nice for me,” he explained. For example, if you’re shopping for a car and visit several dealerships, you may feel more compelled to buy from the one that offers free drinks and food, even if another dealership without snacks offers a better price.
“This is problematic in a capitalist culture sometimes, because it short-circuits some of the due diligence we would do on a cost-benefit analysis,” he said.
A seniors’ discount doesn’t necessarily mean you’re paying the lowest price, he added, particularly if you’re visiting an expensive retailer for the discount. For instance, a pharmacy with a discount may sell yogourt for $5.50, while a discount grocer without a seniors’ discount might sell the product for $3.75.
Jumping at seniors’ discounts can feel like a “psychological win,” but these deals can be an “optical illusion,” said Janet Gray, a certified financial planner at Money Coaches Canada. If you need to travel further for a discount, or shop multiple times a week to hit certain discount days, the cost of gas and the value of your time may outweigh any potential savings, she said.
For seniors in pursuit of price breaks, both Ms. Gray and Mr. Sellery recommend “discount stacking,” which requires bundling together as many savings opportunities as possible at the checkout. This might look like using your seniors’ discount, adding a manufacturer’s coupon and then paying with your points card.
Look past the label
Since some businesses don’t advertise seniors’ discounts or ask shoppers whether they qualify, it’s often up to customers to inquire. However, some shoppers would rather avoid the topic altogether.
“Not wanting to admit that you’re a senior is a real thing,” Mr. Sellery said, especially in a youth-oriented culture.
Many adults over 55 don’t feel as though they’re senior citizens, but if someone’s on a quest to cut costs, Mr. Sellery added, “you’re going to have to admit that you’re a senior even if you don’t want to.”
