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th ei fp .c a Th e IF P -H al to n H ill s | T hu rs da y, Ja nu ar y 21 ,2 02 1 | 6 ABOUT US This newspaper, published every Thursday, is a division of the Metroland Media Group Ltd., a wholly-owned subsidiary of Torstar Corporation. The Metroland family of newspapers is comprised of more than 70 community publications across Ontario. This newspaper is a member of the National NewsMedia Council. Complainants are urged to bring their concerns to the attention of the news- paper and, if not satisfied, write The National NewsMedia Council, Suite 200, 890 Yonge St., Toronto, ON M4W 2H2. Phone: 416-340-1981 Web: www.mediacouncil.ca newsroom@theifp.ca IndependentAndFreePress @IFP_11 WHO WE ARE Publisher Kelly Montague Regional Managing Editor Catherine O'Hara Managing Editor Karen Miceli Distribution Representative Iouliana Polar Real Estate Kristie Pells Regional Production Manager Manuel Garcia Halton Media General Manager Jason Pehora CONTACT US The Independent & Free Press 280 Guelph Street, Unit 77 Georgetown, ON L7G 4B1 Phone: 905-873-0301 Classifieds: 1-800-263-6480 Fax: 905-873-0398 Letters to the editor All letters must be fewer than 320 words and include your name and telephone number for verification purposes. We reserve the right to edit, condense or reject letters. Published letters will appear in print and/or online at theifp.ca Delivery For all delivery inquiries, please e-mail lpolar@miltoncanadianchampion.com or call 905-234-1019. OPINION TO LEARN HOW TO SUBMIT YOUR OWN CONTENT VISIT THEIFP.CA Welcome to 2021. Let's hope it is better than 2020, which was a most difficult year for most of us. As a reminder, you can find the most up-to-date in- formation on the COVID-19 pandemic on the Town's website at www.haltonhill- s.ca. We have a page dedicat- ed to COVID-19, messages from myself and press re- leases issued by the Town. For inquiries regarding current COVID-19 restric- tions, residents should call 311 and the COVID-19 hot- line at (905) 825-4722 to re- port COVID-19 noncompli- ance. We all must follow the rules and regulations set down by the provincial government. I want parents to be ex- tra diligent and warn your kids to keep off our storm water ponds. I recently re- ceived a few emails and tweets asking why the kids were asked to leave from skating and/or playing hockey on them. These ponds are designed to take run off from roads, which includes salt. This results in inconsis- tent ice thickness. This is a significant safety issue. Just last month, Milton had a tragedy where a youngster lost his life play- ing on one. Speaking of ice and snow, did you know the Town clears around 160 km of sidewalks during the winter months? An exam- ple of sidewalks to be cleared are in the down- town areas of Acton, Georgetown, Guelph Street, near schools, etc. We have a lot of seniors and those who are vulner- able needing to use the sidewalks in front of your house. So, let's use Ben Wick's motto for the City of Toronto: "Be Nice and Clear Your Ice." Many small businesses and restaurants have been hit very hard with the pan- demic. Please support them wherever you can. Restaurant food still tastes great at home. Re- member our small busi- nesses are your friends and neighbours, and they al- ways step up in sponsoring local events and teams. Rick Bonnette is the Mayor of Halton Hills. Follow him on Twitter @RickBonnette1 and In- stagram @rick_bonnette1. HERE'S HOPING FOR A BETTER YEAR AHEAD PLEASE REMAIN VIGILANT AND SAFE AS PANDEMIC CONTINUES, WRITES RICK BONNETTE Low mortgage interest rates make home owner- ship affordable. When mortgage rates increase many homeowners will not be able to make the pay- ments after their mortgage is renewed. The mortgage on your house might be your most significant financial risk. Normally, when you ac- quire an asset, you hope for a strong economy. Your as- sumed logic is that will be good in supporting or in- creasing the value of your assets. However, be very care- ful of what you wish for. To illustrate this, we will assume a homeowner has a $1-million mortgage. Interest rates are very low, so we will assume the mortgage interest is two per cent. The homeowner will pay $20,000 interest annu- ally. Now, let's focus on your risk. It is anticipated that the economy will recover largely as a result of con- tinued federal financial support. So far, so good. But here's where it gets danger- ous. When the economy gets off life support and pros- perity returns, we will start shifting into a period of higher inflation. The role of the government will change to controlling infla- tion. To slow down growth and fight inflation, the best financial tool available to the government is increas- ing interest rates. Higher rates will slow the econom- ic activity and the govern- ment will be successful at managing inflation. Back to the homeowner with a mortgage. Assume at the time of mortgage re- newal, interest rates have increased from two per cent to four per cent. Suddenly, the carrying cost on your house has dou- bled. Will the homeowner have sufficient cash flow to cover this increased ex- pense? Peter Watson, of Watson Investments MBA, CFP®, R.F.P., CIM®, FCSI offers a weekly financial plan- ning column, 'Dollars & Sense'. He can be contacted through www.watsonin- vestments.com. THE DANGERS OF YOUR HOUSE MORTGAGE BEWARE OF RISING INTEREST RATES ONCE ECONOMY RECOVERS, WRITES PETER WATSON SNAPSHOT A female cardinal visits a backyard near a wooded area of Georgetown. Do you have a great local photo you'd like to share? Send it to sleblanc@metroland.com, along with a brief description. Tony Fortunato photo RICK BONNETTE Column "Many small businesses and restaurants have been hit very hard with the pandemic. Please support them wherever you can." SIGN UP FOR OUR WEEKLY NEWSLETTER AT THEIFP.CA PETER WATSON Column