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What is Pension Income Splitting? Money Matters When you file your 2007 personal income tax return this year, you and your spouse or common-law partner may be eligible to split up to one-half of your pen- sion income in order to reduce your taxes. Pension income may include annuities, Registered Retirement Income Funds (RRIF) and superannuation income. Old Age Security (OAS) and Canada Pension Plan (CPP) benefits are NOT eligible for this calculation. If you are a Canadian resident, age 65 or older at the end of 2007, and wish to split your eligible pension income with your spouse or common-law partner, you will both be required to complete a Joint Election to Split Pension Income form. Because pension splitting affects the calcu- lation of tax payable for both persons, both must agree to this allocation. Each partner, if eligible, will still be able to claim the pension income amount, which is the less- er amount of $2,000 or the actual amount allocated. (It should be noted that a pen- sion that qualifies for the pension income amount in the hands of the pensioner does not necessarily qualify for the pension income amount for the spouse or com- mon-law partner because eligibility depends on age). The tax withheld at source from the eligible pension income must also be split in the same proportion as the pension is to be split. While this new tax measure may help some taxpayers reduce their income and thus pay less tax, they should be aware of the effect on other payments. The Goods & Services Tax (GST) credit, Canada Child Tax Benefit (CCTB) and Ontario Tax Credit will not change, as the total income of both spouses will remain the same. However, pension splitting can affect the age amount, spousal amounts, and the repayment of Old Age Security benefits. It is not necessary to contact the payer of the pension you wish to split. Information slips will continue to be sent to the recipi- ent of the pension income. Discussion with your tax consultant will determine the most advantageous way of allocating these funds. You may even be able to reduce your tax installment payments! We suggest you contact one of our tax consultants to ensure you are receiving all the benefits of this new tax measure and assist you in making effective tax deci- sions. Call year round for an appointment. during tax season, drop in: Monday to Friday 10 a.m. -5 p.m., Saturday 9 a.m. - 1 p.m. Article courtesy of Marion Murchison, Christine Vale & Joanne Close, Tax Consultants with Yorkshire Enterprises Inc. Conveniently located at the Knolcrest Centre, 360 Guelph St., Unit 47, Georgetown, ON L7G 4B5. Call: 905-873-2697. info@yorkshirent.com www.yorkshirent.com R. Scott Becksted, BES Investment Executive A Wealth of Investment Expertise in Halton Hills. Retirement Planning, RRSPs, RRIFs Mutual Funds, Stocks, Segregated Funds GICs, Bonds Fee-based Managed Accounts (905) 873-6640 or (905) 796-5024 Toll Free: 1-800-263-2454 Fax: (905) 450-6343 scott_becksted@scotiamcleod.com www.advisors.scotiamcleod.com/sbecksted ScotiaMcLeod is a division of Scotia Capital Inc., a member of the Scotiabank Group. Sarah Simpson, Certified Bookkeeper; Liz Schuetz, Bookkeeper; Christine Vale, Tax Consultant; Marion Murchison, Tax Consultant; Joanne Close, Tax Consultant For the same price, wouldnt you rather have your taxes prepared by a Chartered Accountant? Personal & Corporate Tax Return Preparation Accounting & Bookkeeping Schedule of Business Activities Audits, Reviews, Compilations (All Industries)16 Mountainview Rd. S.,Suite 202, Georgetown, ON L7G 4K1 (905) 873-8837 Do you want a professional who cares, to develop your financial plan and put it into action? 4-348 Guelph St., Georgetown www.piphh.ca or 905-873-1877 - Financial Plans with Implementation - Retirement Income Planning - Estate Planning / Tax Planning - Life, Critical Illness, Disability and Mortgage Insurances - Ongoing Commitment to Clients Providing Unique Financial Planning Solutions Helen MacCormack, CFP Brett Worby, CFP located at the Knolcrest Centre 360 Guelph St., Unit 47 Georgetown, ON L7G 4B5 Offering Personalized Service & Competitive Rates for Over 20 Years i , l 18 Independent & Free Press, Wednesday, February 27, 2008 Community Calendar Wednesday, Feb. 27 H.E.A.L. Georgetown Suicide Prevention Group: All are invited 6:30- 8:30 p.m. for the regular meeting of H.E.A.L. with speakers from ROCK and COAST at Norval United Churchs main hall, 486 Guelph St. and 7-8:30 p.m. for the Suicide Survivors Support Group meeting at Norval United Churchs House Next Door, 484 Guelph St. Info: 905-877-6122; norvalunited.ca Nursery open house: Maple Co-oper- ative Nursery School is hosting an open house in the school kitchen, 9-11:30 a.m., Wednesday and Thursday, Feb. 27 and 28. Registration for the 2008/09 school year. Programs start fall 2008, ages 18 months to five years, mornings or after- noons. Info: Ana, 905-877-7322 or 905- 873-4786. Thursday, Feb. 28 Acoustic Jam Session: 8-10:30 p.m. at the Georgetown Legion, 127 Mill St. Bring your instruments, voice and enthusi- asm! Info: Hugh or Wendi, 519-853-1383. Free Sports Night: Ball hockey, soc- cer, basketball... put on by Halton Hills Bible Chapel at the Georgetown District Christian School gym (use rear entrance), Thursday nights 7:30-9:30 p.m. Anyone over 14 years old (bring health card for registration). Info: www.haltonhills- biblechapel.com Limehouse euchre: Limehouse Womens Institute hosts euchre, 7:30 p.m. at the Limehouse Memorial Hall. Admission $3, light lunch provided. Evening of Comedy: Cure your win- ter blahs at the fourth annual Evening of Comedy, 8 p.m. at Acton High School, presented by the Acton District High School Band-Aide Committee. A night of hilarious comedy featuring three stand- up comedians from Yuk Yuks Toronto. Limited tickets; adults $15 in advance/ $18 at the door; students and seniors $12 in advance/$15 at the door. For tickets call Ruth Bowes, ruthbowes@roy- allepage.ca. Proceeds to school bands performance trip to Boston in May. Phoenix Warriors: meets 7:30- 8:30 p.m. every second and fourth Thursday, 42 Mill St., Acton. This self-help peer group is for individuals with a mood dis- order which includes change in mood, thought, energy and behavior. The facili- tator encourages everyone to express themselves, listen, and support each other. Info: 519-853-9793. Cocaine Anonymous: a 12-step based fellowship meets Thursdays, 7 p.m. at Sacre-Coeur Church, 39 Guelph St., Georgetown (use back door basement). This meeting is open to all people who might have difficulties overcoming their addiction to cocaine and any other drugs. Info: Cocaine Anonymous, Toll Free: 1- 866-622-4636 or www.ca.org. Healthiest Babies Possible: Is there a baby in your future? Halton Region Health Department Healthiest Babies Possible prenatal program is accepting registration for its six-week program Thursdays at Ontario Early Years Centre- Georgetown, 96 Guelph St. To register: 1- 866-442-5866. Info: www.halton.ca. More CALENDAR on pg. 20