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THE WEEKEND OUTLOOK Friday March 11 Page Seniors Special tax benefits still await senior citizens By Margaret Dunn the government gives and the government lakes away And in matters of income tax the govern ment has a reputation for taking somewhat more than it gives Thais one reason why seniors now find themselves minus sev eral lax breaks that used lo be available lo the ovcr65s Fortunately though there arcstill a few worthwhile tax breaks avail able So wherever possible its advisable to lake full advantage of them Here are three Pension is I7pcrcent of the first 1000 of eligible pen sion income At the federal level alone that means its worth 1 70 But in addition you also save the federal surtax as well as the pro vincial tax bite on the 1 000 perhaps another 90 or so But the key word here is eligi ble pension income For example payments from the Canada or Quebec Pension Plans Old Age Security lump sum amounts from a pension fund or retiring allowances stkh as sever ance pay arc not eligible Income that is eligible for the pension credit includes annuity payments from a superannuation or employer pension plan as well as annuity payments from a regis tered retirement savings plan or deferred profit sharing plan Also eligible arc payments from a registered retirement in come fund Its important to note here lhat if your income should be loo low to enable you to claim the full credit any unused portion may be trans- to your spouse so the credit is not Iosl Pension Rollovers This makes it possible to roll over up to 6000 a year of per iodic payments from a registered pension plan or deferred profit sharing plan into a spousal RRSP over and above your maximum allowable RRSP contribution Such a rollover can lead lo sig nificant lax savings For example keep a higher income spouse a lower tax bracket an immedi ate tax saving besides sheltering tax on the amount rolled over So its a doublebarrelled saving Again lump sum payments do not qualify for the rollover nor do payments from a foreign pension Old Age Security This is a relatively new lax which means lhat higher income seniors may have to pay back some or all of Iheir O AS benefits However it will only affect you if your net income for 1990 is more than In this case the clawback amounts to twothirds of 15 per cent of net income over or two- thirds of the OAS payment whichever is less However if you do have to repay any OAS then youre entitled to a deduction in respect of the amount repaid Moneycare is general financial advice by Canadas chartered accountants Margaret Dunn is in private practice Seniors centre provides many varied activities Main Street South Downtown Georgetown 8731470 By FLORENCE WILKINSON When I am at my sisters that is the sister with whom you are already acquainted in this col umn have a chance to keep up dated on some of the things which happen in one of the seniors cen tres which has given the Georgetown and District Seniors Association help and inspiration The articles usually have some pictures to go along with the in formation About the middle of December there was an article about all the things which were being co ordinated and most of which were happening in the centre in It talked about the decorating for the events the bazaar at which they made over quilting classes crokinole tournaments curling Christmas dinner at which they were asking for donations for Christmas hampers Christmas concert musical jamboree and dance and other Christmas news Scores for past events was a part of the article and reminders about the newsletter and all the ongoing events was also included In the middle of January I was able to read about the election for the new Board and of some of the things which a Board has to do if the centre is to be successful One of those things was to request of the Recreation division of the local Council that their co ordinator be hired for another period of time The meeting also discussed paying so much per year to the Council as originally agreed and the Councils urging for the centre to charge more for rent Apparently they were not getting enough requests for rent because there was no permission for alcoholic beverages given when renting Getting a centre in Georgetown is the immediate concern of the Georgetown and District Seniors Association When a centre programs have a good reputation for high academic quality Ive been pleased with the courses Ive taken theyre offered at flexible times that meet my schedule and its nice to have the choice between classroom courses or the distance education program Telecollege Pamela Ontario 519 8841970 Extension 4447 For personal assistance please call us Well be glad to help Exploring New Horizons INTERSESSIONSPRING 1991 May 6 August Laurier offers courses both through classroom lectures and at a distance through Telecollege In Brampton degree programs are available on a parttime basis in six disciplines or you can work toward a Diploma in Business Administration or an Arts Certificate Rather than completing a program you may want to study only for your own interest and enjoyment What ever your motivation were here to help you achieve your educational goals Classes are available for parttime students at Brampton Centennial Secondary School 251 McMurchy Avenue South Brampton Teleconferences for Telecollege courses are also held at this location Parttime Studies Course Calendars are available through the office of Parttime Studies or at your local library branch Were sure that at Laurier youll find classes that suit your interests career and schedule Wilfrid University University Ave West Waterloo Ontario N2L3C5 becomes a reality there will still of work for those who en joy keeping things running and doing a credible job of organiz ing However there will be a better chance for all seniors to par ticipate in specials for example bus tours which are now run by the individual associations Co ordination of present op portunities and initiating new things will help in the op portunities available for seniors of the area Just remember the place will be around for some time and some of you who now are taking your children to the recreation centres where you got your start will be using the seniors centre which got a start from your parents and their peers TOWN COUNTRY CLOTHIERS Woolrich Robbins Columbia Run Bike Fitness 8788622 THE FITNESS Mill St E MILTON Ladies Mens Say I saw it in The Herald Hair J Styling 10 OFF For Seniors on Wed mm w 8 nam HEY FRED Have you heard Country Lane has opened a Pizzeria and they deliver to Terra Cotta Norval Glen Williams surrounding area 8776767 8772254 BRAMPTONS CHEAPEST MATTRES SALE Bed Frame 3954 Limi Single Mattress Spring SINGLE SET Double Mattress Sorimit Orthopedic Twin Mat Sealy Double Set Orthopedic Sealy Queen Set Orthopedic King Set Year QUEEN ORTHOPEDIC SET FREE PILLOW or box MATTRESS CLEARANCE SALE COUNTRY MATTRESS SLEEP 190 HWY 7 WEST UNITS 53 TO BRAMPTON RICE BUSINESS CENTRE