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Tax surprises in store for seniors this year Many Seniors are going to get an unpleasant surprise this year when they complete their 1994 Income Tax Return. Last February's budget contained two items that will have a negative effect on Canada's over 65 population. The first, specifically directed Capital Gains Deduction and the ability to take advantage of it for the last time. Although the tax savings in the long term could be quite considerable, in order to reap those savings, it could cause some financial hardship for 1995. at that age group, is the indexing of the claimable age amount to an individuals net income. For a few years now, the 'claw-back' has been in effect for anyone whose net income is over $53,215.00 whereby all, or a portion of their Old Age Security Pension must be repaid. Now those with net income over $25,921.00 will not be allowed to claim the full age amount. This measure is being phased in over a two year period, so if you find yourself affected by it this year, youy tax liability will be even worse the following year. The second item to consider is directed at all tax payers with capital property, but has more spin off effects for those over 65. That is the elimination of the For ple, a person who has owned a cottage or piece of land for many years could be looking at a large increase in the value of that property. If they wish to minimize the tax payable on its increased value at the time they sell it or they die and it's left to a beneficiary, they can elect to declare part or all the increase in value with their 1994 Tax Return. Although this in most cases will not create tax payable on the actual Capital Gains it will change et Income Line of the Tax Return to which so many tax and social calculations are tied. Take the case of a person on low fixed income who has a property upon which they wish to take advantage of the Capital Gains election. If they receive 'Guaranteed Income GUARDIAN DRUGS ¥ Port Perry Pharmacy Ltd. 209 Queen St. 985-2231 SENIORS (65 & up) 40% DISCOUNT All Purchases! Every day! (prescriptions & sale items excluded) ® Drs Health Care Service LOCALLY OWNED AND OPERATED SINCE 1978 I Cleombe B22 Main Street Nesonger Sores NURSING Semvice Toll Free 1-800-461-6756 Suppl t' that will be eliminated for a 12 month COLOSTOMY, ILEOSTOMY, UROSTOMY APPLIANCES Now Located in Scugog 15501 East 1/4 Line, Nestleton (905) 986-1164 or Toll Free 1-800-371-0163 Pickup or 1-2 Day Delivery Service FREE! HM Pamphlets Hl Delivery Service We & Incontinence RISA ON (SIL RITALIN BRUTON BIG 'V' DRUG STORE 268 Queen St., PORT PERRY (905) 985-8886 TUESDAY is ALWAYS SENIORS' DAY IN SR BR@®CK'S = 168 QUEEN STREET, PORT PERRY +9g5-2521 = Sy since 1881 period. If declaring the taxable portion of the Capital Gains brings their net income to over $25,921. their age amount will be decreased thus exposing more of their previously sheltered income to tax. If it brings their net income to over $53,215.00, part or all of their Old Age Security must be repaid. Their On and G.8.T. Cred reduced or eliminated. The net income is also used in the calculation of claimable medical expenses. So look very carefully at your individual situation as although it is a future savings to take advantage of the last opportunity for the Capital Gains Deduction, it may jo Tax Credit could be not be financially practical for you to do so. On a brighter note, don't forget "you have until February 28 to invest up to $6,000.00 a your ligibl into a 8 1 R. R. 8. P. This is the last year this tax shelter is available. (Courtesy of Kathleen White, HE&R Block, Port Perry office) COPE can help you cope by Heather McCrae Thoughts of suicide, a developmental crisis, depression, a sense of aloneness, death of a loved one or separation are just a few examples of what can cause stress in our lives. It's the lack of coping in these situations and more that throw people into fears or phobias and acute anxieties. But there is help available to help combat these fears and it's located right within our community. COPE is a community mental health program that offers a support system to adults with emotional or psychiatric problems. Linda Townend, a Certifieq Human Services Counsellor, works as a volunteer with COPE, a Womens' Support Group administered by Scugog Community Care. Working as a co-facilitator with program director, Elaine Arsenault, Linda has been with the program since 1991. the month of January. at the piano. Regular STABLES AT GREYSTONE A ------ RESTAURANT Bill Dowson will be entertaining Menu prices. Throughout her life and business careers, "and there"ve been many" she smiles, she's always had a knack for really listeni with many clients coming from all over Durham Region. All cases are handled with to others and caring. "We share the facilitator's role" she told the Citizen. come to us for a variety of reasons and from a variety of different sources, whether they call in themselves requesting an interview with me or Elaine or are referred to us by their doctor or psychologist." Many women find themselves in a vicious emotional circle and the most tragic consequences are a negative outlook, lack of self jesteem or a feeling of 'inadequacy. Linda' told the Citizen "It's our goal to help these women cope with these feelings." In some cases the volunteer can work with a client on a one-to- one basis but for most group sessions are held weekly at a central location in Port Perry, DINNER & DANCING Enjoy Dinner & Dancing at Stables Every Friday Evening during Reservations are not necessary, but it's always nice fo know you're coming. "Women , Having experienced pain and loss in her own life, Linda told the Citizen her personal growth because of these events has made her feel very blessed and comfortable with her life. "I genuinely love and care about others from a humanistic point of view" she said. "I'm glad that I'm able to give to others". To become a volunteer you need to be eighteen years and go through a screening process, followed by a reference check. Eight weeks of training is provided for the volunteers to prepare them for the sensitive - job of being a volunteer with the COPE program. If you are interested in becoming a volunteer within COPE, then you can call 985- 8461 or 852-9560. RR#2, SHIRLEY ROAD, PORT PERRY 985-1598