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"Scugog's Community Newspaper of Choice" 16- PORT PERRY STAR - Tuesday, Tuesday, February 7, 1995 Clawbacks hit seniors this year Many seniors are going to get an unpleasant surprise next year when they complete their 1994 income tax return. Last February's budget con- tained two items that will have a negative effect on Canada's over 65 population. The first, specifically directed at that age group, is the index- ing of the claimable age amount to an individuals net income. For a few years now, the 'claw- back' has been in effect for any- one whose net income is over $53,215 whereby all, or a por- tion of their old age security pension must be repaid. Now those with net income over $25,921 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, your tax liability will be even worse the following year. The second item to consider is directed at all taxpayers with capital property, but has more spin off effects for those over 65. That is the elimination of the 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 Forder-Parks Insurance Brokers Inc. (CN HOF 5 YEAR Personal attention to all of youn general insunance needs. 9.20" 985-8471 34 Water St., Port Perry, Ontario LL 1J2 our best rate Subject to change without notice TPA SECURITIES INC. presents the seminar for your financial success. ALTERNATIVES TO MAXIMIZE RRSP PERFORMANCE SPEAKER: Stephen Gooding, B.A. - PLUS - STRATEGIES TO DEAL WITH CAPITAL GAINS CHANGES SPEAKER: Michael Peace, C.A. OSHAWA - HOLIDAY INN 1011 Bloor St. East - between Harmony & Grandview, just north of Hwy. 401 7:30 P.M. TUESDAY, FEBRUARY 7TH Reservations welcome though not necessary. CALL FOR A ONE HOUR, NO COST, NO OBLIGATION APPOINTMENT TODAY! "TIA SECURITIES INC. OSHAWA CENTRE TOWER SUITE 602, OSHAWA L1J 2K5 00s) 432-2100 order to reap those savings, it could cause some financial hardship for 1995. For example, 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 its 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 the net 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 supple- ment,' that will be eliminated for a 12 month period. If declar- ing the taxable portion of the capital gains brings their netin- come to over $25,921, their age amount will be decreased thus exposing more of their previous- ly sheltered income to tax. If it brings their net income over $53,215, part or all of their old age security must be repaid. Their Ontario Tax Credit and G.S.T. Credits could be 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 al- though it is a future savings to take advantage of the last op- portunity for the capital gains deduction, it may not be finan- cially practical for you to do so. On a brighter note, don't for- get you have until Feb. 28 to in- vest up to $6,000 of your eligible pension into a spousal R.R.S.P. This is the last year this tax shelteris available. Courtesy of, Kathleen White, H&R Block, Port Perry Van Camp & Keller Chartered Accountants Income tax planning and return preparation. Personal tax returns electronically filed. Financial, estate and retirement planning Personal Tax Returns are being processed now. OFFICE HOURS UNTIL APRIL 30/95 Monday to Friday 8 - 6, Saturday 9 - 1 204 Casimir St., Port Perry, Ontario LL 187 Telephone (905) 985-9725 Toll Free: 1-800-215-3852 4 m= A TOWNSHIP = OF SCUGOG Public Notice REGARDING THE PROPOSED STOPPING UP, CLOSING AND CONVEYING OF THE ROAD ALLOWANCE BETWEEN CONCESSIONS 1 & 2, TOWNSHIP OF SCUGOG (FORMER CARTWRIGHT TOWNSHIP) SHOWN AS PART 2 ON DRAFT REFERENCE PLAN OF SURVEY. NOTICE is hereby given pursuant to Section 297 of the 'Municipal Act, R.S.0., 1990, Chapter 45, that the Council of the Corporation of the Township of Scugog proposes to pass by-laws to stop up, close and convey the road allowance known as part of a road allowance between Concessions 1 & 2, Township of Scugog (former Cartwright Township) and shown as Part 2 on draft reference plan of survey. Approximately 120 years ago, the site was used for a school house which was subsequently converted into a single family dwelling. The subject lands have never been used for municipal road purposes. The terrain is not suited for road purposes and has been realigned to the south. The proposed plan and description showing the lands affected may be viewed in the Clerk's Department, Township of Scugog, 208 North St., Port Perry, Ontario. On Monday, March 20th, 1995 at 4:00 p.m., in the Council Chambers, Municipal Office, 181 Perry St., Port Perry, Ontario, the Council of the Corporation of the Township of Scugog will hear, in person, or by Counsel, solicitor or agent, any person who claims his land will be prejudicially affected by the said By- Law and applies to be heard. Any person who wishes to be heard should, as soon as possible, make application to: Earl S. Cuddie Administrator/Clerk- Township of Scugog Clerk's Department 208 North Street, PORT PERRY, Ontario LOL 1A7 (905) 985-7346 "First Published February 7, 1995 Lad 14 a wine runes om Ling » > A nefween CONCESSIONS REGISTERED fY --- LAW To oss