durhamregion.com This Week | Thursday, March 3, 2022 8 Ontario's municipal elections will happen on Oct. 24, 2022 and the Association of Municipalities of Ontario (AMO) is one organization looking to attract more candidates, and a more diverse lineup at that. "It is a focus this year," spokesperson Brian Lambie said. "Not just to attract more candidates but we've seen more diversity in the candidates within our elections, and we would like to see that trend continue." The AMO has released a guide of information for new candidates: "Lead Where You Live." New candidates will have to prepare for a busy summer as the first day to file nomination papers is May 2, 2022. According to the AMO's guide, all candidates running for council must be: A resident, a non-resident owner, or tenant of land in the municipality, or the spouse of a non-resident owner or tenant A Canadian citizen At least 18 years old Legally eligible to vote Not be disqualified by any legislation from holding municipal office They cannot be: An inmate of a penal or correctional institution under sentence of imprisonment Any person not eligible to vote in the municipality A staff member of the municipality, UNLESS they take an unpaid leave of absence during the campaign period and resign once elected to office A judge of any court A member of the Legis-lative Assembly of Ontario, a senator, or a member of the House of Commons New candidates must obtain signatures from 25 eligible electors (voters) in the municipality or ward who endorse their nomination. They then will have to pay a nomination fee of $100 for the category of councillor and $200 for heads of council (mayor or reeve). Candidates cannot begin campaigning until the municipal clerk confirms all paperwork is complete. On Aug. 22, municipal election candidates will be certified. And while advanced polling can begin in some municipalities as early as Sept. 24, election day is set for Oct. 24 with polls open from 10 a.m. to 8 p.m. -- unless otherwise established by a municipal clerk. WANT TO RUN IN THE 2022 MUNICIPAL ELECTION? The 2022 municipal election is set for Oct. 24. Metro Creative photo MATTHEW STRADER NEWS HERE'S WHAT YOU NEED TO KNOW WHAT'S IT LIKE TO RUN FOR OFFICE? Elected officials share their experiences and reflections on running for, and being elected to, office. "Municipal elections are about the future of our communities, the places that we call home. Win or lose, every candidate makes a difference by respectfully debating priorities. We congratulate all who choose to run for demonstrating their commitment to their municipality." -- AMO president, Mayor Jamie McGarvey, Town of Parry Sound "Campaigning successfully is hard work. You have to put yourself out there and just outwork everyone else. You have to start early and just keep knocking on doors, so people get to know you." -- Coun. Jasvinder Sandhu, Town of Oakville "The most important thing for candidates is to understand the job. Many people get drawn into local politics over a single issue. The role is bigger than that. It is really about what you want growth to look like and thinking strategically about the future, not about micromanaging services." -- Former AMO president, Mayor Lynn Dollin, Town of Innisfil "You have to work with your council colleagues and not everything will go your way, or things you worked for may get overturned. It can be hard, but it is all part of the democratic process. The important thing is that it's an open and respectful debate." -- MP Arielle Kayabaga, London West, former City of London councillor DEAR MONEY LADY, A couple years ago, you had an article on how to qualify with a bank. Could you enlighten me on what to do? Jim DEAR JIM, That's a great idea, especially at the beginning of the year when people are always thinking about money and future purchases. So, let's all think like a banker! Stress about money comes when we take on too much debt, accumulate too fast, or make purchases without thinking it through. Here is an easy trick that lenders use to establish the servicing for any increases to your lifestyle. It is a great way for you to determine instantly whether a larger mortgage payment, extra car loan or additional loan payment can fit into your budget. I want you to determine your Total Debt Service (TDS) ratio. Think of your TDS ratio like a body mass index (BMI) score for a healthy lifestyle and do not go over 40 per cent, no matter how much you want to. Do not make the mistake of being lured in by instant gratification. Sticking to this maximum ensures you will always be able to meet your financial commitments. Here's how it works. First, determine your monthly mortgage payment or rent, property taxes, and debt or loan payments. You will also need to take your annual gross income and determine the monthly amount. This is your gross income, not take-home income. So, if you earn $50,000 per year, your monthly gross income is $4,167.00, ($50,000 divided by 12). Here is the formula -- I know, some of you are saying "I hate math," but this is literally how your bank qualifies you -- so let's do it together. MR + CL + TAX + $100 / MI = TDS x 100(%) MR = monthly mortgage or rent payment CL = monthly credit card or loan payments (add all together) TAX = monthly property taxes or $0 if you are renting MI = gross monthly income Here is an example: A married couple wants to move to a larger home, but they are not sure if they can qualify. The value of their home has gone up considerably since they purchased it, but so have all the other homes in their area, which limits what they can spend on their next purchase. Partner 1 earns $52,000, partner 2 earns $26,000, total = $78,000 divided by 12 = $6,500/month. Current mortgage payment = $1,970/month and property taxes = $285/ month. Current debt payments including lines of credit = $971/month. Here's what it would look like. ($1,970 + $971 + $285 + $100) divided by $6,500 x 100(%) = 51.17 per cent Clearly, this couple would not qualify with the banks as presented, because their monthly debt load is too high ($971/ month), and it is putting them over the 40 per cent threshold. There are only three ways to get the ratio in line: 1. Add more income 2. Lower debt 3. Consolidate into a new mortgage and spread out the payment to lower the monthly expenses. To find out if this couple could sell and move to another residence, we would have to determine if they had enough equity in their home to consolidate their debt, cover expenses and still have a deposit from the sale to purchase another home. Here is a quick example of a larger monthly mortgage payment with higher property taxes but no debt, assuming this was paid off with the proceeds of their home sale and keeping the same income: New mortgage payment = $2,126/month and new property taxes = $310/ month. ($2,126 + $0 Debt + $310 + $100) divided by $6,500 x 100(%) = 39.02 per cent Viola! Now they qualify! Try this out on your own budget. Having monthly loan payments hinders your ability to improve your situation. If you calculate your TDS and are over the 40 per cent, you probably already feel it financially every month. Why not look at consolidating, downsizing, or finding new ways to eliminate your debt? Talk to your banker. Do it now before the interest rates go higher. Remember, high interest is the common man's "silent killer" to their future. Good luck and best wishes, Money Lady Christine Ibbotson is the author of the bestselling book 'How to Retire Debt Free & Healthy' and a new book 'Don't Panic -- How to Manage your Finances and Financial Anxieties During and After the Coronavirus', available at all bookstores across Canada. If you have a money question, please email on website: www.askthemoneylady.ca. Follow her on Facebook and Instagram. HOW TO QUALIFY FOR A LOAN WITH THE BANK OPINION CHRISTINE IBBOTSON Column