April
15, 2010
PROVINCE
EXTENDS FITNESS TAX CREDIT TO YOUNG ADULTS: SELINGER
Centenarian
Swimmer Jaring
Timmerman Inducted Into Order
of the Buffalo Hunt For Life-long Commitment to Healthy Living
Manitoba's
Children's Fitness Tax Credit will be extended to include
claims for organized physical activities of young adults aged
16 to 24 starting in 2011, Premier Greg Selinger and Healthy
Living, Youth and Seniors Minister Jim Rondeau announced today
at the grand opening of Sport Manitoba's new Sport For Life
Centre, where the premier also inducted world-record-holding
101-year-old swimmer Jaring Timmerman into the Order of the
Buffalo Hunt.
"Young
adults have been known to reduce their fitness activities
as they graduate from high school," said Selinger. "Jaring
Timmerman exemplifies the benefits of life-long physical activity
and the extension of this tax credit will help Manitobans
follow his example."
Now called
the Fitness Tax Credit, the change is intended to encourage
young people to continue in organized physical activity as
they become adults and transition from school to the workforce.
Eligible fitness activities, as defined under federal legislation
for the children's tax credit, with costs totalling $500 or
less, can be claimed by the young adult, a spouse or parent.
As a tax credit, this will reduce the Manitoba income tax
otherwise payable in a year. As is currently the case for
the children's tax credit, young adults with a disability
will be eligible for an additional tax credit. This is the
first step toward meeting the commitment made in the 2009
speech from the throne to phase in a new adult fitness credit,
said Selinger.
Another
component of the overall approach is Manitoba in motion, a
program to help all Manitobans make physical activity part
of their daily lives for health and enjoyment. Communities,
schools and workplaces across the province are participating.
Manitoba in motion provides tips and tools for Manitobans
wanting to get active.
Details
are available on the website at www.manitobainmotion.ca.
Jaring
Timmerman, an in motion champion himself, joins other notable
Manitoba athletes inducted into the Order of the Buffalo Hunt
including Jonathan Toews and Milt Stegallfor their outstanding
and distinctive contributions of leaders in areas such as
politics, business, sports and entertainment.
...........................................................
MANITOBANS
TO TURN EYES TO THE SKIES IN FIRST PROVINCE WIDE BIRD COUNT
Manitoba
Conservation Minister Bill Blaikie and Member of Parliament
for Winnipeg South, Rod Bruinooge, announced the launch of
the Manitoba Breeding Bird Atlas at FortWhyte Alive on April
9, 2010. It is a comprehensive five-year project consisting
of gathering information that will help preserve our unique
avian populations.
"The
Breeding Bird Atlas will be one of the largest citizen scientist
volunteer efforts ever conducted in this province," said
Minister Blaikie. Manitobans will be invited to participate
in monitoring the abundance and distribution of bird species.
Breeding bird atlases have been produced in many European
countries and throughout North America.
"The
Government of Canada is pleased to support Breeding Bird Atlases
across Canada. This year is the International Year of Biodiversity
the abundance and variety of life on Earth.
The information
will help conservation efforts by:
·
tracking Manitoba's bird populations;
·
identifying local biodiversity hotspots and distribution patterns
to update provincial status ranks for birds;
·
adding to the Conservation Data Centre's information on rare
birds, particularly in under-surveyed areas of the province;
and
·
contributing to the development of a website with interactive
maps in conjunction with Bird Studies Canada that will allow
for viewing by a specific region, or by province wide results
for any given species.
A partnership
between federal and provincial governments, non-government
organizations, private corporations, individual citizens and
communities, it is also supported financially by Manitoba
Hydro. Steering committee partners include Environment Canada,
Manitoba Conservation, Bird Studies Canada, Nature Manitoba,
the Nature Conservancy of Canada and the Manitoba Museum.
Because
birds are sensitive to our environment, their behaviours can
help with assessing ecosystem health. Nearly 300 species of
birds breed in Manitoba every year.
The Manitoba
Breeding Bird Atlas invites anyone with bird-watching experience,
or a desire to learn about birds, to be volunteer citizen
scientists. There are other volunteer opportunities as well,
such as for editing, graphic design, fundraising and promotions.
For the atlassers Guide and Data forms, or to register,
visit www.birdatlas.mb.ca and email mbatlas@birdscanada.org
for more info.
(Read
more in the May
3-23/2010 issue of
Senior Scope)
Financial
Planning Solutions
Beware
of the "Clawback"
HOW
TO KEEP MORE OF YOUR RETIREMENT INCOME TO YOURSELF
BRIAN
G. KONRAD CFP, Financial Consultant
As a senior,
you have access to tax assisted programs and can take advantage
of a variety of tax credits that are not available to others.
For instance, as a senior, you have access to the Old Age
Security (OAS) program and the age credit once you are 65
years of age and older. But, did you know that both OAS and
the age credit are income tested? Once your income exceeds
a certain level, these two benefits start to diminish and
after a certain point, these benefits are eliminated entirely.
This is
what is referred to as the clawback and there
are strategies you can implement to ensure you keep more of
these benefits for yourself.
Old
Age Security
The Old
Age Security (OAS) program is a monthly pension available
to most Canadians 65 years of age or older. Applicants who
have lived in Canada for at least 40 years beyond their 18th
birthday are eligible for the full pension, while those with
at least 10 but less than 40 years of residence in Canada
after turning 18 are eligible for partial benefits.
While
everyone meeting these eligibility requirements is eligible
for an OAS pension, higher income pensioners must repay part
or all of their benefit. The repayment is equal to 15% of
the persons net income that exceeds a stated threshold
amount which is increased each year based on increases
in the cost of living. Once your net income exceeds a maximum
threshold amount, your entire OAS pension will be subject
to the clawback. See an Investors Group Consultant
for the current net income threshold amounts.
Age
Credit
The age
credit is a non-refundable tax credit only available to Canadians
65 years of age and older. You may be eligible for at least
a portion of this credit, providing your net income does not
exceed a predetermined threshold. If you dont need all
of your age amount to reduce your taxable income to zero,
the unused portion can be transferred to your spouse. See
an Investors Group Consultant for the current net income and
credit threshold amounts.
Strategies
to keep more
For both
OAS and the age credit, it is clearly advantageous to explore
strategies that allow you to report on your tax return only
as much income as you require to meet your needs. A thorough
assessment of your income needs should be completed before
you consider implementing the following strategies, which
can assist in keeping your taxable income to a minimum:
Pension income splitting. You are able to allocate
up to 50% of your eligible pension income to your
spouse for taxation purposes. Eligible pension income
includes payments received from a registered pension plan
irrespective of your age and RRIF payments once you have reached
age 65. Taking advantage of the pension income splitting provisions
may reduce your familys overall tax bill and could reduce
the affects of the OAS clawback.
Other income splitting strategies. You should consider
strategies such as: gifting or loaning assets to your spouse
for investment purposes; spousal RRSPs; and decisions regarding
who pays for daily living expenses and who invests. The goal
is to move as much taxable income into the hands of the lower
income spouse to benefit from their lower tax rate while at
the same time minimize any clawbacks which may
apply to you. These strategies can be difficult to implement
and tax advice is necessary to ensure you are following the
rules regarding income attribution.
Withdrawing the minimum from your RRIF. Again,
depending on your income needs, given the fact that RRIF withdrawals
are fully taxable provides a real incentive to leave as much
of your registered assets taxsheltered for as long as possible.
To get the most tax deferred growth from your RRIF, and keep
your reported taxable income as low as possible, consider
withdrawing only the minimum each year and if you have a younger
spouse, base your withdrawals on their age, as this will produce
a smaller minimum withdrawal. Note however, that at age 65
RRIF income is eligible for pension income splitting.
Seek out non registered investments that offer preferential
tax treatment. The goal of this strategy is to keep
taxable investment income to a minimum. A strategy to consider
is investing in equities rather than fixed income investments,
as capital gains are 50% taxable versus interest income which
is 100% taxable. However, caution is advised. You should keep
in mind the balance between equities and fixed income investments
over your whole registered and non-registered portfolio. Also,
from a tax and clawback perspective, you want
to ensure you are not investing in investments that produce
large amounts of dividends as the reported taxable income
from dividends is the grossed up amount before
the dividend tax credit. Another strategy to consider is tax
advantaged or switch funds for your non-registered portfolio,
as you report capital gains for tax purposes only when you
leave the structure.1 Keep in mind that
your investments should be chosen based on your individual
goals and risk tolerance first and not based solely on the
tax consequences.
Reporting
less net income is the key to avoiding the clawback
on OAS and the age credit. Remaining vigilant in paying less
tax can not only assist in avoiding the clawback,
but can also assist in preserving your wealth for years to
come, and ultimately, make your retirement as fulfilling and
worry-free as possible.
Why not
ask us today how to structure your retirement income in the
most tax efficient way possible. Since these decisions are
often irreversible, a few minutes invested today could turn
out to be your smartest tax choice this year.
__________________
BRIAN
G. KONRAD CFP
Financial Consultant
brian.konrad2@investorsgroup.com
(204) 489-4640 ext. 246
100-1345 WAVERLEY STREET
WINNIPEG, MB R3T 5Y6
1-888-205-4828
www.investorsgroup.com/consult/brian.konrad
Stephanie
Graham
(204) 489-4640 ext. 267
This report specifically written and published
by Investors Group is presented as a general source of information
only, and is not intended as a solicitation to buy or sell
specific investments, nor is it intended to provide legal
advice. Prospective investors should review the annual report,
simplified prospectus, and annual information form of any
fund carefully before making an investment decision. Clients
should discuss their situation with their Consultant for advice
based on their specific circumstances. Commissions, trailing
commissions, management fees and expenses all may be associated
with mutual fund investments. Mutual funds are not guaranteed,
their values change frequently and past performance may not
be repeated.
Trademark owned by IGM Financial Inc. and licensed to
its subsidiary corporations.
Beware of the Clawback! ©2007
Investors Group Inc. (09/2007) MP1029
1. You may also be taxed on capital gains dividends that may
be periodically paid by the Fund.
(Read
more in the May
3-23/2010 issue of
Senior Scope)
MANITOBA
SOCIETY OF SENIORS INC.
Competing
at the Manitoba Lotteries 55 Plus Games at the age of 85
Reinhard
Jansson of Winnipeg is turning 85 years old this June. But
dont think that is going to slow him down. He has already
dropped off his registration form for the 2010 Manitoba Lotteries
55 Plus Games taking place in Killarney June 15 to 17, 2010.
Reinhard
has participated in the Manitoba Lotteries 55 Plus Games since
1991, when they were held in Hamiota, Manitoba - 19 years
ago.
Reinhard
hopes to add to his medal collection again this year. He has
entered 5 of the swimming events, as well as the 3KM predicted
walk/run event. He participates every year because he sees
the Manitoba Lotteries Games as keeping him active, he likes
the competition and enjoys meeting new people every year.
There
are many participants just like Reinhard. About 1,500 participants
age 55 and over from across Manitoba are expected to compete
in 23 events during the Games, ranging from golf, track &
field, tennis and cycling to floor curling, shuffleboard and
card games. In the past, the age of participants has ranged
from 55 up to 96.
For the
past 28 years, Manitoba Society of Seniors (MSOS), along with
a host community, organizes and runs the 55 Plus Games each
June. This is the only annual multisport event for active
adults 55 plus for the province of Manitoba, and is one of
the largest annual multisport events to take place in the
province. Manitoba Lotteries is title sponsor for this years
Games.
Many of
the Manitoba Lotteries 55 Plus Games events and entertainment
will take place in Killarneys new Shamrock Centre, with
the swimming competition being held in Boissevains pool.
The Games features a mix of playoff events and open events
(in which participants do not need to qualify).
Registration
deadlines for playoff events are in April and early May (dates
vary depending on region and event) and open event registration
closes May 14. MSOS members pay a registration fee of $13
per event and nonmembers pay the $13 registration fee plus
the cost of a MSOS membership.
A full
list of events, schedules, as well as registration forms and
event descriptions are available on the MSOS website at www.msos.mb.ca
or by calling Marcia Dzik at 942-3147, ext 302 or 1-800-561-6767.
The
Manitoba Society of Seniors is a nonprofit organization formed
in 1979. Our mission is to represent Manitobans age 50 plus
by promoting their needs and concerns and by presenting a
positive image of older adults in the community.
For more
information, or to arrange
an interview, contact:
Marcia Dzik, Coordinator, Development & Active Living
Programs
Manitoba Society of Seniors Inc.
204-942-3147 ext 302
active@msos.mb.ca
(Read
more in the May
3-23/2010 issue of
Senior Scope)
Vi
Bjarnason-Hilton - a Woman of Distinction
|
Vi
Bjarnason-Hilton |
Vi Bjarnason-Hilton
was the recipient of the YMCA-YWCA Women of Distinction Award
for Community Voluntarism on April 28, 2010 at Winnipeg Convention
Centre.
She was
honoured for her outstanding voluntary commitment to and involvement
in social services, programs and/or organizations within the
community.
Vi has
helped raise funds for many organizations such as the Canadian
Cancer Society and Heart and Stroke Foundation. She is dedicated
to her Icelandic heritage, being part of Icelandic Canadian
Frón, an organization that strengthens Icelanders'
commitment and accountability to each other and their community.
She helped raise $1.5 million to help sustain the Icelandic
newspaper, Lögberg-Heimskringla, and had even escorted
tour groups to Iceland.
Vi is
active in her volunteering roles with CJNU - Winnipegs
nostalgia radio station, the Manitoba Art Show, Manitoba Freeze
Frame Film Festival, and as a Gold Wing Ambassador at the
Winnipeg airport.
You may
also remember that Vi posed for the 2006 Beauty is Timeless
calendar, a fundraising project which raised $43,000 for the
St. James Senior Centre.
She also
was the Spotlight feature in the
June/09 issue of Senior Scope.
Congratulations
Vi! Well-deserved!
(Read
more in the May
3-23/2010 issue of
Senior Scope)
Safety
First
How
would you stop a vehicle accelerating out of control?
Imagine
jamming your foot down on your vehicles accelerator
pedal to merge into traffic and having the vehicle suddenly
accelerate out of control, well past the speed limit, toward
slower moving traffic ahead.
This thought
may sound like a nightmare, but it has been a frightening
reality for several owners of Toyota and Lexus vehicles. Toyota
has conducted a recall of 3.8 million vehicles to deal with
accelerator pedals that have become stuck under floor mats.
Some Toyota
owners have said their vehicles have accelerated out of control
after removing their drivers side floor mats, but those
claims have not been proven.
Would
you know how to deal with a vehicle that suddenly accelerated
out of control? Take this test to determine how you would
react and then see the proper answer, as provided by Consumer
Reports senior automotive engineer Jake Fisher.
If
your vehicle suddenly accelerated out of control, what would
you do?
A.
Pump the brakes to slow down.
B. Shut off the engine.
C. Press down hard on the brakes, shift the transmission
into neutral and shut the engine off after the vehicle stopped.
The
correct answer is C.
Fisher
says pumping the brakes in situations of unintended acceleration
may actually cause a total loss of power brakes. And shutting
off the ignition may cause the steering wheel to lock, meaning
that the vehicle can no longer be steered. Also, with the
ignition off, the driver loses both power steering and power
brakes. None of these scenarios is good in a vehicle that
is traveling at breakneck speed.
Hitting
the brakes hard, quickly shifting into neutral and shutting
the revving engine off only after the vehicle is safely stopped
is the proper way to respond to this type of emergency. Fisher
recommends that drivers practice shifting their vehicles from
drive into neutral in parking lots
until they are comfortable with this practice.
________________________________________
Original
article appeared in the
February 2010 issue of Safe Supervisor
(www.safesupervisor.com)
and is used
with permission of the copyright holder, Bongarde Media. (www.bongarde.com).
(Read
more in the May
3-23/2010 issue of
Senior Scope)
|