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insidehalton.com ¥ Milton Canadian Champion | Thursday, April 19, 2018 | Advertorial 'Managing your money: Avoid the clawback Seniors receive a variety of benefits and tax credits from the federal government that are not available to others, however some benefits are income-tested and can result in clawbacks. Old Age Security (OAS) pay- ments and the Age Credit are two examples of benefits, which can be clawed back with- out proper income planning. _0OAS is a monthly benefit® available to most Canadians age 65 or older. You will be required to repay 15 per cent of the amount by which your net income for 2017 -- inclu- sive of your OAS benefit -- exceeds $74,788. When your net income exceeds $121,071, your entire OAS benefit is clawed back. July' 2017 to June 2018 payments are based on 2016 net income, while July 2018 to June 2019 payments will be based on 2017 net income. Age Credit is a non-refundable tax credit available to Canadians age 65. or older at the end of the year. For 2017, the maximum amount you can claim for the Age Credit is -$¥225. This amount is reduced by 15 per cent of your net income in excess of $36,430 and is, re- duged to $0 when yolr taxable income reaches $84,597. The value of the credit is calculated using the lowest Matin Schert Sales Representative office: 416 232-9000 Me Mobile: 416 671-1270 REMAX ® OPEN HOUSE: SAT/SUN 2-4PM « WOW! Amazing Opportunity To Move Into This Gorgeous 4+1 , 4 Bathroom 2 Storey Home Situated In Beautiful Kitchen W/Eat-In Breakfast Area, Granite Countertops & New S/S Appliances, Master Bedroom W/Walk-In Closet & 4 Pc Ensuite, Finished Basement W/Full Bathroom & So Much More. Walking Distance To Excellent Schools, Parks, Shopping & Close To Recreational Center," Hwy 401, Go ; Station, Kelso Conservation Area Ec. List. $721,888 John Cavan, ue Agent Ask your Brokerage #1272 local 8 mortgage planner Get a jump on your spring-cleaning with some tips that'll leave every corner in your home spotless in no time. I. Make it part of your meutine: If you wait to clean and tidy up once a week, a month or even a season, youre setting yourself up for a long, heavy chore that you'll only dread and procrastinate: fnttead, try incorporating easy: tasks like wiping the kitchen counters, straighten- ing out the living room and freshening up your bed with linen spray into your daily schedule and you'll have a much easier and quicker time of it when you deep clean. federal tax rate of 15 per cent multiplied by the amount claimed. ing your net income to the absolute minimum required rs] Bedroom A Milton! Features Include Hardwood Floors Throughout," 2. Choose appliances that tackle the dirty worl: You may already have a self- cleaning oven or laundry machine, but that self-cleaning magic is more valuable than ever when you can have it in the bathroom. The new VorMax Plus self-cleaning toilet from American | Standard is a huge time : that cleans and freshens your toilet every time you flush. . Available at Home Depot, it that uses a Lysol fresh infuser that re ages dirt buildup and an antimicrobial surface that inhibits odour-causing bacteria. age) and Registered Retirement Income Fund (RRIF) (at/ after age 65) to your lower. earning spouse, whichf usually reduces your family's overall tax bill and clawbacks. + Reduce the amount of income received as Canadian source dividends, since these amounts are "grossed up" for the purposes of determining net income (al- though there is a dividend tax credit which * will reduce the amount of tax paid, it does not reduce the amount of net income). + Withdraw the minimum from your RRIF Withdrawals from investments held within a RRIF are fully taxable, so consider with "drawing only the minimum each year. W : you have a younger spouse, base your withdrawals on their age - this will pro- duce a smaller minimum withdrawal. « Invest in TFSAs. Investments held with- in Tax-Free Savings Accounts (TFSA) gener- ate tax-free investment income. TFSA with- drawals are not taxable, so do not result in clawbacks. Seek non-registered investments that + offer preferential tax treatment Only 50 per cent of real ized capital gains are included in income, and equity in- vestments often distribute less investment income than fixed income investments. Less net income results in less of your income-tested benefits being subject to claw- backs. You can avoid clawbacks, reduce your tax burden and preserve your wealth. But don't run afoul of complex tax rules by using inappropriate strategies for you situa- tion. Talk to your profes- 'sional advisor first. Article provided by In- vestors Group Financial Services Inc. You can avoid OAS and Age Credit Gawiiacks by keep- to meet your needs. Here are some strategies for doing Just that: - With pension income splitting, you can allocate up to 50 per cent of "eligible pension income" -- including pay- ments from your Registered Pension Plan (RPP) (at any Join the launch of our new e-store © with new, unique natural & ~ biodegradable decorations for your indoor & outdoor home garden 5 Smart Tricks Toe Make Cleaning Faster And Easier ; mR x 4. Add some inspiration: Sometimes tasks feel like they take forever simply because they're dull and repetitive. Time flies by when you're entertained, so listen to a podcast or stream.re-runs of your favourite show in the.background for cleaning that seems speedier. You can also use.the time more efficiently by multitasking and squeézing in a workout while you clean. Make every step count with a fitness tracker and throw in a few exercises like pushups or-squats every time you switch*rooms and easily meet your daily physical activity goals. 3. Have items work double duty: Get creative and think outside the box to find things that can do some of the cleaning for you. For example, your dishwasher can do much more than just clean your plates, pots and pans. Load it up with plastic toys, light fixtures ahd toothbrush holders and have it run while you work on everything else. Using dryer to prevent musty odours in clothing storage boxes, linen closets and shoes means you won't have to do extra cleaning or laundry just to get rid of unwanted smells. saver sheets t features an innovative design » growth of stain-and f.hn Cavan is an Approved Mortgage Planner with Mortgage Architects. Mortgage questions and concerns can be directed to John Cavan's office, located at 14 Martin St., Milton. John can be reached bu phone: 905-878- 7213 or by email: john.cavan@mtgarc.ca. John Cavan's website is www.stressfreemortgage.ca. Contact John today about' vour stre ssfree mortgage opportunities. a.