Y O U R F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S N E W S S O U R C E www.foreveryoungnews.comY O U RY O U R F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S F I F T Y - F I V E P L U S N E W S S O U R C E N E W S S O U R C E N E W S S O U R C E N E W S S O U R C E N E W S S O U R C E www.www.foreveforeveryoungryoungryoungnewsnews How COVID-19 impacts Canadian seniors' taxes and finances By Lisa Gittens It's hard to fathom that one year ago the COVID-19 pandemic was just hitting the world, and now it's hard to find a facet of life that hasn't been affected by it. While people of all ages have been impacted, sadly, the pandemic has disproportionately impacted seniors and retirees, bringing about a new set of anxieties and challenges. This includes the impact on seniors' finances. Here are just some of the financial chang- es that may have affected Canadian seniors throughout the pandemic - and how they may impact your taxes this year. Old Age Security (OAS) and the Guaran- teed Income Supplement (GIS) Eligible Canadian seniors should have received a one-time, $300 tax-free payment for the Old Age Security (OAS) pension, plus an additional $200 for the GIS. The payments were provided automatically to all eligible recipients as of July 6, 2020. For any seniors who did not submit their 2019 taxes before July, benefits continued uninterrupted for another three months based on their 2018 tax return. This is one reason why filing a tax return each year is so important; it can entitle a taxpayer to other credits, deductions and benefits that get triggered only once the return is filed. Reduction of Registered Retirement In- come Funds (RRIF) Minimum Withdrawals The minimum amount that seniors can withdraw from their RRIFs was reduced by 25 per cent in 2020. Similar changes apply to individuals receiving variable benefit pay- ments under a registered pension plan (RPP) and a pooled registered pension plan (PRPP). Unfortunately, this reduction didn't apply to individual pension plans. Tax will be withheld only if you withdrew more than the reduced 2020 amount. Government Assistance in Ontario In Ontario, the monthly Guaranteed Annual Income System (GAINS) payment for low-income seniors was doubled for the six- month period from April to September 2020. Low-income seniors in need can get paid or subsidized delivery of meals, or delivery of medicine and other necessities. Other low- income Ontarians can get direct support from the assistance programs to pay electricity and natural gas bills. If you're not sure how to access these assistance programs, your local tax expert can help you identify services that could help you. Other steps seniors can take to maximize their tax refund Seniors can split up to half of their eligible pension income with a spouse or common- law partner, so they can assign a portion of what they earned throughout the year to their significant other. This can mean a big tax reduction when one partner has considerably more or less income than the other. Additionally, if one person is unable to completely offset their age amount, pension income and disability amount against their taxes, they can transfer the unused portion to their spouse's return. A portion of most medical expenses can be claimed. If the partner with the lower income owes any tax, it usually makes the most sense for that person to claim them, since medical expenses can be pooled. There are many steps seniors can take to maximize their refund and extend the dura- tion of their retirement fund. Speak with a tax expert for more tips to ensure you are receiv- ing everything you're entitled to. Lisa Gittens is a Senior Tax Expert at H&R Block Canada. 31 | O akville B eaver | T hursday,M arch 4,2021 insidehalton.com Care that's extra careful V for Vistamere We're very proud of our family of Vistamere staffers during these difficult times. They go above and beyond each and every day to help ensure the safety of our residents. So our residents just want to say, "Thank You." Vistamere Retirement Residence is located in a quiet, residential neighbourhood in west Oakville. You can still come for a virtual tour. Just go to vistamere.ca TAKE A VIRTUAL TOUR TODAY vistamere.ca 380 Sherin Drive Oakville, Ontario L6L 4J3 905.847.1413 vistamere.ca Like us onFollow us on Oakville Health Centre 905.842.1702 southoakvillehearing.ca SP EE RS RO AD PI NE GR OV E RO AD FOURTH LINE Oakville Health Centre #214 - 1060 Speers Rd. Oakville, ON L6L 2X4 Are you IN TUNE with the SOUNDS OF SPRING? If it's been awhile since you're heard the subtle sounds of spring, it's time to get your hearing tested. 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