Archives for April 19, 2019
Wanda Casorso – half dozen of the world famous Corinne Tomlin muffins – plus coffee for two – anything you desire from Karen at her Express Bar at Hair Friends
Sarah Poirier – 2nd Prize – two specialty coffee drinks from Karen
Julie – you get a smile when I get my next cheque
Shawna and Bernie – couple of the year – a bottle of wine – will contact you today
Thanks to all who got involved. You will get an official email from the publisher shortly
This has been an ODN promotion with the co-operation of Corinne Tomlin and Karen Skaros
Location shown on Hwy 97 as you enter the Falls from the north – behind the Barber Shop – that site was hit by fire recently
The Regional District of Okanagan Similkameen is cracking down on building and property bylaw infractions, partly due to an increase in staff that has allowed them more time to investigate.
Laura Miller, manager of building enforcement services with the RDOS says the move –
“It’s due to an extra staff member that was hired last spring, and it’s allowed our existing staff member to focus on the building infractions,” Miller said.
“We issue about 500 permits a year, and the permits are good for two years, and if they’re expired we have to take them to the board for enforcement action.”
The untidy and unsightly premises bylaw allows the RDOS to step in when a property is not being taken care of. A messy property in Okanagan Falls at 5208 9th Avenue was determined by the board Thursday to be violating that bylaw, and they voted to order the debris cleaned up at the owner’s expense.
with files from Castanet
Send in your favourite pictures of nature’s glory – colour
Bushes, flowers, trees, plants, animals, blossoms
Seniors receive many benefits and tax credits from the federal government that are not available to others. You should know that some benefits are income tested and can result in “clawbacks”. Old Age Security (OAS) payments and the Age Credit are two examples of benefits that can be clawed back without proper income planning.
OAS is a monthly benefit available to most Canadians age 65 or older. You will be required to repay 15% of the amount by which your net income for 2018 – inclusive of the OAS benefit – exceeds $75,910. If your net income exceeds $123,386, your entire OAS benefit will be clawed back. July 2018 to June 2019 OAS payments are based on your 2017 net income, while July 2019 to June 2020 are based on your 2018 net income.
Age Credit is a non–refundable tax credit available to Canadians age 65 or older at the end of the year. For 2018, the maximum amount you can claim for the Age Credit is $7,333. This amount is reduced by 15% of your net income when you exceed $36,976, and is completely eliminated when your taxable income reaches $85,863.
You can avoid the OAS and Age Credit clawback by keeping your net income to the absolute minimum required to meet your needs. Here are some tips to do that:
Pension Income splitting – You are permitted to allocate up to 50% of “eligible pension income”, which includes payments from Registered Pension Plan (RPP), and Registered Retirement Income Fund (RRIF) to the lower earning spouse, which can reduce your family’s overall tax bill and clawbacks.
Reduce the amount of income from Canadian source dividends. These amounts are “grossed up” for determining income. There is a dividend tax credit which will reduce the amount of taxes paid, but it does not reduce your net income.
Withdraw the minimum from your RRIF – Withdrawals that you make from your RRIF are fully taxable, so consider withdrawing the minimum each year. To produce a smaller withdrawal base the withdrawal on the younger spouses age.
Invest in a TFSA – Investments held within a Tax-Free Savings Account generate tax-free investment income, the withdrawals are not taxable are not added to your net income so do not result in clawbacks.
Seek non-registered investments that offer preferential tax treatment – Only 50% of capital gains are included in income. Equity investments often distribute less investment income than fixed income investments. And as you know, less net income results in less of your income-tested benefits being subject to clawbacks.
You can avoid clawbacks, reduce your tax burden and reserve your wealth. Be careful to fully understand each option and don’t run afoul of complex tax rules by using inappropriate strategies.
This column is written by Michelle Weisheit CFP, IG Wealth Management and presents general information only and is not a solicitation to buy or sell any investments. Please contact your own advisor for specific advice about your situation.
Today lets tiptoe into politics. No not a partisan rant or a who should you vote for session. Let us explore politics as a living entity, rather than pulling the emotional trigger.
If you look at the political map the colors have changed for a variety of reasons. Federally the map is Liberal red. Provincially most of it is now conservative blue, except for BC and a few Atlantic Provinces.
It is different but not unusual. When we elect a National Liberal government it often sees a provincial opposite as a counter balance. Even in the provincial realm itself there are reasons for change.
BC is NDP at the moment, Alberta went back to the Tories not unexpected. In Alberta they voted for something completely different after forty four years of conservative rule. There is one difference. The NDP prior to two thousand fifteen had four seats in the House. Yesterday they lost but they still have five times more than the original number. It is my opinion the end of decades of one party rule in Alberta. But it is blue.
Saskatchewan is showing signs of discontent with its right of center party and leaning toward the NDP. Manitoba is blue but it had nearly twenty years of NDP and change was inevitable.
Ontario elected a Tory government after nearly two decades of Liberal rule. What most people don’t consider is this. Ontario also elected the NDP as official opposition. Quebec is at the moment conservative but likely not for long, it is traditionally Liberal as is most of the Maritime Provinces.
What I am pointing out here is the political environment changes and those changes are reflected in the federal and provincial mood of the people To me I think it is funny in that we go to the polls feeling an emotion attached to our vote rather than asking ourselves why we feel the way we do about a given issue. At the same time we have a conservative provincial view and yet the people voted in a federal liberal government,
As sure as shooting the provincial political maps will reflect a more liberal view provincially when the next conservative federal government is elected.
It seems to be a counter balance of power that keeps our democracy strong. It also demonstrates politics is a living entity within us all.
The Young Farmer’s project has been supported at Oliver Elementary School for the past four years by Hester Creek Estate Winery, and their Garlic Festival! This year we granted up to $75 to a record breaking 22 students grades K-6 to enable them to start their own edible gardens and then to market their produce at venues throughout the Summer and Fall.
The students prepare a budget and grant proposal, plan, plant, and tend their fruits and vegetables, and then they get to keep the hard earned monies from the sales of their produce.
This years Young Farmers are:
Emily Bidmead, Kieran Bidmead, Georgia Fewchuck, Steven Hernandez, Daniel Horon and Thomas Horon
Anissa Khodarahmi, Sohayl Khodarahmi , Chase Kirs ,Lane Kirs, and Ethan Koteles
Arabella Knechtel, Emerrit Knechtel, Ramon Rebalkin, Jackson Schaffrick , and Ryder Schaffrick
Ashton Vetsch, Coleson Vetsch, Vienna Avon Burg , Angus Wise, Abby Wolfe and Tanner Zeeman
Let’s give the 2019 OES Young Farmers a hearty congratulations on their huge summer commitment.
Thanks very much