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Year-End Tax Tips for 2013 by Rick Singh

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It seems as we grow older, each year passes more quickly and before you know it we are celebrating a New Year. So as we approach the end of another busy year there are certain things that you must keep in mind if you want to keep your financial matters in order and up to date.

1. Pay any investment expenses (including interest) by Dec. 31

In order to be able to deduct any investment related expenses on the 2013 tax return, the amounts must be actually paid by year-end. Such expenses include interest paid on money borrowed for investing, investment counselling fees for non-registered accounts, professional accounting services for tracking rental or business income and safety deposit box rental fees.

2. Registered Retirement Savings Plan (RRSP) annuitants who turn(ed) 71 in 2013

If you are (or will turn) 71 this year, you must convert your RRSP into either a Registered Retirement Income Fund (RRIF) or an annuity by December 31st. In addition, you only have until December 31st to make your last RRSP contribution, if you plan to do so. You do not have the advantage of procrastinating until March 1, 2014. This strategy is simple – contribute a lump sum (up to the amount of your unused contribution room) before closing out your RRSP and then claim the tax deduction in future years, whenever is most beneficial to you.

RRSP deductions can be carried forward indefinitely and spread out over several years to lower your taxable earnings in retirement and reduce the clawback of income-tested government benefits such as Old Age Security (OAS). If, however, you have a spouse or partner who’s under 72, you can continue contributing to a spousal RRSP, provided you still have contribution room.

3. Tax Free Savings Account (TFSA) contribution of $5,500 in 2013 plus any past due amounts to 2009

You have until December 31st to make your 2013 TFSA contribution or past unused contribution. A couple can each contribute $5,500 annually, plus any unused amounts that you have not contributed to your TFSA going back to 2009. If you have maximized your TFSA contribution by being at the $25,500 limit and you made a withdrawal from your TFSA in 2013 you have to wait until January 2014 to deposit that amount back into your TFSA. If you do it 2013 you will be deemed to have over-contributed and will be penalized by CRA.

4. Registered Education Savings Plan (RESP)

The RESP allows individuals to save for (grand) children’s post-secondary level education in a tax-effective manner. The government will also help you save by providing a Canada Education Savings Grant (CESG) equal to 20% of the first $2,500 of annual RESP contributions per child, or $500 annually. The deadline to get the 2013 CESG is December 31st. There are no grants available for children past the age of 17, so if they turned 17 this year you can still contribute $5,000 before the end of the year to qualify for the maximum grant available which is $1,000.  On a $5,000 deposit that works out to be a nice 20% return on your investment.

5. Charitable donations

December 31st is also the last day to make a donation and get a tax receipt for 2013. Keep in mind that gifting publicly traded securities, including mutual funds, with accrued capital gains to a registered charity or a private foundation not only entitles the donor to a tax receipt for the fair market value of the security being donated but eliminates any capital gains tax as well.

6. Tax-loss selling

Finally, in the area of year-end tax-loss selling, to guarantee that a trade is settled in 2013, the trade date must be December 22, 2013, or earlier. This will make sure that the settlement also takes place in 2013 and that any losses realized are available this year. Any trade made after December 22, 2013, will not settle until 2014 and therefore those losses would not be available until next year.

To find out more about the year-end tax tips talk to your financial advisor or contact Rick at CRS Financial Group: Call 604-787-3359 or email: rick@crsfinancial.ca

 

A hospital without walls

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Aiming to change how healthcare is delivered across Ontario

Many patients return to hospital soon after discharge. These readmissions are usually unexpected and reflect deteriorating health.

79149Toronto’s Virtual Ward (www.virtualward.ca) aims to improve care for these high-risk patients by “admitting” them into a virtual ward after discharge. The Virtual Ward offers short-term, transitional care by an interdisciplinary team made up of doctors, nurses, care coordinators, nurse practitioners and pharmacists.“The Virtual Ward is designed to improve health outcomes for these complex patients,” said Dr. Irfan Dhalla, a general internist at St. Michael’s Hospital and founder of the Virtual Ward. “They will be better supported during the weeks after hospital discharge.”The Green Shield Foundation Health Innovation Collaborative (www.gscfoundation.ca), a three-year project aiming to improve senior healthcare, is supporting a randomized control trial to compare the Virtual Ward with regular practice. Enrolment in the trial is now complete and results are expected later this year. Dr. Dhalla and his colleagues at Women’s College Hospital and the Community Care Access Centre say that lessons learned from this study are expected to influence how health care is delivered across Ontario. www.newscanada.com

Photo credit: Dr. Mark Nowaczynski of SPRINT Senior Care, HouseCalls

It’s time to do your fitness homework

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The arrival of fall signals back to a regular routine with work, school and families, so there may be no better time than right now to get more disciplined with the improvement of your health. Regardless of whether your aim is to lose weight, exercise regularly or eat a more balanced diet, here’s how you can ensure you meet your goals.

Start with your doctor – Before tackling any health-related goals, visit your doctor. Having that conversation may help you avoid missteps that could cause setbacks. It can also help you set realistic and healthy goals that you can achieve.

Ask the right questions – As part of your physical check-up, in addition to asking your doctor about your blood pressure and cholesterol levels, if you’re 55 years of age or older, also ask about a lesser known health condition called atrial fibrillation (AF). AF is an irregular heartbeat that mostly affects those over age 55 and can increase your risk of stroke by three to five times. For more information about AF and its link to stroke, visit StrokeAndAF.ca.

Get the right support – Whether it’s resizing your food portions or working your way off the couch, partner with the right professionals, such as your family doctor, a nutritionist or personal trainer, to develop a personalized plan that fits your lifestyle and will meet your goals.

Slow and steady – An overall goal of losing 40 pounds, for example can be daunting, but setting out to lose one pound a week is more manageable. So on your way to achieving your overall goal, set smaller goals that will allow you to see progress along the way, and realize that change is gradual and takes time.

www.newscanada.com

Polynesia, Micronesia & Melanesia come to UBC’s moa

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Article & photos by Lenora A.Hayman.

When visiting the UBC Museum of Anthropology (MOA) this summer, from July 24-Sept.29, 2013, I felt I had travelled around the Polynesian, Micronesian and Melanesian islands of the South Pacific, in one day. Not only was there the Paradise Lost exhibition of 13 contemporary works from the Pacific, but the X1 Pacific Arts Association International Symposium was also held there during the 2nd week of August, bringing vivacious, museum and gallery curators, cultural leaders and researchers, collectors and artists together.

MOARather than carve in wood, George Nuku, the NZ Maori carver, created his Waharoa/Portal: Te Ao Marama-The World of Light in modern-day clear Plexiglas, abalone or paua shells and feathers, allowing the light from the Great Hall windows to glisten through. George Nuku, not only has Polynesian Kirituhi tattoos on his body but also the Ta Moko or traditional, sacred, facial Maori markings on his face, to reflect his whakapapa or genealogy.

New Zealander, Te Rongo Kirkwood,  created as  sculptured  art, 3 contemporary Maori cloaks  from kiln-formed cold-worked glass, representing” a journey of life through light” and named them, The Morning of Life, in fawn, The Midday of Life, in red, and The Evening of Life in black.

Michael Timbin, from Palembei village in Papua, New Guinea, carved a Melanesian figure in Kwila wood, shells, bush fibre and human hair, whose 2 children Pasinawi and Pasindawa, in order to run away from home, transformed themselves, one into a snake and the other into an eel.

Pax Jakupam, the artist from Bene village in the Eastern Highlands Province of Papua, New Guinea, painted in bright, acrylic colours “the Mumu-traditional way of preparing and cooking food”. The mumu (New Guinea), lovo (Fiji), bougna (New Caledonia) blong mekem laplap (Vanuatu), luau (Hawaii) and hangi (New Zealand) is the earth oven filled with heated stones. Banana leaves or wet sacking is placed on top of the stones and food, wrapped in banana leaves is placed on top, with more banana leaves covering the food, and then the pit is covered with earth.  After 4 hours, the earth is removed and delicious, smokey, flavoured food is the result.

Rosanna Raymond (Samoan), Katrina Talei Igglesden (Fijian) and Bethany Matai Edmunds (Maori) in the Fabricating Fashions, displayed creations in tapa or masi, Fijian bark cloth, including a tapa fascinator headpiece, the millinery style popular with Kate Middleton, the Duchess of Cambridge.

The Paradise Lost Exhibit, also extended until Aug.31st, 2013, to the Satellite Gallery at 560 Seymour St.

Three videos of Shigeyuki Kahara, dressed in Victorian Mourning Dress, showed her performing a solo Taualuga, the sacred siva samoa dance.  This is traditionally performed by a Taupou or daughter of a high chief, honouring Samoan or European ancestors and this dance also retold of the 2009 tsunami in Samoa.

BethanyGreg Semu, a Samoan living in NZ, has created a glorious photograph, showing the impact of Christianity on the indigenous Pacific Island culture. In “The Last Cannibal Supper”, Kanak people at the Tjibaou Centre in New Caledonia, were photographed re-interpreting Leonardo De Vinci’s “ The Last Supper”.

Back at the MOA, most informative sessions given in a fun style were presented.

Tarisi Vunidilo, the Secretary General for the Pacific Islands Museums Association(PIMA) spoke on Fijian Treasures in International Museums- A Study of Museums and Repatriation.

Hermione Waterfield showed us counterfeit Maori art promoted by notorious forger, Edward Little (1876-19July 1953). With dexterity, these fakes were carved by the Torquay furniture restorer in South Devon and not the South Pacific!

Noelle Maile Kahanu, the Cultural Inventory Specialist and Director of Community Affairs at the  Bishop Museum in Oahu, Hawaii, showed us their spectacular renovations in the Polynesian Hall. Ceiling arches, like ribs of a body, gracefully connect the Koa columns and on the floor, an inlaid wood map of the Pacific leads to the new grand staircase.

Dr. Patricia Te Arapo Wallace from Canterbury University, Christchurch, NZ,  moderated Toi Maori: the Eternal Thread seminar where Deana Dartt, Rebecca Dobkins and Christina Wirihana  honoured the impact of the Maori weaving exhibit that had visited 4 venues in the States.

Barbara Wavell spoke of Asian influences on craft and architecture of Micronesia.

We were all honoured at the conclusion of the week with a magnificent Fijian feast at UBC’S First Nations House of Learning, cooked of course in a lovo, earth oven. We  ate multi-courses of pork, corned beef, chicken, palusami (leaves of dalo or taro layered with coconut milk and onions), purple taro root, cassava from which tapioca is produced and ceviche, the raw fish marinated in lime, along with a mango fruit salad soup.

Vinaka  vaka levu–A big thank you to the Fijian Culinary Team.

Creative Living – Marvellous Eye Glass Holder

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By Roxanne Griese

If you are like me, you are always looking; for your glasses!  I have an unique and creative solution,  use a” free standing” bathroom hand towel rack!  Put the rack in a convenient location, and hang your reading and sun glasses on the hand towel bar. This is stylish and easy way to keep your glasses safe and in one place.

mirrors

Creative Living by Roxanne Griese

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Mirror Mirror on the Wall

Mirrors maybe the fairest decorative item of all.  So lets get creative with mirrors!

Mirrors have many uses… In times gone by, mirrors were used to increase candle power, back in days when flipping on a light switch was not an option.  In a well-decorated room, leaning a mirror behind candle sticks bounces the light from the lit candle, also creating a decorative vignette on a mantel or console table.

I like to go big with mirrors, that means they can be expensive… A favourite trick of mine is to hunt at my favourite haunts for ornate frames; I then spray paint the frame in my colour of the moment.  This fall’s colour trends are deep blue and fern green!

Taking the frame to a local glass shop and have a piece of mirror cut is a fraction of the cost.  When the mirror is complete, you have a unique mirror to embellish your home.

Mirrors can be problem solvers “as well”.  A friend of mine has a window into his garage / workshop, he didn’t like the idea of an installing a shade or curtain.  Instead, I suggested installing a mirror facing out, adding shutters to the outside of the window.  Not only does this add a decorative feature to the outside of the garage / shop; it also keeps shop contents from prying eyes, all they are going to see is their own reflection.  For the inside, I suggested hanging a vintage garage sign over the back of the mirror.

Take a mirror off the wall and use it as a serving tray at a dinner party, or maybe as a drink tray on a console table.  A little reflection and sparkle sets a fun tone at a party.

“Whether” a mirror is used as a space amplifier, or to fill a large space, there is always room in your well-decorated home for a mirror.

Quick Tip:  Go to a Local Boutique Store, find a mirror you love.  Then go and create your own mirror-design doppelgänger.

 

Stay tuned, continuing to love your space.

 

Roxanne Griese is an Artist.

Decorating and organizing are her passions, to see more articles and artwork visit.  www.artbyroxanne.ca

Solutions for cash stressed seniors

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For many Canadian homeowners, their house represents the biggest portion of their net worth. Now, increasing numbers of seniors are starting to recognize the hidden value of their homes.

The amount saved by baby boomers, as well as their ever lengthening retirement prospects make finding additional sources of income more necessary than ever. Did you know that as many as 50 per cent of all seniors surveyed (by the Investor Education Fund) said they believe their retirement savings will be exhausted within 10 years of leaving the workplace?

Their concern is well justified as, according to a 2012 Leger Marketing study, 58 per cent of Canadians in their 50s say they have less than $200,000 saved for retirement. Other surveys show that as many as 59 per cent of retirees owe money to a lender, up from only 40 per cent just two years ago.

So modest savings combined with the increasing costs of servicing debt is making it imperative for seniors to look for ways to enhance their cash flow.

“The solution for remaining financially independent doesn’t have to be as drastic as downsizing, selling the house, delaying your retirement, or going back to work,” says Arthur Krzycki, a director with the HomEquity Bank. “If you own a home it should remain your security for the long haul and there are a couple of sound ways to let your house pay back while you live in it.”

Empty-nesters, says Krzycki, might want to become landlords, a viable solution especially if you live in a prime location and have a separate entrance to available rooms, or to a basement that can be turned into a self-contained apartment.

“Or, if you’re not comfortable with strangers in your home,” he continues, “why not access some of the equity with a reverse mortgage? Based on the value of your house, this option gives you a reliable cash flow to supplement your income.”

Here’s how a reverse mortgage like a CHIP Home Income Plan could work for you:

• If you have reached age 55, you may be eligible for the CHIP Home Income Plan. It lets you convert up to 50 per cent of the equity in your home into tax-free cash.

• Unlike other loans on the market, there are no credit or income qualifications and you are not required to service the interest, or repay the principal until you choose to move or sell.

• It is also guaranteed that you will never have to repay more than the fair market value of the house at the time of the sale.

“While it almost seems too good to be true, CHIP’s increasing popularity is easy to understand as soon as you talk to our clients,” Krzycki explains. “As many as 78 per cent tell us they would recommend this kind of reverse mortgage to others as a good source of extra cash in retirement.” Financial advisors and mortgage brokers have details and additional information is also available online at www.chip.ca.

www.newscanada.com

Financial News by Rick C. Singh

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Year-End Tax Tips for 2013

It seems as we grow older, each year passes more quickly and before you know it we are celebrating a New Year. So as we approach the end of another busy year there are certain things that you must keep in mind if you want to keep your financial matters in order and up to date.

1. Pay any investment expenses (including interest) by Dec. 31

In order to be able to deduct any investment related expenses on the 2013 tax return, the amounts must be actually paid by year-end. Such expenses include interest paid on money borrowed for investing, investment counselling fees for non-registered accounts, professional accounting services for tracking rental or business income and safety deposit box rental fees.

2. Registered Retirement Savings Plan (RRSP) annuitants who turn(ed) 71 in 2013

If you are (or will turn) 71 this year, you must convert your RRSP into either a Registered Retirement Income Fund (RRIF) or an annuity by December 31st. In addition, you only have until December 31st to make your last RRSP contribution, if you plan to do so. You do not have the advantage of procrastinating until March 1, 2014. This strategy is simple – contribute a lump sum (up to the amount of your unused contribution room) before closing out your RRSP and then claim the tax deduction in future years, whenever is most beneficial to you.

RRSP deductions can be carried forward indefinitely and spread out over several years to lower your taxable earnings in retirement and reduce the clawback of income-tested government benefits such as Old Age Security (OAS). If, however, you have a spouse or partner who’s under 72, you can continue contributing to a spousal RRSP, provided you still have contribution room.

3. Tax Free Savings Account (TFSA) contribution of $5,500 in 2013 plus any past due amounts to 2009

You have until December 31st to make your 2013 TFSA contribution or past unused contribution. A couple can each contribute $5,500 annually, plus any unused amounts that you have not contributed to your TFSA going back to 2009. If you have maximized your TFSA contribution by being at the $25,500 limit and you made a withdrawal from your TFSA in 2013 you have to wait until January 2014 to deposit that amount back into your TFSA. If you do it 2013 you will be deemed to have over-contributed and will be penalized by CRA.

4. Registered Education Savings Plan (RESP)

The RESP allows individuals to save for (grand) children’s post-secondary level education in a tax-effective manner. The government will also help you save by providing a Canada Education Savings Grant (CESG) equal to 20% of the first $2,500 of annual RESP contributions per child, or $500 annually. The deadline to get the 2013 CESG is December 31st. There are no grants available for children past the age of 17, so if they turned 17 this year you can still contribute $5,000 before the end of the year to qualify for the maximum grant available which is $1,000.  On a $5,000 deposit that works out to be a nice 20% return on your investment.

5. Charitable donations

December 31st is also the last day to make a donation and get a tax receipt for 2013. Keep in mind that gifting publicly traded securities, including mutual funds, with accrued capital gains to a registered charity or a private foundation not only entitles the donor to a tax receipt for the fair market value of the security being donated but eliminates any capital gains tax as well.

6. Tax-loss selling

Finally, in the area of year-end tax-loss selling, to guarantee that a trade is settled in 2013, the trade date must be December 22, 2013, or earlier. This will make sure that the settlement also takes place in 2013 and that any losses realized are available this year. Any trade made after December 22, 2013, will not settle until 2014 and therefore those losses would not be available until next year.

To find out more about the year-end tax tips talk to your financial advisor or contact Rick at CRS Financial Group: Call 604-787-3359 or email: rick@crsfinancial.ca

 

Write as I please

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Here we go again!

An unfortunate accident recently involving an 86 year old driver has put senior drivers in the spotlight once again.

There is no need to go into details of this accident but it is the media frenzy around this story that should have seniors wary of an unnecessary rules review.

Yes, there are accidents everyday involving senior drivers, but there are many more involving people of all different age groups – all the time. There are probably quite a few AAA or ICBC research papers available on the subject – and there could be lots of good discussion on the topic – but let’s not go crazy attacking all older drivers.

It is hard enough now for seniors to maintain their mobility and independence, without making it any tougher. That’s why it was good to see local government politicians in B.C. drop the discussion around licensing scooters. At the recent convention in Vancouver, mayors and councillors had a good debate about the increasing amount of scooters on sidewalks, but voted against any increased rules and enforcement policies. Hopefully education and common courtesy put an end to this debate – and also wider sidewalks.

A recent study found that pedestrians over 70 are most vulnerable, which does make some sense. The study found that seniors, who are slower walkers and less agile, are most likely to suffer in these type of accidents – and it is harder for them to recover. Common sense stuff really.

Therefore it is important as the days get shorter and darker (along with the rain)that people slow down and be very careful when approaching crosswalks and school zones. Drivers and pedestrians should make eye contact to keep safe. Be careful out there!

Anyone notice the recent strange pattern of gas prices around the Willowbrook district? Daily prices are lower there than in Cloverdale or other parts of Surrey. So take advantage of it if you can. Some days the price at the pump is almost 10 cents cheaper during certain times period, so you have to start wondering why?

People say it is because Costco in Langley has now opened a gas bar and nearby stations are trying to compete. Makes sense, but it also demonstrates that it impossible to regulate the true price of gas – and we should not always be blaming gas taxes for the higher prices. Governments don’t change their percentages every hour as the gas companies do. And electronic reader boards have made that easier to do from inside the store.

Hockey season is now here – a full one – not like the one earlier this year.. Are we all Canucks? Not really.

Canuck fans and police forces should not have to worry about riots again next June. Don’t fret – the team will be competitive but not good enough to capture that elusive Stanley Cup.

Maybe I will be eating crow next spring – and I am sure many of you will let me know about it if I am wrong – but I don’t think the team has enough talent to win it all. Changing the coach is not going to make all that much difference.

Did you know that October 1 is National Seniors Day in Canada? It was established through federal legislation in November 2010. So if you missed celebrating this year go to www.seniors.gc.ca for all the details. You have lots of time now to prepare for next year.