"Jackie was so helpful when I was trying to complete all the forms to get my mother all the social assistance she was entitled to. Jackie knew which forms I needed to complete and even how to complete them ~ thank you Jackie!"

-Roberta Whitby,
Ottawa, Ontario

I had a senior gentleman come to me because his tax return had been reassessed and the government said he owed over $400 from a change to his wife's income. He had already paid it but wanted me to look it over. Well, they made a mistake. He did owe them a bit - about twenty dollars, but not over $400. I appealed his return to get his money back. I also found some tax deductions that he was entitled to and discovered that he should've qualified for guaranteed income supplement this year. I applied for that for him and prepared his tax return using the additional deductions he was entitled to. When he came to pick up his return, I was able to say "Well, you will be getting your $400 dollars back except for $20 plus and extra $1200 this year in tax-free supplement and you & your wife's combined tax refunds add up to $3,560. That's over $5000 all together and people like you are the reason I love my job!" Needless to say, he was very happy he came to see me.

Seniors

Services offered include:

Applications for:

Old Age Security
Guaranteed Income Supplement
Canada Pension - Retirement
Canada Pension - Disability

Advice on:

Disability tax deductions available to help seniors or their family members who care for them. These can be substantial deductions and often result in thousands of dollars for caregivers.
Medical expenses that may be transferrable to family members if seniors don't need the deduction
Programs available for family members to take time off to care for severely ill relatives
Benefits available to caregivers who look after the ill or elderly either within their home or elsewhere.These can include caregiver amounts on their tax return, home expenses if renting out space in their home, and transfers of other deductions.
Timing of RRSP withdrawals to get maximum tax and senior's benefits

Retirement Income Splitting

This is simply one of the best things our government has done for seniors who receive a pension. It allows us to shift income from the spouse in a higher tax bracket to the one who pays little or no tax. Savings are often in the thousands! It can be tricky though and is affected by things like medical expenses and charitable donations. Several scenarios must be examined to determine the most beneficial allocation each year.

Jackie Recoskie - 343-644-1010 - info@BalanceFinancial.ca