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Home My WebLink AboutThe Citizen, 1996-05-01, Page 12JOHN McliERCHER CONSTRUCTION LTD. • backhoeing • bulldozing • loader and truck rental • sand, gravel and topsoil • stone pile and rubble removal R.R. #2 Bluevale 887-9061 if busy 887-9999 Fax: 887-9999 MS FACT #1 Canada has one of the highest rates of multiple sclerosis in the world. Multiple Sclerosis Society of Canada 1-800-268-7582 "YOUR" MONEY MATTERS Dear Linda, I am 60 now and I was looking forward to retiring at 65. What happens to my government pensions with the changes made in the last budget? Almost There Dear Almost There, Just when we think we finally understand government pensions, they go and change them on us! The 1996 Federal Budget announced big changes in the government pension system -.starting at 2001. There will be a new seniors' benefit for those seniors like yourself turning 65. The new benefit will combine the old age security, guaranteed income supplement, spouses' allowance and_ other tax credits for seniors into one program. The new benefit will be tax-free, paid monthly, fully indexed to inflation and based on household income. Each spouse in a marriage will get a separate and equal cheque. The amount of the benefit will vary according to family income and will be based on a couple's combined income from the previous taxation year. Seniors with no other income will receive $11,420 per year, or about $120 more than they do now. The system will eliminate benefits for single seniors with income above $52,000 and for couples with combined incomes of $78,000. Those who urn 65 before the year 2001 will have the option of continuing with the old age security and guaranteed income supplement payments now available or switching to the new benefit. Dear Linda, The government lowered the age when we have to collapse our RRSP's from 71 to age 69 in the March budget. I will be 70 this fall. What do / have to do with my RRSP's? Worried Dear Worried, The federal government lowered the maximum age to hold and contribute to an RRSP from age 71 to 69 in its recent budget. Fortunately for you, the new rule only comes into effect on January 1, 1997. Therefore, this change does not affect your RRSP's. You will still have until December 31, 1997 to collapse your RRSP's and convert your savings either to cash, an annuity or an RRIF. Dear Linda, My mother recently died and I inherited her mutual fund portfolio. What should I do with these investments? New Investor Dear New Investor, Welcome to the exciting world of mutual fund investing! I recommend you review the investments in your portfolio to determine what funds you hold, their performance track record and the manager's style of investing. After gathering this information, you may want to make changes in the portfolio to reflect your goals and needs. 'YOUR' Money Matters Is sponsored by Linda Henhoeffer, Financial Advisor with the Investment Centre, Trimark Mutual Funds Company. To have your questions answered, send them to The Citizen at Box 429, Blyth, ON NOM 1H0. Everyone who sends in a question will receive a free 'Financial Planning Calculator' computer disc compliments of Trimark. Linda Henhoeffei PAGE 12. THE CITIZEN, WEDNESDAY, MAY 1, 1996 Small libraries hours cut For a stroll Brenda Brooks takes grandson Colton Kerr for a stroll in the park during the Women's Day Out event at Blyth Memorial Hall last Saturday. The pair were modelling in the fashion show portion of the festivities for Webster's of Blyth. The event, hosted by the Blyth UCW, featured a day of treats and entertainment for participants. This is the second year for the highlight. Ongoing closed meetings of Huron County's Administration, Finance and Personnel Committee to discuss sale of the old library headquarters in Goderich brought expressions of concern from two prominent county councillors, at the April 25 meeting of county council. Noting that for the second month in a row there had been a closed meeting of the committee. Bill Mickle, reeve of Exeter said "I don't see why we keep seeing this same thing. Is there really a neces- sity for this kind of in camera meet- ing?" He also worried that Warden Bill Clifford, a real estate broker by confession, might be putting him- self in a conflict of interest situa- tion by taking part in negotiations. Tom Cunningham, reeve of Hul- lett said he was also concerned about closed sessions of the com- mittee. Councillors must be open to the public they serve, he said. But Clifford said his company had bid on the right to sell the library headquarters but had not been successful. If it had been he would have declared a conflict of interest, he said. If council wanted details on why the committee was having secret meeting it could go into committee of the whole, he said, otherwise "I am not prepared to answer the reasons." Some of northern Huron's small libraries which were to have been closed but won a reprieve, will see their hours of operation reduced to help make up the shortfall in fund- ing. Libraries in Auburn, Bluevale, Cranbrook and Gorrie, which were originally scheduled to be closed until local community groups and councils intervened, will have their maintenance grants (rent) of $500 discontinued and some will suffer hour reductions as well. Auburn will now be open just two hours a week instead of three. Cranbrook will have its hours slashed to two from five. Gorrie will drop to four from five. Fordwich will be reduced from seven hours to five. Bluevale, which was only open two hours a week, will remain the same. Centralia, in the south of the coun- ty, will still have five hours a week. Bill Weber, reeve of Stephen Twp. where. Centralia is located, expressed disappointment that one of the Branch 3 libraries, Fordwich, would still receive a $500 mainte- nance grant while the other Branch 3 grants had been eliminated. "We think we should be consistent," he said. "We're dropping the grants for all the libraries we had planned to close," said Leona Armstrong chair of the Social and Cultura! Services Committee. Fordwich was the only Branch 3 library that was n't scheduled to close in the origi nal proposal. Larger libraries will also have 3.1 per cent cut in their mainte nance grants, a move which wil save almost $3,000 a year. Reduc ing the hours at the Branch libraries will save $3,207 while ; decision to close all libraries between Dec. 24 and Jan. 2 wil save $6,617. *** There was an increase in welfare cases in Huron of 3.63 per cent from January to February. In a year-to-year comparison, however. the number of cases dropped by 11.47 per cent from February 1995 to February 1996. *** County council approved extend- ing the deadline for purchase of the Morris Tract from April 15 to Sept. 16. The Nature Conservancy of Canada has the right to purchase the property but local supporters must raise the $285,000 price tag from local supporters before the sale can go through. The extension will provide additional time for the funds to be raised. Closed sessions concern councillors