Philippine Asian News Today Vol 20 No 18 | Page 10

10
The Notary
Corner
By Editha Corrales Nelson
Immigration Consultant, Notary
Public, Mediation / Arbitrator
Most people over 65 in Canada
qualify for the Old Age Security (OAS)
pension. If you have a low income, you
may qualify for other benefits from the
Old Age Security program through the:
•
Guaranteed
Income
Supplement (GIS) for OAS pensioners;
•
Allowance for 60-to 64-
year-old spouses/common-law partners
of GIS recipients; or
•
Allowance
for
the
survivor for 60- to 64-year-old widowed
spouses/common-law partners.
The benefits are based on income
and marital status. They are not automatic;
you apply for them. If you are single and
your annual income is less than $13,434
(including all sources of foreign income,
but not counting your OAS pension), you
may qualify for the GIS. The allowable
income level is higher for couples.
Keep in mind that if you did not
qualify for GIS in a previous year, you may
qualify now. GIS eligibility is based on
yearly income and the allowable income
level can increase with changes in the
Consumer Price Index.
You must renew your GIS,
Allowance or Allowance for the survivor
benefit every year. Your application is
done automatically if you file your income
tax return by April 30. If you don’t file a
PHILIPPINE ASIAN NEWS TODAY September 16 - 30, 2018
Old Age Security Benefits
Who is qualified and what to do to?
return, you must complete
an application form.
The
CPP
pays
retirement, survivor, death
and disability benefits to
those who qualify.
If you are
•
separated, divorced or your
common-law relationship
has
ended…
CPP
contributions made by you
or your spouse/common-
law partner during your
marriage or common-law
relationship can be divided
equally after divorce or
separation.
•
If you are
married or in common-law relationship…
You and your spouse/common-law partner
can apply to share your CPP retirement
pensions if you are both 60 or over. This
could result in income tax savings.
•
If you have children… If
your children were born after December
31, 1958, you may be able to increase
your benefits by applying for the child
rearing drop-out provision. This provision
recognizes the time you spent out of the
workforce while raising children under the
age of seven. If this is your situation, be
sure to apply.
Remember, if you have questions
about whether you are eligible for any
of these benefits, you may contact the
relevant government agency who will
review your file free of charge.
The following excerpt is taken
from the government literature dealing
with Old Age Security Benefits •
An
Authorized
Immigration
Representative and Notary Public in the
City of Burnaby, Editha Corrales Nelson’s
preferred areas of practice are Powers of
Attorney, Wills Preparation, International
Legal Documents, Name Changes,
Affidavits, Letters of Invitation, Statutory
Declarations,
Drafting of Business
Contracts and other notarial services. For
an appointment, please call: 604-777-
2757.
The following should not be
construed as providing legal advice and
information in this column is intended
only as a general guide and should not
be applied to specific circumstances
without further consultation. For more
information on the subject, contact
Editha Corrales at 604-777-2757.
What is the Right Mortgage For You?
With so
many new rules
MYLENE LIM
and regulations
Licensed Mortgage Specialist
in effect, trying
to figure out
what is the right mortgage for you is
like going through a maze. In order to
determine the right one for you, you need
to know what are the different products
available in the market, and what is the
most beneficial for you particularly. Just
as there are so many houses to choose
from, so are there many types of mortgage
financing options. Some of these products
are available through the usual banking
institutions, while a big chunk of which
can only be accessed through licenced
mortgage brokers who may sit down
with you to help analyze and determine
your best course of action. In this article,
I will focus on helping you determine a
mortgage product on residential property
purchase.
These are some of the basic
questions you need to ask yourself when
you try to determine your mortgage
product:
1)
What kind of property
are you looking to buy?
Are you looking to buy a starter
home just to build equity and sell to buy
another one later? Are you looking for a
rental property? Maybe a house with a
mortgage helper to augment your funds
with the mortgage payment? Or are you
plannin