Latest news with #Golombek
Yahoo
26-03-2025
- Business
- Yahoo
Here's what the Conservative savings plan for seniors means for older Canadians
The federal Conservatives floated a plan targeting older voters on Wednesday, pledging to lower taxes for seniors and to extend the window for retirement savings. In a statement on their website, the Conservatives said they would allow working seniors to earn as much as $34,000 a year without paying income tax. They also proposed pushing the registered retirement savings plan (RRSP) age limit from 71 to 73 and promised to hold the retirement age at 65 for Canada Pension Plan (CPP), Old Age Security (OAS) and Guaranteed Income Supplement (GIS) qualification. 'Our seniors should not have to work. But they should not be punished when they choose to,' said Conservative Party leader Pierre Poilievre in a statement. 'We should reward rather than punish work. Those that choose to grow their savings for longer should have the chance.' Here's what the Conservative plan means for older Canadians. Regardless of age, all Canadian tax filers can claim a basic personal amount (BPA), which is $15,705 for 2024. Filers who are 65 and older and within a set income limit can also claim a non-refundable tax credit. This amount is currently $8,790 for seniors with income of $44,325 or less, but varies for those with incomes between $44,325 and $102,925. This means seniors can currently earn up to about $24,500 without paying taxes. Jamie Golombek, managing director in tax and estate planning at Canadian Imperial Bank of Commerce (CIBC) Private Wealth, highlighted the wording of the Conservatives' statement, which suggested only working seniors would benefit from the lower taxes promised by the party. 'I suspect that (extra) $10,000 to be tax free, assuming it's from employment income,' Golombek said. 'It would be an incentive to get people to continue working … and allow them to keep (more of that money).' Canada's population is continuing to age. According to the most recent data from Statistics Canada, nearly one-fifth (18.9 per cent) of the population was at least 65 years of age in 2023, up from 12.6 per cent in 2000. A separate Statistics Canada survey found one in five seniors aged 65 to 74 worked in 2022 — nearly half of them by necessity, with immigrant seniors more likely to extend their employment than their Canadian-born counterparts. The Conservatives also said they would extend the RRSP age limit to 73, which means Canadians can contribute to their plans for an extra two years. The RRSP age limit currently stands at 71, at which point seniors must withdraw their funds as a lump sum, use the funds to purchase an annuity or convert their RRSP into a Registered Retirement Income Fund (RRIF) and make minimum withdrawals each year. These minimum withdrawals depend on factors like your age (the older you are, the higher the percentage that needs to be withdrawn) and the total value in the RRIF. Any funds within the RRIF can grow tax-free, until you make withdrawals, which are considered taxable income. Golombek said he's been advocating for an extension in the age limit for a while to allow seniors the opportunity to grow their savings further. 'It used to be that people retired magically at age 65 — and that's why most people took OAS, CPP and GIS at 65 — but with people continuing to work longer … (the Conservatives' proposal) allows them to continue to grow their pool of retirement funds a couple of extra years,' said Golombek. 'They will have more money for retirement and even contribute to that retirement during those working years.' Lu Zhang, a finance professor at Toronto Metropolitan University's Ted Rogers School of Management, co-authored a 2023 paper exploring how TFSAs have become more popular than RRSPs. Although TFSAs have no upper age limit, contributions are limited to a specific dollar value (in 2025, the contribution limit is $7,000). RRSPs, on the other hand, allow you to contribute 18 per cent of your earned income for that year, up to $32,490 in 2025. 'We discovered in that paper that people tend to use TFSA to replace RRSP savings,' she said. 'That trend was especially significant for seniors because … they started moving money out of their RRSP to TFSA and other saving vehicles to avoid that deadline at age of 71.' Zhang expects that extending the RRSP maturity age would broaden the appeal for this retirement savings plan. However, Golombek said the general rule is that if someone is in a relatively higher tax bracket while they are working and expect to be in a lower tax bracket once they retire, RRSPs beat TFSAs. 'For most Canadians, RRSPs will beat out TFSA because most Canadians will be in a lower tax bracket when they retire than they were when working,' said Golombek. Can this couple afford to leave corporate grind before 60? How do I reduce taxes now that my spouse has died? The Conservatives have yet to release more details on their senior savings plan, including how it might be funded. • Email: slouis@ Sign in to access your portfolio
Yahoo
26-03-2025
- General
- Yahoo
Voelker's Bowling Alley demolished after standing in North Buffalo for over 100 years
BUFFALO, N.Y. (WIVB) — Voelker's Bowling Alley started being demolished on Tuesday after standing in North Buffalo for over 100 years. The bowling alley, located at the corner of Amherst Street and Elmwood Avenue, opened its doors in 1892. It held a lot of memories for many people in Buffalo, especially bowlers who lived in the neighborhood. 'It always had leaky roofs and such. It's just sad, you know?' said Jethro Soudant, who stopped by the site after seeing demolition crews. Soudant joined a bowling league 15 years ago at Voelker's. His league now bowls at Kenmore Lanes on Kenmore Avenue. 'I was just driving by and I saw the fence around the outside, which is new. I'm always looking to see if there's any changes,' he said. 'I said, 'Let me poke around back and see what's happening back there,' and I was surprised to see the interior is mostly down at this point.' 'Kenmore Lanes is right up the road and it's still a great bowling alley,' he said. 'It's sad people don't go out and engage in the great sport of bowling anymore.' After the bowling alley closed down in 2021, the building became an eyesore in the neighborhood. In recent years, there was a lot of back and forth over what to do with the site. Voelker's Bowling Alley one step closer to redevelopment Last year, the Buffalo Planning Board approved a project to develop it into a mixed-use site. Buffalo Common Councilmember Joe Golombek said he is sad to see the building get torn down, especially after there was a huge push to preserve the building, or at least parts of it. 'It's bittersweet in many regards,' he said. 'The building has a lot of memories for people from their community and from their neighborhood, but, you know, progress moves things forward and we have to fix up that corner. The bowling lanes were not coming back.' Golombek is excited for the future of the site, which will be turned into apartments and commercial space. 'I'm looking forward to something going on that corner and we do need apartments,' Golombek said. 'We do need apartments that are conducive for middle-income residents and I think that will be a good addition to the city of Buffalo in general, and that neighborhood in particular, because it will give us more density. I think that will help out the neighborhood and the businesses, etc.' Construction is expected to start in 2026. Sarah Minkewicz is an Emmy-nominated reporter and Buffalo native who has been a part of the News 4 team since 2019. Follow Sarah on Twitter @SarahMinkewicz and click here to see more of her work. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
23-03-2025
- Sport
- Yahoo
‘It is definitely a loss': Buffalo leaders react to YMCA closing Delaware Ave. branch
BUFFALO, N.Y. (WIVB) — After being open for close to a century, YMCA's branch on Delaware Avenue in North Buffalo will be closing its doors. Buffalo's North District Council member Joe Golombek said he wasn't surprised by the closure. 'I sort of expected this long term,' he said. 'I didn't think it would happen as quickly as it did, though. There's been a lot of rumors. But you hear all sorts of rumors from developers, and in City Hall. Unfortunately, this rumor came to be true.' Golombek said the facility meant a lot to the neighborhood. 'It is definitely a loss, especially for the people that use it,' he said. 'It's just another one of those little things that takes away from the traditional fabric and community of a neighborhood.' The Delaware YMCA, located at 2564 Delaware Ave., is closing its doors on April 4. A spokesperson with the organization said the closure is due to significant financial losses and deferred maintenance costs. 'While the decision to close the Delaware Y is incredibly difficult, it allows us to focus on strengthening our impact in our region,' said John Ehrbar, YMCA Buffalo Niagara President and CEO. Despite the closure, construction on a new outdoor YMCA camp called Camp Swan is expected to start later this year and will be located on Elmwood Avenue near Hertel Avenue. Until Camp Swan's completion, Golombek is concerned about residents without transportation having access to the services YMCA provides. 'The concern that I have is the people that live in this immediate area not having that walkable place to go to,' he said. Current members will still receive full access to other YMCAs in the area. 'I spent a lot of time at the YMCA as a child taking swimming and karate lessons, playing floor hockey, and I am sad to hear they are closing the Delaware location,' Delaware District Council Member Joel Feroleto said in a statement. 'I'm happy they still are committed to our area in their realignment and that they are continuing the tradition of the Turkey Trot. One of the best road races in the country!' Golombek would like to see the former Delaware Avenue site be turned into apartments. Sarah Minkewicz is an Emmy-nominated reporter and Buffalo native who has been a part of the News 4 team since 2019. Follow Sarah on Twitter @SarahMinkewicz and click here to see more of her work. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
22-02-2025
- Business
- Yahoo
Charitable securities donation might be the most tax-effective way to give
If you're thinking of giving to charity this year, a securities donation might be the most tax-effective way to do so, according to one tax expert. 'That is probably the best opportunity in terms of tax-effective charitable giving,' Jamie Golombek, managing director of tax and estate planning at CIBC Private Wealth Management, said in a recent interview with the Financial Post's Larysa Harapyn. 'You're getting a donation receipt and you're paying no tax on those gains.' He said that donating stocks or mutual funds directly to a charity has additional benefits compared with cash or credit card gifts. One benefit is that you receive a charitable tax receipt for the fair market value of the securities to claim as a donation on your tax return. In addition to that, you avoid paying capital gains tax on the entire accrued gain on those shares. The charitable tax donation deadline for 2024 has been extended to Feb. 28 but the extension does not apply to securities donations. That doesn't mean that you can't take advantage of the opportunity while planning for the 2025 tax year, however. Golombek recommends putting together a budget of how much you want to give to charity and making those donations through stocks in which you've accumulated large capital gains. The federal government's capital gains inclusion rate increase, which was supposed to be implemented on June 25, 2024, has been postponed to Jan. 1, 2026. Canadians might already notice some changes to the Canada Revenue Agency's forms when filing taxes this year, Golombek said, but they won't impact anything yet. A new rule that Airbnb-owners should keep in mind for the 2024 tax year is the limitation for expenses on short-term rentals. If you rent out a property in a zone where it's illegal to do so, according to your municipality, you won't be able to write off any expenses, including mortgage interest, against that rental income. 'So, just be forewarned,' Golombek said. He also reminded Canadians who have made contributions to the First Home Savings Account this year that they don't need to claim that amount in 2024. Instead, Golombek said it could be more beneficial to save it for a future year when they are in a higher tax bracket. Students with a Registered Education Savings Plan can also be strategic with their use of the basic personal amount on which they do not pay any income tax. Golombek said they can take out up to that dollar amount from their RESP every year and pay no tax on their withdrawals. 'Something for parents and kids to think about,' he said. 'If you don't claim that basic personal amount, you lose it forever for a particular year, so it's something you want to try and take advantage of every year.' Golombek advised self-employed Canadians to keep receipts of their expenses for their statement of business income. If you're travelling or taking clients out to lunch, it's also a good idea to write down who you met with and the purpose of that meeting on the receipts in case the CRA audits you and asks you to justify why that was a legitimate business expense. Beware of what can go wrong if someone with a TFSA dies Capital gains mess may be over, but effects of poor tax policies linger on 'CRA is looking at them so you want to make sure you've got backup for your expenses,' Golombek said. The 2024 tax filing season officially begins on Feb. 24. • Email: novid@ Sign in to access your portfolio
