Business most. money. TeReview Wednesday, January 17,1990 — B10 = Do you want to save income tax? inside your RRSP =: even if yoy ihen = ne for many pee have no other investments. = retums (even if it isn’t your birth- ~The argument is that the extra day)! tax cost (nine to 11 per cent) is The Review and Certified Gen- more than offset by the ability to eral Accountants Association of Money show 1O the rescue buy and sell on a tax-free basis British Columbia are co- : within the plan, leaving the full sponsoring the 1990 Mike Grenb Ss a : : : amount to be reinvested,” said tax Money Show It will beheld atthe 5 wnting down only a few key oe $100,000 capital gains exemption, : Royal Canadian Legion Hall, 1660 “!4S — will ensure you cover all Should you hold stocks in your you might consider Continued on Page B11 Mills Road, at 6 p.m. Feb. 6. the important points. ______Tegistered retirement savings plan? holding stocks : Tickets — $5 per person and $8 Off to apply for a loan? Note in Yes and no. per couple when purchased in YOU pad why you want or need the If you can still claim your Capi- 7 advance — are available at The oe DOy ae I ae Bains exemption, consider Review office, 9781-2nd St. At the oan, any security or co ateral you holding the stocks outside your rc F door, tickets will cost $6 per “© Prepared to Dae — and ee That way, you benefit from SAANICH PENINSULA = | erson and $10 per couple. vee portant, all the reasons both the capital gains exemption E : : P My theme is oo 4 Ways Save why the banker should give you (your profits can be tax-free) and aie AU Mgr Income Tax” and I can almost the lowest mierest rate, repayment also the dividend tax credit. : guarantee you will pick up ideas 1€xibility and other benefits. Inside the RRSP you pay no tax THURSDAY, JAN. 18, 1990 AT 12:00 that could save you hundreds if not Anse ee would include the — 9n dividends and capital gains. GLEN MEADOWS GOLF AND COUNTRY CLUB thousands of dollars. Many of ee of business you Have But when the money comes out, it 1050 MCTAVISH ROAD, SIDNEY = those savings could continue year 7/"¢ady done or are prepared to is all treated and taxed 100 per COST: $7.50 PER PERSON : Rie yak move to that financial institution, cent as income, so you lose the tax GUEST SPEAKER: BARBARA STORRIER, EXECUTIVE DIRECTOR : Pee : g your credit record and so on. b fi : ; PENINSULA COMMUNITY ASSOCIATION __ i I will have a slide presentation : j a1 7 ee etits that capital gains and plus handout material to explain oon with your broker? List ~ dividends provide. GENERAL PUBLIC WELCOME = the various tax strategies in plain € topics you want to discuss, like Therefore, if you have, for exam- TICKETS ARE AVAILABLE FROM THE FOLLOWING: AT THE j : Z Bees : a review of performance over the le, $70,000 i F di cs CHAMBER OFFICE (656-3616), SIDNEY TRAVEL, CHRISTINE 4 English. Topics will include: : ; ple, »/U,000 in savings and invest past year, a change in your objec- s LAURENT JEWELLERS AND BEACON TRAVEL IN BRENT- , - How to earn $100 an hour? ie Be in y J ments, half in the RRSP and half WOOD BAY. ADVANCE TICKET SALES ARE ; tees around youions uves (like more/less growth and so outside, perhaps $35,000 in stocks ENCOURAGED, WELCOMED 1 * Using RRSPs to save you the aS ke INCOME); concer about and $35,000 in interest-bearing AND REQUESTED! > the market, service being pro- investments, hold the stocks out. ‘ * The many ways you can stil split income to lower tax. * How to have more money by not getting a tax refund. * Nine advantages of incorpora- tion. - Letting Ottawa help you pay debt costs. CGAs and other local financial experts will also be at the show to provide information and answer your questions about all areas of financial planning — saving, iny- esting, borrowing, basic/sophisti- cated money management techni- qués, retirement planning — a well as income tax. All 13 Mike Grenby Money Shows sold out last year, so you should get your tickets soon. Hope tO see you to save you some tax! * OK Ok I don’t imagine Lord and Lady Baden-Powell had financial plan- ning in mind when they intro- duced the “‘Be Prepared” motto for the Boy Scout and Girl Guide movements. Yet a little preparation before you meet with your banker, broker, accountant or other financial adviser can play big dividends in the world of personal finance. Many of us still get rattled when we meet and deal with a financial specialist. We often forget some- thing we wanted to say or ask. Preparing ahead of time — even if FOR “HENRY AVENUE INDUSTRIAL PARK 2064 HENRY AVE. : SALE or LEASE - 9 UNITS LEFT TO CHOOSE FROM + READY TO MOVE INTO * SIZES FROM 1500 S.F vided, your relationship with the broker, and so on. When you see an accountant, write down what financial changes have occurred in your eamings, investments, spending directions over the past year — and your plans for the upcoming year. Try to provide this sort of background information rather than simply presenting yourself and saying: ~ Here I am - what can I do to save tax?” The same applies when you meet with a financial planner, for a general review of your personal finances — whether it’s to do with camming, saving, borrowing, invest- ing, reducing tax, planning for retirement, checking insurance coverage, doing estate planning and so on. Try to provide as much informa- tion as you can about both your financial situation (income, outgo, assets, debts, etc.) and your per- sonal situation (cash needs now and in the future, type of invest- ment personality, past money man- agement successes and failures, job or family changes). Again, write down what help and advice you expect from the financial planner. This preparation will enable the adviser to be more effective — and will keep your costs down if you are paying an hourly rate. side the RRSP and the GICs, stripped bonds, etc. inside the plan. That way, you save tax on the capital gains and dividends out- side the RRSP while the interest will be tax-sheltered inside the RRSP. However, if all your $70,000 is inside the RRSP and you feel comfortable with the 50-50 stock- guarantee split, then the $70,000 in the RRSP should be split that way. The stocks should give-you a chance to make more money over the long term than the interest- only instruments. Also, if you have used up your STRAIGHT TALK ABOUT : YOUR MONEY. (07: i sn [fob [Meri |Aon May Lon 1 1 25% ONE YEAR RATE Getting the most for your investment dollar is as easy as talking to the right people. For security, a higher rate of return ond straight talk call Gurney Smith & Asssociates today, GURNEY SMITH & ASSOCIATES LTD. FINANCIAL CONSULTANTS ¢ LIFE UNDERWRITERS SUITE 6 - 9843 2nd Si., SIDNEY (In Marina Cour!) 656-2411 1205 ( Verdier Ave, (Brentwood Bay Shopping Centre) 656-1482 aximize your GIC return at Royal Trust. Th “1 Year GIC. Rates subject to change. 9830 FOURTH ST, | SIDNEY ote 655-3307 - OFFICES, PARKING, HEATED » PURCHASE, LEASE or INVEST INDUSTRIAL - COMMERCIAL USES LYLE KAHL — 655-1585 REMAX OF VICTORIA - 386-5333 RES. 478-5648 ==> ROYAL = TRUST Where advice comes first Member of CDIC