e Business TheReview Wednesday, February 13,1991 — A25 + RRSP Continued from Page A24 “They were already putting some money into RRSPs and won- dered if they should contribute more Or increase the mortgage payment on the home they had just bought,” said May. “Because the wife planned to work only part-time after having the children, I suggested she make the maximum contribution to her own plan and the husband make his maximum contribution to a spousal plan for her. Salesmen siatement regretted by Review The Review regrets a statement published on page A18 of its Feb. 6 issue on a new service for realtors and prospective real estate buyers. The story’s source, David Lav- ers of the Keating Ridge Group, objected to the word “pesky” in reference to real estate agents. The word “pesky” was The Review's and at no time did The Review intend to denigrate mem- bers of the real estate profession. “This approach to income- splitting will save them money in the future, when the wife even- tually withdraws the RRSP funds in her lower tax bracket — subject to the three-year attribution rule. “Once they have made their maximum RRSP contributions, any monthly savings they still have — and any tax refund they receive — could then go toward paying down the mortgage more quickly.” Starting with the 1991 tax year, you can skip the RRSP contribu- tion you are entitled to make and catch up in the future. So you could pay off your debt, then redirect your former monthly pay- ments to a catchup RRSP program. However, some people respond only to the discipline of the debt collector and once the debt is gone, just can’t manage to save those former payments. Mike Grenby is a Vancouver- based columnist and independent personal financial adviser; he will answer your questions as space allows in his column — write to him clo The Review, P.O. Box 2070, Sidney, B.C. V8L 3S5. SAANICH PENINSULA CHAMBER OF COMMERCE GENERAL MEETING . Thursday, Feb. 21st. Club Images, Airport Travelodge $8.50 per person GST included Phone 656-3616 for tickets . General Public Welcome z y a Investing — Out of the pit comes indusirial park The Keating Industrial Park, already the largest park of its kind in Greater Victoria, is set to become a lot bigger About 22 acres of the Butler Brothers gravel pit is being turned into a new home for up to 11 large companies, T and H Construction Ltd. president Dave Thomson said. Already, servicing is in place for four of the firms on the portion of the pit that bounds Keating Cross- road, he said. Construction work on new pre- mises for Gray Beverage Inc., United Buy and Sell Ltd., and Universal Cabinets is underway and GWG Rentals Ltd. will soon begin building its new premises. A second expansion phase for the industrial park is well on the way towards completion and will probably be occupied by about seven businesses, Thomson said. Eventually the remaining 60 acres of the pit will be developed when gravel extraction operations have been come to an end, he said. The one-year project to make way for more industrial heartland in Central Saanich will lead to a higher tax base for the community, Thomson said. “This will also be a big plus for the business community,” he said. “The noise factor will be less due to the location and the area ‘will be very attractive once the street i$ put in.” Turning non-reusable portions of a gravel pit into much-needed industrial land was a bright idea And the move has not come a moment too soon. Businesses will likely soon be lining up to snap up the remaining lots, he said. “Tt won't take long at all to fill up the area. They’ ll probably all be sold within a year,’ Thomson said. on the part of Butler Brothers, he said. “They’ve taken a lemon and made lemonade out of it,’ Thom- son said. FOR THE BEST R.R.S.P. RATES CONTACT ME AT G56-8201 NO FEES, JUST GOOD OLD-FASHIONED SERWIEE. TOP RATES THROUGH COMPUTER NETWORK GARY L. SHILLINGTON & ASSOC. 442 BEACON AVENUE IDNEY, B.C. V8L 1X6 656-8801 LIGENSED AFFILIATES: SEABORD LIFE INSURANCE COMPANY PACIFIC WESTERN FINANCIAL CORPORATION GIC by March 1, 1991. sometimes it pays to read the We'll give you 14% bonus inter- est when you transfer $10,000 or more to a Royal Trust RRSP 44% or 42% bonus interest small print in registered or unregistered savings, term deposils/GICs or mutual funds (held in or out- side of your Royal Trust RRSP or For A Richer | Recess Join us for this informative, down-to-earth seminar on Retirement Planning and Investing. You'll learn about: minimizing taxes e estate planning e how long will your retirement funds last? YOUR SPEAKERS: Denis Denischuk, RBC Dominion Securities Pemberton Pat Hannah, Personal Banking, Royal Bank of Canada DATES & TIMES: Saturday, Feb. 23, from 9:00 to 11:00 AM Tuesday, Feb. 26, from 1:30 to 3:30 PM PLACE: Royal Bank of Canada, 2464 Beacon Ave. Please note this seminar is free, but as attendance is limited, pre-registration is requested. To book your place, please call Wendy at 655-1303 ee ROYAL BANK RBC DOMINION SECURMES PEMBERTON CELEBRATING NINETY, YEARS OF SERVICE TO CANADIAN INVESTORS Transfer $75,000 or more and welll give you 2% bonus interest. If you're already a Royal Trust client with an RRSP balance of $10,000 or more, we'll give you a 44% bonus interest when you renew your RRSP GICs and you make a new contribution of at least $2,500? If you have $75,000 or more RRIF), we'll pay you 12% bonus interest when you renew your RRSP GICs and you make a new - contribution of at least $2,500: To find out how to qualify for RRSP GIC bonus interest, come into a Royal Trust branch. While you're there talk to one of our investment advisors about the wide range of Royal Trust RRSP products. VICTORIA 1205 Government St. 360-4500 OAK BAY 2255 Oak Bay Ave. 370-1528 +30 month GIC rate excluding bonus interest. Rate is subject to change. *Bonus interest paid on your new contribution and on Royal Trust RRSP GICs that mature before March 1, 1991.