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Whitby Free Press, Weclnesday, February 24, 1993, Page 15 hzLrinssnewsi Region economic development commissioner receives award The Econarnie Develo pers Council of Ontarioa me. (EDCO) recently presentad the Pre- sident's Award ta Durhamn Regian econarnie deveioprnent carnmissianar Pat Olive. Olive has served the associa- tion as secratary, programn chair, firat and second vice presîdents, and was presidant ia 1991. lie spearheaded the initiative for the new narne/lago (the organizatian was farmerly knawn as the Ontario Industrial Deve- loprnent Council lac.). Olivé has taught econarnic ten articles for the EDCO; Jour- nal and American Ecanomic Deývelopment Journal and is gustlcturer for the mnunicipal econornic develaprnent course at Ryerson. Spousal RRSPs RRSP contributions can be made for your spouse and stili prvideyou with a deduction in coni utng your taxable incarne. The .ain dvantage of a spousal RRSP as that it is one of the few rernarning xnethods.of sphitting incorne between spouses. Under the progressive tax systern in use in Canada, the higher an indivi dual's incarne, the higher the tax rate. For example, if a 51 per cent provincial tax rate and a three per cent federal surtax is assurned, the tax p aid (considerin g only the basic, rnarried and CPP tax credits) b a single incorne household with taxable incorne of $50,00&, is approxirnately $13,200. Under the sanie assuniptions, if bath spouses had taxable incornas of $25,000, the total tax paid by both spouses would be approxirnately $9,700 - a saving of $3,500. ?Rus, a substantial tax saving can be obtained by splitting incarne. Spousal RRSPs aise enabie more effective use of the pension income tax credit. By having a spousal RRSP, y ou can ensure that bath spouses are able ta draw up ta $1,000 in pension incarne, tax Cre. A further advantage of a spousal RIISP is that it enables an individual over age 71 ta cantibute to an RRSP. Narnaally, once a taxpayer has reached age 71, thay are nio longer allowed ta, cantribute ta an RRSP. However, i f th e taayes spause is not yet age 71, RRSP contributions can be made *ta a spousal plan, even if the taxpayer is over age 71. Since 1989, the gavernment has allowed the transfer of up ta $6 000 in pension and annuit incarne ta a spousal RRSP. TPhis wiil be in effect through 1994. Transfars wili -be allowed as long as the spouse has not reached age 71. If y ou were earnîng aover $30,000 when you made the conrbutian, yau waul d h ave received a 49 per cent tax rebate for your cantribution. If your spause has no other source of retirernent incarne, over $7 000 (basic and. pension incarne credits) par year.cauld ba wxt'hdrawn wth no incarne tax beîng repaid. What a nice bonus! Other Points ef interest Spausal RRSPs are not for short-terrn applications. Money taken aut af a spausal RRSP within three years of the niast recent contribution will be taxed in the hands of the higher incamne-earning spouse. Under a marniage breakdown, spousal RRSPs are stili cansidered family assets. It doas not matter whase narna is an the account; it wiil ba dlividad evenly. The hi ghar incarne spause can cantribute to a persanal and a spousal pi an as lan g as the twa amaunts da not excead the mnaximnum allowable lumit. Therefore, the lowar incarne spause should alsa cantribute the maximum ta his/her own personal plan. -ANNIC E-FILE Tax. Returns ..Fui URefun nbout 2. wks. Whitby 666-m2400 Toronto 733-805 PC r'i O1E Mon - n *10 -8 Warshouss Saturday 10 - Hoklns St, Whftby (416)430-8081 FaIx 430-09 IFs 9 urchoicelj Your own custom packagel Mu or ours.b 40we g CENTENNIAL MAYFAG REFRIGERATORS " The Dependability Line " Heavy duty shelves DOMESTIC MAYI'AG HOME APPLIANCE CENTRES 22 STE VENSON RD. ai KING ST. (across t rom Oshawa Shopping Contre) Open Mon, Tues., Wed,, 10-7; Thus. -Fn. 10. Sat. 95 436-9969 advetisement Get it straight New developments ini hair cara can get rid of unwantedi perm withaut dlamaging hair. Dubé Hair and Skin an Dundas St. E. is currently using a new praduot, The Paul Brown Iraight Perm System. hi ihu This systemn straightens hi ihu damaging f. Unique ta this area, Duhé has pravided the service for the past f ew weaks. The shap's hairdressers have takan classes an haw ta use the syo'tem properly.. Donn Dubé saw this system at a h air show ha attended. He thaught it was wanderful. "I lave it," he says. ult's an idea that has been a long tîma comîng. Dubé says that the sistem has been around for a few years, but that t is new ta Canada. The pracess itselt takes about two ta three hours ta complate. A Perm solution is added ta pre-mixed botanical ingredients. This mixture changes the PH levai of the perm solution ta 7.5, making the solution very mild. Because of the mildnass of the solution, the p rocess is very safe. It doas not damage theh air with harsh chemicals. Dubé says that ha has alraady used the system. Ha spent an hour and a h ait mixing the solution and putting it an the hair. Al that time, ha was nat wearing glovas. The solution had no damaging affects on his The solution is spraad an sections of the hair and thasa sections ara placad on long pliable boards that kaep the hair straight. The cost of the process starts at araund $100 and varias depanding on the length of the hair. For mare information, contact Dubê Hair &Skin at 725-6000. 1645 Dunda St. E. (Valdi Plaza) e 725-6000 What, Do You Do ,Afiter You've Given The Highest RRSP Rate* 4Years In A Rowi? Do IL Agairi. .Soie Iings nevet chanîge. JIttt like \%e dît! Iast yvir and hIle three vearis belote. %%e*te ollerimng ailRRSI> rite ighiet-tha t Ile 5 1Maj-ot l 'tan i l thtî ini (atiada. [tt alîdlighier poied rate. and w ell heat IIl, I ihat iltnpie. ('n' i gt ther rtie'.. ceîutîstisillyheiter setn te. Hongkong Bank of Canada Now what can we do for vout? 1 2(X) D[unda'. Streel 6î66-2300X Rille,, h iietîc th tItn e i 13dk u . 111tak. ( B .111 oIt tly.îtîk ît N ont i laîtimllLk aînd .D . Bik o t cIt i i i i ti î.ttcR t' i a i