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Page 14, Whitby Free Pres, Wednesday, Februaiy 15, 1995 Smoking area in seniors' new building Save an extra 40% im taxes on your RRSP contribution this year Working Ventures Canadian Here's an example: Fund is a labour-sponsored investmnent fund that invests lnvestrnent in Working Ventures $5,000 primarily in smnall and aSvig-$,0 médirn-szedCanaian-RRSP tax deduction businesses. (at 50%7 assumed tax rate) " Such investrnents offer the Federal Tax Credit (20%) s 1,000 potential for above-average Provincial Tax Coedit* returns but involve higher (20% where applicable) -$1.000 risks than many other investmnents. Your Net cost $ 500 " An investment in Working YorTtlavns$50 Ventures requires a long-terra commitment and cannot guarantee any specific rate of return or any return. Redemption of shares of Working Ventures 15 subject to certain conditions. " Attractive tax credits available to investors in Working Ventures provide immediate benefits and are intended to offset these risks. Important information about this investment fund is contained in its prospectus. Obtain a copy froni a securities dealer fully qualified and licensed to distribute these securities and read it carefully before investing. Share value and investment retura wilI flucuate. *The extra provincial tax credits are available to investors resident in Ontario, Prince Edward Island and New Brunswick. r-i carol t.,«SKIN* CARE *.............. 'F ac...s.....H.......v.. ...... ...............~ck gas ..............W.xing EW lU V UIVVE f17 Gift Certificates Available 206 Chestnut St. E., Whitby e 430-0514 'Beauty care from head to toe' WE ALSO SEIL EGGS, BUTTER, FUDGE & PRODUCE Jlgç>mn APPLE MARKET Whitby55-41 30 4V) Il. . ]Fiiai The final buildingtprmitfor the redevebopment of t htby Mental Heabth Centre accounted for almost ail of the *32.1 million in permita issued in January in Whitby. While January's total, was only he.bf that- of a reicord-breaking $64-milion' Dece mber, it< is a high valuefo what is u'Sually a slow nmonth for. construction -due te weather conditions. "It will serve dos a good basis for the montha ahead in the year 1995," said Mayor Tom Edwards, in his monthly report on building activity figures provided by the Town public ,worksi departmnent. Resîdential construction, usually the bulwark of Whiby building activity, slid in January, with 10 p)ermits issued, for a total building value of $98,500. Five permits were issued for *53,300 worth of commercial building. By Mark Reesor Whltby council has axnended its smoking bylaw to, provide for a designated smoking area in the new Wlutby Seniors' Activity Centre. The decision cornes after smok- ing and non-smoking centre members alike voted, in a refer- endum, ini favour of a smoking area. West ward councillor Judi Longfield made the motion for the amendment at Monday night's council meeting.' 8he said an «over-whelming» number of those who voted for the area were non-smokers. The smoking area wibl be a separately-ventilated room on the lower bevel of the expanded facility, she said. The architect has indicated the area «wilb cost very ittle if ît's done at the time the building is constructed.» Liongfiebd said the architect also assured staff' «other areas of the building will not be affected by the smoke from this one small room.» Town parka and recreation director Laýrry Morrow estimates the smoking room will cost about $5.,000. VOIlunteeirs are warited The Multiple Scierosis Society (Durhamn chapter) seeks volunteers te assiet as area coordinaters in the annual carnation campaign, and organizers in the flrst golf tourn- ament te be held in Auguat or early September. Cail the chapter's office at 905-686-1801. Your Financlal Health Derek-Dutka Should you brrow to buy an RRSP? If you do not have the fimds on hand to make an RRSP contribution, borrowing almost always saves you Inoney. Top ut borrowing into context, consider the effect of a niissed $2 000 contribution. At age 25, the rmssed RR8P contribution wifl resuit in $43,449 lees in your RRSP at age 65, based on an ei ht per cent average annual compound rate of return. On the otter -and, boiýrowing $2,000 and repaying it within a year could yield a sigfnificant benefit. A $2,00 RRSP will yield a tax rebate of $537 (Iowest tex rate) up te $1,060 (highest tax rate). The cost of borrowing a nine per cent per annum would be $180. (This assumes you pay interest only and the rate is locked in at nine per cent for the year.) If y ou have invested well, your RRSP could grow by 10 per cent ($200, ail tiix-sheltered) before you paýy off the ban. To avoid unnecessary iterest chares, maie sure you have an looperi" lan. This alows you te pay down the loan faster by institutions offer RRSP boans at' prime rates, but force you te invest the money with them. Many financial planning comparies have arrangements with 1baàs or trust companies te arrange for RRSP boans. The prceeds are payable te the financial plannin g company on your behaif, which allows you a much greater choice of investment vehicles.' Ites much better te invest monthly right inte your RRSP (see bast week's column) but if you haven't got the cash and y ou cari pay off the RRSP boan within one year, it ma be well worth your wifle te borrow for this year's RRS contribution. Peroviding it is suitable for your situation, using the borrowed funds te purchase a labour-sponsored venture capital fund would entitie you te an extra 40 per cent in tex credits. This would allow you to, pay off the boan very quicldy and start building up for next year without borrowing. Abways get professional advice before borrowing money. Cabi you financlal pianner to find out what's best in your situation. De9rdc Dutka if an independeut linancial planner witb Financli Concept Group in Oshawa. STAR St-rategic Asset Allocation A LEADING-EDGE RRSP PORTFOLIO. SELECTED FOR'YOU. With Mackenzie's new STAR strategic asset allocation programn, an RRSP portfolio is scientifically selected wo meet your needs. The STAR questionnaire first establishes your goals.. and how much risk you're prepared to assume to reach them. STAR then matches yur goals to one of a number of portfolios with the right mix o f mutual fùnds, structured with the goal of building more consistendly rewarding long-termn RRSP investment performance. Building Financlal Independence lnvest wiselIy: Important information about the STAR asset allocation pro- gram is contained in the simplified prospectuses of The Universal Funds, The Industrial Group of Funds and lvy FunId. Obtain copies from an investment advisor and read themn carefully before investing. Unit values and investment returns of each fund within your STAR portfolio are not guaranteed and will fluctuate, as wîll the overaîl market value of your STAR portfolio, reflecting changes in the value of the underlying funds. For more information on STAR from Mackenzie - and the différence The Final RRSP Frontier can make to you - please cail us today at the number below. 14£ fýà' J L-.ýàà -- ASORTED VARIETIES Expires Feb. 26/1995 EDUCAT1ON THROUGH MARTIAL ARTS CHILDF1EN'S PROGRAMS -Through our proiessionally taught awareness prevention programmes, your children wilI gain discipline, motivation, concentration & self confidence, the building blocks of strength and character. 666-2878 1995 INTRO $20. includes 3 classes& FREE T-Shirt 1 \ Z-ýAm 1