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Friday February JO itSl MANAGEMENT Common queries about The commitment Although most fin mil il provide I urination about ItllMs much of it is shntrd towards the more knowledgeable In And even he experienced purchaser can be confused by some of the technical lanRuafie used says Terry Manager of City Trust in Brampton are answers to of the more basic questions commonly asked by individuals purchasing IVhoEicllRiblc tobuv jn ItltSI If you re a taxpayer with earned income below I jou purchase in RRSP up to Ihe end of the I in which jou turn age I do not hail aii nice ijiiraiH vou ire In open In soar rrnki con but ions even if hi she Ins re iclntl igc limit is the of ill wuu hive received from sil emploed income liter expenses Is in re 1 several oilier sources of in tome after mi ban suhli ictct jour iiiMinnci I or dues linns for tnt ear taxition cm you with form will sou determine your earned in come and e in ion tribute to your Mr Some Ions including also offer a form to help you in this about fulfilment Income iiid Neither investment income nor Rains arc income How much can If you are silt employed or are not a member of a registered pension plan you may contribute cither per cent of lour earned income or is less If you do to registered pension pi in and boll you and your employe r contribute to it allowed to invest up to so per cent your Income or it sou again whichever i mount is lower Hut first moniv von put into pension If jour inadi all jour pension plan dim to itxmt this just tin per Mr on mi ml lnrt int point If you in pi old tin Pulsion like providing Hit lions ill o tin mmniu limit Once an ItltSl I In couth but ions No If cm open an RUM and never mike con In bull on It is an in which the holders spouse makes lions oiilributions to inur own awl your spouse must not exceed your annuallimils What la Hit in nil That depends on the typt of purchasi It might be invested in term deposits mutual funds or a of investment vehicles ynu open you di lermine when jour lontnbulions will be year I allowed lo iw putt of Ibe cs as much or is as like Howl all money which must be declared is inenme for lb it it Is it from mi HI ISP oik no he lo the lions in If von in in Irrtsktl this hi von should 1 ilk ii i the in rttomnunds Mi In IF I lll Mill in HUM Here lit I If the Ik in hum imcd RRSP is sie mi In I In sin in momi i mm his or own HUM If for in eases retirement worries lor many people who have not started to save or their retirement the profusion of this time of vear is akin to having a nagging toolhacht Such themselves for not taken prcventalne action earlier ivoid their current discomfort Yet just as a trip to the dentist should the pain of a tooth so will a- firm decision to commit money to an eisc the worry or no funds set aside I it number of people irlicularli in their mid to hie who ve hi nut Stirling in it Terry ol tin lntitv an l pension pi in RRSP em if he he purelnse an If lour belief meoni other than jour si funds will taxed is whil hi I will ibh I nmllv it in interest of per I pin lunl llial in could thin use those tugs to purchase a posl pro duet such is I irst i Is Trust Term in jo and mi in excess of for the bisect on an interest rate of to per cent Of course this is a simplifies which does not lake into count such important investment consider us annual insh flow needs sources of retire ment I desire for vary income throughout ones ritirc There is no tint an an commitment of coo would cut into many people resources How ever even if you wen to make a yearly contribution of just for next years your RRSP would still be worth more than If that money was subsequently used to buy Term to so Annuity of a per cent rale it would produce a monthly payment of SI and be a healthy supplement to other sources of retirement incjime the longer you put off stirting an the lamer your annual contributions will have to be to achieve lour retirement savings The who through an of eould lehuvetl same result with lv con inns of just SI if he or su id Ih mm nine s whj we the Im of a firm decismi an irlv in your work win we offer loans mnnthlv plans help meet imeslment said Mr SAME DAY TAX RETURNS 8772217 RISKY BU Heed Advice can take the gamble out of taxes investment return business loans real estate transactions personal financial planning Call Us Goebelle Alexander Chartered Accountants Offering Services In Corporate Income Tax Main St S Georgetown Ont 4535532 Corporate Centre Ont l Hills Personal and Family Financial Plans designed for you by a Chartered Financial Planner MONEY CONCEPTS FREE SEMINAR SERIES Money Management Registered Retirement Dynamic Financial Planning Savings Plans Tax Planning Investing in Hard Assets Mutual Funds All Seminars are by a Chartered Financial Planner Absolutely NO SELLING is done at our seminars No Cost or Obligation REGISTER NOW by calling 8731877 Most people dont plan to fail- they faH to plant