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lit mi Saturday Seplember2 1989 There are only three legitimate ways to lower your taxes Book review fit ITS YOUR MONEY Paul J Rocket Taxes We pay over one half of everything we earn today in Canada to the tax man Yes even the moderate earner probably pays over of everything earned to the tax man through federal income tax provincial taxes municipal taxes sales taxes both hidden and added to purchase costs gasoline taxes liquor taxes cigarette taxes etc etc What it all boils down to is that you and I spend at least one half of every day working to feed the appetite of our various governing bodies Those in higher tax brackets spend as much as threequarters of their working day working for the tax man The Government federal has given us three legitimate ways to attempt to reduce those taxes Virtually every tax deduction fits into these categories 2 Tax Shelters Leveraging Borrowing to invest Number has become well known to most Canadians and today is called a R S P Retirement Savings Plan theyve dropped the word registered Thousands upon thousands of Canadians are now using this remarkable program to build savings for their future retirement The Government has set limits as to what you can contribute each year the limits are now rising but it makes those contributions tax deductible and even allows all investment gam within the plan to accumulate without any current tax liability However they deem that all proceeds when taken out even in a monthly pension are taxable when received Problem is many people choose because they are tax deductible and the want to save taxes Too many Canadians give tittle or no consideration as to what they earn The person saving a year into an from age to 65 will end up with whereas the person who achieved a rate of return would end up being worth over million Thats almost SI 5 million more than the investor If inflation averages per year you will need 230000 income per year years from now to match what per year will buy now The million at 10 would provide per year income in retirement whereas the person with investor would only have per year Many good mutual funds have averagtd a 15 per cent return or better over the last 1Q years Number 2 above was tax shelters The Government periodically allows tax deductions for special projects they want to see fulfilled They allowed special deductions for those sponsoring movie films because they wanted to make Canada the Hollywood of EVENING SPECIAL After p OPEN 24 Hours 8731211 the North There are oil and gas exploration deductions all kinds of limited partnerships and when housing was short they allowed deductions for MURBs Muhple Unit Residential Buildings The biggest problem with most tax shelters is that they almost in variably turn out to be lousy or money losing schemes whereby you save tax but you lose most if not all of your money Films have proven to be disastrous with 90 or more of the investors losing all of their investment but they did save on taxes Number 3 above is called leveraging which simply put means borrowing other people s money for investment What ypu do is borrow money from the bank trust company etc and invest it where you hope to earn income For people such as this writer it has proven to be fantastic I borrow monies from the bank at say 12 and then invest it all in mutual funds where I hope to achieve at least an average of per year over a 10 year period as past performance has shown But because the borrowed monies were borrowed for investment in mutual funds the interest Cost becomes tax deductible If Im in the tax bracket this means the 12 interest cost is actually reduced to 6 after taxdeduction cost If the fund averages 15 per year made up of taxfree capital gains and virtually taxable dividends Im achieving 15 per year its costing me per year after tax borrowing costs meaning Im ahead per year on using OPM Other Peoples Money ThatsWhat we call leveraging and its potential results Paul J is the author of the best seller Why I Invest in Mutual Funds and President of Regal Capital Planners Ltd For free information on mutual funds ask for Why t Everyone and contact Peter 10 Drive Georgetown Ont or phone 8777216 Pioneer girls Pioneer Girls registration night at Maple Avenue Baptist Church Monday September at This is for all girls ages six and up looking for an exciting program of fun challenges crafts and Bible stones For more information call 1788 r 877 Woodstock examined in detail Wis once asked the musical question What so fun aboui peace lovi understanding He read Woodstock Tht Oral This lengthy tribute 401 to the final p that was once euphemistically call ed summer of love is ex in its detail and fin I person recollections of that now historic three days musii sin and drug induced stupidity an id the rolling fields of Max larm in le New York in the summer of 1 Author did ad mirable job in tricing the many participants involved in Woodstock from stage hands to neighbors local stabulary and sundry flower children However when com pared lo other recent brances of Woodstock Rolling Stone magazine August issue some of the most obvious players involved in event either weren interested in talking to or he simply neglected lo contact them Given the number of musicians who played at Woodstock we are to a lew spartan comments from some of the lesser who man to grace the stage musicians he quote- have surprisingly little of interest to contribute David Crosby one of the few prominent musicians he quotes recalls one of his heroes the Woodstock experience was a Pan San attendant who tried to deal with woeluth inadequate bathroom facilities Such luminaries as Wat Graven Hugh acted as an impromptu master ceremonies and others spend too much time in self congr over their mighty efiorts in the freak out tents recounted in re quisite 60s psychobabble What was Woodstock concert singer songwriter Richie Havens offered such insights as this is what it is like in Vietnam only it guns The ver people this wis directed ai had the least involvemeni with the Woodstock audience was for the most part white middle- class teenagers more in tune with the rhetoric than the itality of their lountry s involvement in southeast Asia lost hat reall seems m this book the of he music This was a concert like no other With the exception I a few obvious absences the Rolling Stones Zeppelin the Underground this was the cutting edge of popular music at the the Beitles at this stage had long forsaken touring Hendnx Campbell House Gallery 115 MAIN ST S GEORGETOWN Above McCarthy s Tea Room ARPET RUG CO SALES SERVICE INSTALLATIONS CARPETVINVLTIIE Georgetown 1012 played Woodstock Janis Joplin The Who introducing excerpts rom the i rock opera 1 om m The Grateful Dead Jefferson Airplane Sly and the Family Sd The Band Iron Butterfly was scheduled to play but the band was left stranded it its hotel due to traffic conditions Too of Woodstock The Oral Historv Is needlessly Kith pelt detail from hangers on anecdotes filtered through 20 years of mstant karma It almost pathetic plowing through some of nonsense the late Holf an offered about his involvement with the concert when point of fact he muscled his way into the event for his own aggrandizement and subsequently bonked on the head by Pete Townsend s guitar when he tried to make a speech during The Wh What Woodstock did more than anything else was wake up Wall Street to the potential rock music A potential in idence one looks today Woodstock enduring legacy has nothing to do with peace and love and everything to d with dollars and cents right n to the registered Woodstock logo that adorns the opening chapter of Woodstock The Oral History The reality is Woodstock was the concept of four young en who wanted from this event everything its participants limed to eschew One of them Artie Kornfeld a as responsible for signing the pop group the Cow sills to Capitol Records The Cowsills would later be developed into the TV The Partridge Een in the summer of love the organizers weren t so stupid to have failed to negotiate movie rights and a record deal for the Woodstock on One of the ironies i this book is after 20 those same minds have achieved so little It rei ark hat in so has become lor a generation Woodstock The Oral History is to that fact I guess had to be there Mitchell Is a f disc and id music collector He cum nth works as media ad ilsor to NOP leader Bob The advertisement that ran in our paper on Wednesday August 30 1 989 for Country Video Games was incorrect should have read Special Invitation to All Members We apologize for any inconvenience this error may have caused SPECIAL INVITATION TO A MEMB COUNTRY VIDEO GAMES ANNUAL CORN ROAST SAT SEPT 2nd AM to 9 PM AT COUNTRY VIDEO GAMES P1 rent ANY 10 of 3DAY MOVIES FOR JUST RETURN SEPTEMBER 5th NOTE NEW RELEASES COUNT AS ONE MOVIE BUT MUST BE RETURNED THE NEXT WIN 50 FREE MOVIE RENTALS FOR THE LONGEST HIT GOLF BALL BRING A FRIEND AND JOIN FOR JUST Spt 2nd Only FUN FOR THE 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