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Page 12 THE HERALD OUTLOOK Saturday October 1M0 Money matters Education plan has several key points By BRIAN In an ideal world everyone would have sufficient funds available to provide for their kid post secondary education The reality is that post secondary education college or university is required for an ever increasing number of careers But the cost of such an education has been ing steadily Many young people cannot afford a higher education while others are in debt for years after they graduate By the year the cost of just one year of university could easily exceed 16 per year In order to meet the rising costs of education there are two things to keep in mind First you must start to save well in advance sensibly in vesting what you save Over the years for example Guaranteed Investment Certificates have not outpaced inflation Simply stated what you invest in is as important as how much you save Second any income attributed to a minor will be credited to a parent Individual cir may vary This makes the accumulation of education capital much harder than It should be My advice to many people is to take a close look at a Registered Education Savings Plan E S P s work in a similar fashion as a Registered Retire ment Savings Plan or R S With and money deposited is allowed to grow tax free As a result an harnesses the power of compounding to its fullest and can easily generate extra growth Gains are taxed at the time they are withdrawn to pay for post secondary educa tion They are taxed in the hands of the student whose marginal tax rate should be substantially lower than that of the parent or grandparent So not only is the Great Canadian treasure hunt It should be called the Great Canadian Treasure Hunt Every fall for the past years Canada Savings Bonds have gone on sale And for many of these years a CSB issue has come due This year is no exception Series issued in 1983 matures this Nov worth about billion in principal alone Make sure you cash these bonds in They don team interest after that date says Bnan Cunliffe a London stockbroker who represents the Canada Savings Bond Payroll Savings Plan And as in past years many bondholders will want to reinvest these funds in the new issue For those that do he adds special arrangements have been made with banks trust companies credit unions and investment dealer whereby they will be able to do ail the paper work associated with the redemption of their maturing bonds and the purchase of the new 1990 Series startmgOct 18 the first day of cash sales But that s only the tip of the iceberg says Cunliffe who notes that many investors either forget to cash in their bonds or choose not to do so The Bank of Canada estimates thai there is 3 million worth of matured Canada Savings Bonds that have yet to be redeemed No CSB earns interest after its maturity date and if you don t cash it in your money is no longer working for you says Cunliffe So be sure to check your safety deposit box or wherever you like to keep your valuables that old mattress your father bought in 1955 the choclate box in the closet You never know In the past CSBs have been found in the most unlikely places the corporation of the Town of Hills IsD O Box HAlTON HILLS Georgetown Onlor L7G 873 NOTICE 1 990 Hunting Licenses Rabbits and Pheasants By Law 84 of the Town of Hallon Hills and Section 373 of The Game and Fish Act RS0 1980 Chapter 162 as amended permits municipalities in regulated areas to charge fees and issue licenses for the hunting of rabbits and pheasants in the open season Zone 79 Rabbit October 17th 1990 February Zone 79 Pheasant October 17th 1990 December 15th Hunting Licenses are available at the following stores FEE Resident 30 Non Resident 50 RESIDENT AND RESIDENT LICENSES 1 Fred Live Bait Tackle 6 Louisa St 877 5355 HOURS OF OPERATION Mon 4 00 9 Sat Sun 00 9 00 RESIDENT LICENSES ONLY 1 Maple Rock Shooting Range No 1 Acton 853 NOTE Maple Rock Shooting Range has NO NON RESIDENT Hunting Licenses In accordance with By Law No 106 Non Resident Hunting are restricted to 200 in total Freds Live Bait Tackle will have all Resident Licenses NOTE These licenses are Issued on a first come first serve basis and CANNOT BE RESERVED Grant Usher A T Deputy Treasurer Ad ho Town of Hills Brian Slessor Dollars and Sense tax deferred it s actually ed There are some additional key points that you should consider You may designate more than one beneficiary to use the money should one person decide not to continue their studies All growth earned in an must be used to pay for post secondary education only An can exist for a max If the beneficiaries do not go on to further post secondary education and there is no other beneficiary available the growth not the funds you have con tnbuted must be donated to an educational institution Original contributions the funds you have contributed may be withdrawn at any time with no tax consequences Two significant changes to the RESP rules were proposed the federal budget of February 20 It is not known whether they will pass in this form or any other Contributions restricted to SI per year to a maximum of 500 per beneficiary A beneficiary must be a full time academic student All s share certain ad vantages But there is much more to it than that Flexibility performance and service deter mine whether you are getting the fullest possible benefits from your To ensure you max imize benefits from your it is important that you receive qualified independent assistance so before you set up an call your Investment Executive Brian Slessor is an Investment Executive with ScotiaMcLeod Questions should be directed towards Brian who can be reach ed at Call collect if outside Toronto Fashions For The Young At Heart US MAIN ST SGEORGETOWN Actus from Knox Church 8732851 IJMatouns For All Your Fine China Silver Crystal MAIN ST MILTON 8780050 Jaxr Clearance In Slock TOBY PILLOWS eg Hun 246 Main Street East Milton Ontario Enter The Heralds SHOPPING SPREE CONTEST You Could Be 1 of 8 Winners Of A 500 Shopping Spree At Any One Of The Participating Merchants HERES HOW TO ENTER 1 Simply one of the Participating Shopping Spree Value Stores fill in an entry coupon Ho purchase Is necessary Contest ends Saturday November 1790 Each store will be making 1 Random Draw for a SHOPPING SPREE from all the coupons deposited at their store on Monday November 1990 The person whose name is randomly drawn at each of the participating Shopping Spree Value Stores will be eligible to win one of the eight Shopping Spree prizes by answering a mathematical skill testing question 3 The prize is a voucher only The voucher can he used as cash towards your purchases at the pre selected SHOPPING SPREE VALUE STORE The winner may elect make purchases which ex ceed the value of Ihe voucher by adding personal funding Provincial taxes are extra Check Individual store lor Sale Hem exclusions Prizes must be accepted as awarded No cash value No Decision at the Judges is final 5 may enter as often as you like by visiting one or all the par tlcipating Shopping Spree Value Stores No responsibility win be assumed for lost or misdirected entries 7 Employees and Immediate relatives of The Herald or participating ad are not eligible fl Winners must be years or older By entering the contest you agree to accept these rules Look For The Specially Marked Shopping Spree Value Stores Every Week Only IN the HERALD Your Regional Super Station