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THE HERALD Wednesday January 1W1 Page IS Money Matters Stockbrokers can help in various ways Depending on your financial objectives and your investment knowledge there are a number of ways a stockbroker can be of assistance to you If you are an experienced investor know ex actly what your investment goals are how to achieve them and have the time to keep on top of your investments you may prefer to deal with a discount broker where commissions on trades are lower than those charged by a full service brokers Beware however that this is all you get If on the other hand you are like the majority of investors who require advice research and a professional to watch over their investments you should turn to a stockbroker for guidance Stockbrokers called Invest ment Executives at ScotiaMcLeod do more than simply execute trades They can help you determine your invest ment objectives and can advise you on how to achieve them For example if you are planning to finance a childs education or your own retirement a broker can recommend specific in vestments plans and vehicles which can make your goal at tamable Brokers can provide you with research on general topics such as the economy interest rates the stock and bond markets and also on specific investments which you may hold or be in terested in Brokers also provide free of charge many ad services which you might otherwise not have time for A few examples of these are supervision of account balances to ensure your money is working its hardest for you at all times for example recommending that idle cash balances of 000 or more be invested in highearning Treasury Bills providing detail statements snowing transac tions holdings and their market value or depositing dividend and interest payments to your bank account on a monthly basis pro viding safekeeping facilities for your securities Stockbrokers are also a source of many types of investment pro ducts They generally offer a wide variety of products and are the source of some of the more in investment vehicles such as bearer coupons and mortgage backed securities Stockbrokers can also give you access to new issues new cor financing vehicles which are priced attractively relative to market values and for which you do not pay commission Most stockbrokers are an in valuable source of information and independent financial ad vice While brokers are not tax ad visors they can recommend in vestments to minimize your tax payable They can also help with retirement planning helping you invest to accumulate a nest egg Brian Slessor Dollars and Sense that will provide for a com fortable retirement and then in vest to ensure the regular income you need during the retirement years How does one go about choos ing a stockbroker Begin by selecting a firm Browse through several financial publications where many of the firms Use Or check in the yellow pages under Investment Dealers Choosing an individual stockbroker to help with your in vestments is very important Your best solution is to meet several stockbrokers in person You should interview two or three brokers When interviewing outline your financial needs and objectives Ask what investments they would recommend for you Do you agree Will this broker keep your regularly supplied with information you require or call you if the market changes Most important of all do you think you can develop a rapport with this person You should feel com and confident After all this individual may have a large impact on your financial future Once you have chosen a broker and made your initial in vestments you have begun what can be a long and rewarding rela tionship Your broker will keep in touch with you to advise when it is appropriate to sell the in vestments you already own and to make recommendations on new opportunities as they become available They will send you information on your request and many can put your name on a mailing for a specific publica tion There are also some things you can do to make sure that your in vestment experience is both pro fitable and enjoyable Firstly be honest with yourself and your broker when discussing what you want to accomplish and how fast You must also be realistic If your objective is to double your money is a year with no risk to your capital you have set unrealistic inconsistent goals However doubling your money in five or six years with a moderate degree of capital risk is an achievable goal You must also give careful con siderations to the amount of risk you can assume while still being able to sleep at night Secondly you should collect the basic facts JANUARY SALE NOW ONI Christmas Stationery at Price Sale Ends Saturday January 1 9th ID OXBOW BOOKS Main St S Georgetown 8778861 about your financial situation If you dont know your tax bracket simply figure out from last years tax return what per cent of your gross income went for Provincial and Federal income taxes Your broker can take it from there and can also assist you in ing your net worth Net worth is a useful thing for you to know as it helps you grasp exactly what your real assets are and also how liquid your current position is These bits of information will help your broker tailor a plan suited to your needs For a free copy of The Money Workshop call collect Brian la an Investment Executive with Questions should be directed to Brian who can be reached at Call collect If Toronto Ministry of Revenue TAX FACTS Some Ontario Retail Sales Tax RST Changes You Should Know About Recently the Ministry of Revenue announced that the Province of Ontario will not charge Retail Sales Tax on the federal Goods and Services Tax GST If you have paid on top of GST you may receive a refund from your retailer The following changes became effective January 1 1991 To offset some of the costs incurred by vendors as a result of the GST the Ontario government is increasing the amount of compen sation to vendors for the collection and remittance of RST The RST audit and refund penod has been increased from three to four years The refund of RST on goods taken out of Ontano by tourists and on transient accommodation will be amended If you want to know more about these changes in the Retail Sales Tax Act call your local RST office listed in the blue pages of your telephone book or the Ministry of Revenue s multilingual Telephone Information Centre tollfree Metro Toronto All Other Areas 18002637965 French Language Enquiries 18006685821 Telephone Device for the Deaf 8002637776 Pour renseignements en francais composer 1 800668 5821 SUSSMANS FAMOUS PRICE SALE Our Entire Stock Of Fall And Winter Fashions 50 Iter