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MONEY TALK Wednesday February Paget RRSPs not guaranteed by government It that time of year when everyone rushes out to purchase a registered retirement savings plan RRSP These plans are an extremely Important retirement financial option and offers taxa tion benefits which are But have you ever question ed yourself about the protection or insurability of your plans Many people assume that because an is registered with the federal government that the plan is guaranteed by the government says Ronald A Chairman of the Canada Deposit Insurance Cor poration Another What do I do if I discover my credit card has been lost or stolen There is always the danger that we might lose our credit cards or that they might be stolen The thought of having a thief spending our money if frightening The first thing to point out is this area is not regulated by the government Instead each credit company has its own guide lines When you receive your card the company sends you a copy of the credit agreement you are entering into In that agreement there Is usually provision with respect to lost or stolen cards Check your agreement to And out what your particular credit company says about lost or stolen credit cards Generally speaking credit companies advise you to report the loss or theft to the company immediately If you do this the company will assume complete rcsponsl bility for the fraudulent use of your card If you fail to notify the loss or theft to the company most credit car agreements lun your liability for fraudulent use to But remember that this is not a limit posed by law and therefore It can vary from company tocompany and from time to tune So the first thing to do if you discover thatyourcredit card is missing is to phone the issuer immediately and report it If you can reach them by telephone send a reg Istcred letter will all the relevant details THE LAW AND YOU by Col n B QC It is a good idea to keep a list of your cred t cards with the account number and the telephone number of each company or bank concerned that list in a place other than where you keep the credit cards themselves Another idea you might want to ex plore is insurance for your stolen credit cards Speak to your insurance agent about this Some insurance companies now pro vide coverage for an annual premium of course to protect you from claims for pay men when someone steals and uses your card to run a bill m your name For more information contact the A Law and ask for tape 10 en titled Credit Cards Unsolicited Lost or Stolen In Metro Toronto and area call 3333 Outside Metro and In the 416areacode call toll free I From Ottawa and the local area call 613233 Fromareacodes519 and 705 call 2992 From area code 807 call misunderstanding is that people feel that the plan is insured by CDIC because the trustee of their plan is a CDIC member This is not the case says CDIC does not insure all types of investments that are available for That doesn necessarily mean that the in vestments are at risk Before making an investment decision people should be familiar with the investment they are making and be aware of any risks that may be involved advises McKinlay Ask questions Read and understand any documents that you get especially those that you have to sign Take your Don be rushed The safety of your savings is ultimately your responsibility To be insurable the funds must be payable in Canada in than currency and must be in vested in savings accounts or in term deposits that are repayable no later than five years after the date of deposit The maximum deposit insurance for with the same member Is principal and interest combin ed CDIC is a federal Crown cor poration that was created in to protect money deposited in member institutions CDIC members are banks trust com parties and loan companies To ensure that members can be easi ly identified has tntroduc ed a new membership sign which Build your with even more options Royal Bank Ret nigs Plans now offer on mustment options iuor Choose between id high interest rate deposits ddiK interest savings with higher rates paid higher is or redeemable redeemable term deposits With more options and more s to combine them ou can pick in that sex nth right forou Oui interest rites And the of instant 1 receipts spee on hand to help Ro Sank bi inch nit in tod i and pick the RSP option it best suits needs ROYAL BANK 232 ST GEORGETOWN 8772244 83 MAIN ST S GEORGETOWN 8775181 SPECIAL HOURS For your convenience both Georgetown offices will be open for all your needs Feb 25th to Feb 28th Open till 9 PM March 1st Open till Midnight For R assistance hours 7 days a week please call 1 8006689700 its members must display The new sign shows the name of the members accepting deposits at the location where the sign is displayed It you re planning to invest In an RRSP this year and need in formation about deposit protection call CDIC at 1S0046ICOIC Q February is Heart and Stroke Month Please give Improvmgyour odds against Canadas killer Dont Take Chances On Your Finances WE TAKE THE GAMBLE OUT OF FINDING THE BEST GIC RSP RATES Representing many financial institutions we can assure you the best interest rates while providing you with unbiased professional advice WANT TO DIVERSIFY We offer a complete selection of Mutual Funds and for the ultimate in diversification a Self Directed Plan with all the options available CALL Jack Pignatell 8774579 Associate Broker For THE INVESTMENT CENTRE