The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

the HERALD Money Matters Wednesday November 1991 Decision time on Registered Retirement Income Funds People who are turning 71 must make an important decision about how to convert their Registered Retirement Savings Plan into a source of in come The choice they make is crucial because the result will likely be their primary source of income during retirement Traditionally investors have had two options either withdraw all their money in cash or con vert their into a life or fix ed term annuity Withdrawing was less attractive because most people would be taxed heavily So the majority of people chose annuities life plans that guaranteed them a regular in come for the rest of their life Some annuities also offered guarantees for a fixed period so that if the investor died payments would continue to be made to hisher estate However most annuities dont protect against inflation The buying power of people who con vert their RRSPs into annuities shrinks each year Since the situation regar ding retirement income options has improved dramatically with Registered Retirement Income Funds emerging as one of the best vehicles to handle in vestors retirement income needs A is a contract that pro vides periodic payments to the in vestor from the starling date un til the investor reaches age 90 For many years were un popular because their rules were inflexible Then after the federal government loosened the rules many people began converting their RRSPs into RRIFs instead of annuities iJnder the new rules investors can own more than one As well there is no limit on the amount investors may receive from their each year However they must withdraw a minimum amount calculated by their current age subtracted from age 90 below Another advantage is that investors can begin receiving payments from the immediately after purchasing it rather than being obliged to wait until the next calendar year Also a continues to allow investors to ac cumulate funds taxfree until they are withdrawn Here is how RRIF payments work Each payment investors receive is a fraction of the value of the investors capital at the start of the year This fraction is equal to one divided by the dif ference between your age and So if you have a plan valued at and you are 70 years old the payment you will receive is of the fund or This is the minimum annual payment in that year It can be higher if you wish but withdrawing too much money too soon can deplete your funds and the excess is sub ject to a withholding tax While a disadvantage of a is that investors must ex haust all the funds money by the time they turn 90 the advantages a can make is far more at tractive than an annuity Consider two of them First a offers a wide and varied range of investment choices Unlike an annuity which is based on fixed income returns a RRIF can be invested in growth or balanced investments such as mutual funds Second a RRIF with growth producing investments will sur pass annuities in generating in come and compensating for infla tion Suppose at you bought a annuity invested at per cent over 30 years You would receive 12414 each year until you reached and your cumulative total would be On the other hand if you had bought a RRIF with the same principal investment of also invested at per cent you would receive in the first year Since less money is withdrawn in the early years of the more money is left to compound and grow taxfree in the following years By the year you would receive 9610 By the 20th year and by the year over 135000 Over 30 years you would receive a total of times as much as the annuity Now lets assume that inflation remains at five per cent during the next years That means the final annual annuity pay ment would actually be worth on ly in dollars By com parison the RRIFs final pay ment of approximately 135000 would be worth in cons- Whats Cooking at STEAK EXPRESS LITTLE CHARLIES PIZZA Hot SUPREME em OPTIMIST CLUB OF GEORGETOWN INC YOUTH APPRECIATION WEEK PROCLAMATION WHEREAS the vast majority of the youth are concerned knowledgeable and responsible citizens and WHEREAS the accomplishments and achievements of these young citizens deserve recognition and praise ol elders and WHEREAS Optimist International has since 1 954 developed and promoted a program entitled Youth Appreciation Week and WHEREAS the citizens of Halton Hills Ontario have indicated a desire to Join with the Optimists in expressing appreciation and approval ol the con tributions of the youth I Russell Miller Mayor Halton Hills therefore proclaim the week of November 29th as YOUTH AP PRECIATION WEEK in Hills Ontario By this action let It be known that we have faith In the ability of todays youth as they assume responsible roles in the future of mankind ITS YOUR MONEY Paul J Rockel tant With thin in mind think what would have happened if you had invested your in a mutual fund that has the potential of yielding an average of IS per cent a year During 30 years you would receive a return of million Talk to an investment specialist to discover how an RRIF can be tailored to fit your retirement income needs For a free long term com parison between an equity mutual fund RRIF and an RRIF Investment earning 10 per cent contact Peter C 10 Drive Georgetown or phone Paul J is the author of the best seller Why 1 Invest In Mutual Funds and President of Regal Capital Planners Limited a 24yearold financial planning company with offices from coast to coast in Canada AN INVITATION TO COMMENT ON THE ENVIRONMENTAL ASSESSMENT FOR THE PROPOSED ACTON QUARRY LANDFILL THE ENVIRONMENTAL ASSESSMENT ACT SUBSECTION 71 NOTICE OF COMPLETION OF REVIEW An environmental assessment has been submitted by Reclamation Systems Inc for the proposed construction and operation of a landfill in the Acton Quarry The proposal is a landfill to receive non- hazardous solid waste and includes a plan to construct and operate a sewage treatment facility at the site which will discharge treated into Black Creek The Acton Quarry is owned and operated by United Aggregates Ltd and is located on Part Lots and Concession III and Part Lots 23 and Concession IV Town of Hills inThe Regional Municipality of Halton Before a decision is made on the acceptance of this environmental assessment you have the right to submit comments on the proposed undertaking the environmental assessment and the review documents You also have the right subject to the discretion of the Minister to require a hearing HOW DO YOU GET THE INFORMATION YOU NEED You may inspect the documents during normal business hours at the following Ontario Environment Ministry offices Environmental Assessment Branch Floor Davisville Avenue Toronto Ontario 416 4403450 HaltonPeel District Office Suite 1235 Trafalgar Road Ontario L6H 3P1 416 8445747 Copies are also available at the clerks offices of The Regional Municipality of and The Corporation of the Town of Halton Hills Please submit your written comments andor requests for a hearing so they are received no later than January 1992 Send them to Proposed Acton Quarry Landfill Environmental Assessment Ruth Grier Minister of the Environment 15th Floor St Clair Avenue West Toronto Ontario All submissions received by me will be forwarded to the Joint Board for their consideration at the hearing mentioned below Comments on the undertaking the Environmental Assessment and the Review may also be submitted directly to the Joint Board at the hearing PUBLIC HEARING TO BE HELD The undertaking will require approvals under several statutes if it is to proceed and the Proponent has requested a hearing under the Consolidated Hearings Act The Joint Board will issue a Notice giving the Hearings date time and location Anyone who wishes to make submissions to the Joint Board should note the Boards requirements when the Board issues its notice Any person requiring more information on the hearing should contact Mr James Hearings Registrar Office of Consolidated Hearings Yonge Street Floor Toronto Ontario M4P Environment Environnement LOCATION MAP Ontario Rufh Grier Minister