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AJG When I give tax, or financial advice, I find that I have to compete with the misinformation that someone has received from the people around them. Have you ever noticed that the people who are always The hard part is convincing someone to have a professional handle on their taxes for the first time. In most cases, a friend or family member has done this service for free for a number of years â€" often inaccurately. It is always difficult having to tell a senior citizen that a well meaning relative has missed the proper filing of certain tax credits for the last 5 years and that there is little that can be done about it now. For an average cost of $65, those tax returns could have been done on a computer with very little error by someone that does taxes all year round. Don‘t get me wrong. I think one of the best things about having a family is the support that you can give each other. However, income taxes are now more complicated than ever before. To do a tax return properiy, one should at least understand the information in the basic guide. 14 *‘ Eunds h appointment prepare taxes for a living. I work with something that has to do I with tax, or finance, on a regular basis. I have a degree in Economics and I am a Certified General Accountant. I have helped thousands of people with their taxes since I started my business in 1987. By J. MICHAEL FINKBEINER Special to the Beaver 1992 DEDUCTION LIMITS ment (PSPA), you must also deduct The easy way to find your deducâ€" _ that amount. tion limit is to look it up on the Notice 1993 DEDUCTION LIMITS of Assessment that Revenue Canada The February 1992 Federal Budget sent you after you filed your 1991 _ introduced a proposal that delayed the taxes. Unfortunately, you can‘t rely on _ increase in deduction limits by one Consult a financial professional for best service THE BEST RRSP RATES + DAILY + GUARANTEED At Syd A. Vince Financial Services, we monitor more than 200 rates on G.1.C.s, shortâ€"term deposits and guaranteed RRSPs â€" every day â€" from more than forty trust companies and chartered banks. What‘s more, we assist you to get the best insured rates and the best terms at no charge to you. Since "deduction" is technically correct, we will begin using it in our publications â€" hopefully it won‘t be too confusing. PCUIOALYy J, 1 Don‘t be COIZfllSQd by RFRRSP ‘nol <4} By DOUG NEWLANDS that figure 100% of the time, so here‘s _ year. This means that the maximum _ funds directly into your Selfâ€"Directed â€" year, there is another benefit to cnn. _ inmama Mecuadafuic uK im c2llll Pesesey pou snn feca Oy hedc c d on . L C t has been a year or two since I Revenue Canada began using the word "deduction‘" in many places where you used to read "contribuâ€" tion". For example, your RRSP conâ€" tribution limit is now referred to as your RRSP deduction limit. By DOUG NEWLANDS Special to the Beaver BANKRUPTCY 845â€"9793 Call us io Ph‘ gnylsn%iand Vlnce Financial Services indicate the name Mail to YCS, I want to know 7 things that will help me build a better RRSP. Please send me the audiocassette and brochure. If you are a member of a Deferred Profit Sharing Plan (DPSP) or Registered Pension Plan (RPP), you have one and possibly two more steps. You must deduct your 1991 pension adjustment (PA) and if you have a 1992 net past service pension adjustâ€" ment (PSPA), you must also deduct that amount. 1993 DEDUCTION LIMITS Name [f For 1992, your RRSP deduction is calculated by adding any RRSP deduction room you carried forward from 1991 to the lesser of $12,500 or 18% of your 1991 earned income. that figure 100% of the time, s how to calculate it for yourself Address 1Cy Find out today the 7 things that will help you build a better tomorrow. To receive your complimentary cassette and brochure, complete and return this coupon or call 359â€"6209. The 7 Things You Need to Know About RRSPs Burns Fry has distilled the mostimportantof these new rules into the 7 things you need to know to make the most of your RRSP. And, we‘ve put itall on a handyaudiocassette. Yours for the asking! Lou may not be maximizing the value of your RRSP. Pension Reform legislation introduced in 1990 made some important changes to RRSP rulesâ€"changes that may provide you with an opportunity to increase your retirement funds. iN~ Financials new revolutionary IMS II Canâ€" Am Fund offers S&P 500 Index performance, and it is RRSP eligible. For further information, contact: vince NN Financial‘s new revolution u are currently a Burns Fry client please unicef t# (416) 366â€"NIDS fAnd out where. call PUT AMERICAN EQUITY PERFORMANCE IN YOUR ne: (home) Larry G. Green, BES, CLU, CHLEC. (416) 829â€"3300 Doug Newlands Burns Fry Limited Suite 5000, P.O. Box 150 1 First Canadian Place Toronto, Ontario MSX 1H3 60 Rebecca St. (corner of Wilson and Rebecca) Oakville of your Investment Executive When I‘m sick, I go to a doctor. When I have a question about law, I ask a lawyer... and I don‘t do my own car repairs. Please, save yourself a lot of problems. When you have a concern of a financial nature, go to a professional who specializes in that area. " I have seen what can happen when people who take their friends‘ advice on business matters. Usually there is little that can be done except to clean up the mess. The people in these situations weren‘t sure that the advice was sound, but it sounded good at the time so they went ahead anyway. Generally, the friend is no longer around to help solve the probâ€" lems that they "innocently" caused as well. ready to give out financial advice have a 10â€"yearâ€"old car declared bankruptcy twice in the last 12 years? If contributing to your RRSP on a regular basis would be easier for you, just ask to be set up on our electronic funds transfer system. The system automatically debits your bank account, at any bank, and deposits the With the maximum RRSP deducâ€" tion limit currently at $12,500 and risâ€" ing to $15,500 in 1996, it is becoming increasingly difficult for many of us to come up with our total contribution in one lump sum. Setting up a regular contribution schedule is often the solution. TAX & FINANCIAL CONSULTING year. This means that the maximum amount which can be contributed for both 1992 and 1993 is $12,500. The proposed increases are outâ€" lined in the accompanying RRSP Deduction Limit chart. (business) Postal Code J. Michael Finkbeiner is with Diversified Tax & Investment Services BURNS FRY DIVERSIFIED TAX HAS BEEN APPROVED BY REVEN 2441 LAKESHORE RD., OAKVILLE (Bronte Village Maill) Diversified Investments Group Would you like your tax return processed in 10 days? LIMITED ELECTRONIC FILING OBâ€"0293 THE OAKVILLE BEAVER 847â€"0029 I ast RRSP season, I was overâ€" run with requests for Working Ventures, the little fund that grew from $3m to $50m in just two weeks. The facts are now public â€" your neighbors, friends, and relatives invested in Working Ventures Fund. By ANDREW BLANCHARD Special to the Beaver In writing this article, I reviewed 10 other stories written this year on Special fund can give you a 40% tax credit RRSP. In addition to making sure that you will contribute the full amount each Choose the Fasy Way Apple, Macintosh,Choose The year If you are looking% for a computer that is easy to use. 131 Trafalgar Road, Oakville, Ontario For a limited time, recieve Lotus 1â€"2â€"3, WordPerfect and software to run all of your MSâ€"DOS software and read your old files on your new Macintosh for only $499. Ask about our PowerBook DOS/Companion special as well! EVENUE _anada in as little as 849â€"0737 anadian Computer CANADA FOR ACCOUNTING Apple Macintosh Easy Way are registered TradeMarks of Apple Computer, Inc and have The investments are in private Canadian companies with above average growth potential. This alone would cause us to label this fund as a bit risky. But when you consider that The plan allows you to contribute $5,000 for the 1992 Tax year. If you do contribute, then you will receive three benefits. You will get the stanâ€" dard RRSP contribution Receipt (T4RSP), a Provincial Tax Credit for 20% of your contribution, and a Federal Tax Credit for 20%, which works out to tax savings of 80â€"89.1% depending on your taxable income. this fund. In fact, if you have not heard of Working Ventures, you just have not been listening. This is one huge tax advantage and a good investment. Not the type of investâ€" ment made by the high priced Bay Street crowd, but for you and me â€" Mr. and Mrs. Joe Average Canadian. Yet I do believe the Bay Street crowd will covertly sneak it into their own RRSP. year, there is another benefit to conâ€" tributing monthly as opposed to waitâ€" ing until the end of each year to invest â€" you will have more retirement CUSTOMER SERVICE.................... 100% CUSTOMER SATISFACTION.......... 100% PRODUCT RELIABILITY................. 100% THE PERCENTACES PROVE IT ALL!! 481 North Service Road, Unit A Bell Mobility AKRJBAL Outlet , L6J 364 _ Authorized Dealer Approved Cellular Agent ~29, Oakville, Canada. L6M 2V6 (416) 847â€"5700 Andrew J. Blanchard is an Investment Advisor with Richardson Greenshields of Canada Ltd., 261 Robinson St., Oakville, Ontario LBJ 475. Telephone 845â€"7147. they will invest in many companies, the risks are reduced by the diversifiâ€" cation; and when you add in the tax credits into the evaluation, the risks start to evaporate. Most readers are saying or thinkâ€" ing the obvious. How safe can it be; nothing is free, if the governments got their hand in it, etc. The simple solution is to manage the risk through the purchase of a GIC. It‘s simple... buy $5,000 of Working Ventures. Receive up to $4,500 in tax savings! Invest the $4,500 by purchasing a GIC. Now you have up to $9,500 working for you over the next five years. It‘s not for everyone, but it deserves your serious attention. Take a minute, and contact your investâ€" ment advisor to send you a brochure and prospectus. Doug Newlands is Resident Director Burns Fry Limited at 359â€"6209. income February 3, 1993