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22 - The Oakville Beaver, Wednesday December 26, 2007 www.oakvillebeaver.com FEELING A LITTLE CONFUSED THIS RSP SEASON? Tips to help you of your contribu What is an RSP? An RS Many people mistakenly b but it's not. An RSP is ac ­ such as GICs and mutu registered plan for your r Why would I put my m investment vehicles bec grow, tax-sheltered, unti retirement. There are tw and tax-deferred compou Tax savings simply means that the money you contribute to an RSP is deductible from your income tax (within certain limits set by the government). For most people, contributing to an RSP means paying less tax. Tax-Deferred Compounding refers to the fact that all of your investment earnings (e.g., interest, dividends and capital gains) in your RSP continue to grow without being taxed until the money is withdrawn. This is probably the most significant benefit of an RSP ­ because it essentially allows you to "earn interest on your interest". How can I get started? Take a trip to your local bank branch. Making regular contributions once or twice a month is usually the easiest way to build-up your savings. Whether you can afford $15 a week or $500 a month, the sooner you start, the better. Can I use the money I put in my RSP before I retire? You can withdraw funds from your RSP at any time, but you have to pay tax on that money. There are two instances where you can withdraw from your RSP without paying tax, as long as the funds are paid back within a pre-determined time period: · The Lifelong Learning Plan, allows individuals to withdraw funds from their RSP for education purposes. The maximum amount that can be withdrawn is $20,000 and it must be paid back to an RSP within 10 years. · The First Time Homebuyers Plan, allows homeowners to borrow money from their RSP to use for the purchase of their first home. The maximum withdraw amount is $20,000 per person ($40,000 combined with a spouse) and it must be paid back to an RSP over a 15 year period. -News Canada Paper pleasures BOOSTING SKILLS: Twice this month students from White Oaks Secondary School's special education program have taken their business, Wicked to the Core, to the mall to sell its products -- paper apples made by the students. Seen here at work painting one of the apples is student Nana Agyeman, who painted all the paper apples. The students have been creating the papier maché apples for several years as part of their curriculum. This year they added the component of direct sales. In the past, people could buy them by ordering through email. The direct sales are exposing students to increased social experiences, including seeing the expression on a customer's face as he or she carries away their treasure. LIESA KORTMANN / OAKVILLE BEAVER BOXING DAY SALE POWER PACKAGE $ Peace of Mind ... ... the most Valuable Service we Provide 275 Up to 3,000 sq. ft. Easy to install, 7 year warranty Includes 30' airhose, full cleaning set (incl. rug & floor attachments, wands and hose rack) Anton Tucker CFP, FMA, FCSI 905.901.3429 anton@tridelta.ca www.tridelta.ca OAKVILLE NORTH YORK MISSISSAUGA THORNHILL Buy Factory Direct with Substantial Savings Proudly Made In Oakville For Over 10 Years. Tim Trian, CFA - Portfolio Manager Laura Trian, CA, CFP, CIM - Associate Portfolio Manager Vi i h // i d d lh Allegro Allegro central vacu central vacuum systems systems 200-2908 South Sheridan Way, Oakville 1338 SPEERS ROAD, OAKVILLE 905.825.3995 www.allegrovacuums.com Tel: 905-829-0600