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

Page HILLS Saturday Outlook Average household has 80500 of life insurance Getting the most from your accountant For many Canadians life in surance a an important ingredient in planning their financial security In fact the most recent figures which only go to the end of show that Canadians own some billion in life insurance agc of approximately per Canadian household nearly four tunes the amount in 1970 From these figures its clear that purchasing life insurance is becoming an increasingly important decision for many people like yourself When youre buying insurance you should choose the kind of protcc- The two main types protection arc terra and insurance Various combinations are also available If Only Everyone Would These Financial Facts Weve said it before will continue to repeat some of the basic financial fuels of life The basic formula for financial sue cess is Time plus Money plus Rale of Return We find this for mula written in the book The Work ing Life of a Dollar by Sam What most people realize is one of those three elements is far far more important than other two very important and in relation to one another help build a sound financial future But by far the most important element is Tune A friend of mine lustra led this o me the other day with a question He asked Supposing there were two twins each working id one decided to save per which has proven to be available through mutual funds for eight years dollars until age The other twin only started saving at age and saved per year right through to age Who would have the most value at age 65 was the question Would you know My guess because 1 know the for mula TM time being the most important was the fellow who started saving early but for only eight years Youre right he said Whj dont you go home and work out I did I was absolutely amazed The young twin who started saving at age 18 saved a total of 16000 over the new years My calculator tells me that per year 15 years gives mea value 68 Work 11 out on your calculator and see if you get the same By this time the young twin would be 26 years old If he left that to work at through to age without adding another penny hed end up being worth 7 couldnt believe it I worked it out three times and ihcrt ITS YOUR MONEY Paul J Rockel calculator and The answers were all the same Hed saved but now it was worth over million at age What about the other twin He started saving per year at age 26 and did so for 39 years at 15 He saved a total of but his value was His value was 3 5 million despite fact he had saved more What is the secret created over double value despite the fact that 62 less was invested Its time I the first at age IB worked yean the sec ond 2000 worked for 46 years etc and when he stopped saving at age 26 total value worked another years Twin No on the other hand had his first 2 work ing only years etc What if the twins had both just used a savings account at 1 for their sav ings No 1 would have had a value of at 15 and twin No would be worth 883185 vs 3556180 at Time plus Money of Return The magic foimuh for financial success All ihrcc ingre dicnts are important but TIME is by Tar the most important and investing today You cannot buy yesterday back Paul J Dock la author of lh two Why I Mutual FUncV and of Rtgrt capital Lid For an example of wing yaariy tit past 30 ask lor par year and Paul J Ragai Financial Ctfltre Union Waterloo Ontario NO Finding the right is an important pan of ensuring that your business gets off the ground smoothly Since you may spend more time during Ihe phase with your professional advisors than you do with your spouse its vital to choose any new member of your business family with care Get recommendations How do you go about finding the right accountant Ask your ncss associates and other profes sional advisors such as your lawyer or banker for recommendations Talk briefly to each candidate to dc the firms experience in dealing with your type of business Find out what type of assistance they arc willing to provide and at what cost Theres no rule of thumb about whether a large or small accounting firm is best for you Every firm has us strengths and weaknesses and its important for you to select the best match between your needs and Look for rapport One key factor must not be overlooked in your selection of an accounting firm is compatibility Since it is your business that is at risk you should choose an who understands and respects your perspective At the same time its important that you be willing to trust your accountants advice on those occasions when they are the bearer of bad news During the past few years many accounting firms have taken steps to become more sensitive to the cial needs or business clients As a result many firms have set up small business specialists or Look Tor an accountant who is prepared to offer timely effective business advice to suit your Use your accountant wisely Accountants are trained to advise you on matters such as financial record keeping taxation and financial planning They can help prepare financial forecasts and cosh flow projections to support DOING BUSINESS WILLIAMS loan applications And for the start up situation they can make tant recommendations pertaining to legal structure partnership agree men is and share issues Although the owner managers of sniall businesses often criticize the accounting profession for high bills and poor service there arc a of steps you can take to ensure that you get the most for your counting fees Here arc some tips to follow Request a service quote of your accountants estimated and rates before work on a special pro ject begins Make sure you under stand what you arc going to get and what assistance or information you will need to provide Be sure to ask questions when ever you dont understand your terminology or advice Ask your accountant to explain the indicators which lead to their par ticular viewpoint Work with your accountant to select a company yearend that is most appropriate for your business Be prepared for an accurate i riven lory count and balance your year end books in a timely manner Ensure that your recordkeep ing system is accurately maintained throughout year and quickly provide your accountant with any required information If you miss meeting your deadlines your pro ject may have to wait while your fulfills an obligation to another client Pay your accountant according to the terms of your agreement Re member that they also have bills to pay and mouths to feed Your accountant is a key member of your business family Chaos the right person for the job lakes time and effort but its one of the most important decisions youll make And a tittle attention to your relationship with this professional advisor can help your business run a lot easier Mr Williams Is Senior Vice- President Management Ser vices of the Federal Business Development Bank SPECIAL PRICE 36 1198 FREE Double Prints or Double Size with coupon s cot you CAN YOU BELIEVE THIS Only at Soota TO j MM