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1 1 | Friday, February 24, 2017 | OAKVILLE BEAVER | www.insideHALTON.com RRSP contribution season - it' s that time of year again e are nearing the end of the RRSP season where Canadians flock to their financial advisor or financial out let and make an annual contribution to their Registered Retirement Savings Plan (RRSP). This multi-decade ritual seems to be changing. But first let's review the basics. An RRSP allows a Canadian to con tribute an annual amount based on the previous year's earnings plus any carry forward amount from previous years. This year, contributions must be made by March 1, 2017 in order to deduct the contribution amount from last year's taxable earnings. The allowable contribution is 18 per cent of your earned income from 2016 W Dollais & Sense Peter Watson Guest Contributor Nowruz Bazaar to celebrate N ew Year Oakville's Iranian community is prepar ing to celebrate Nowruz. It's the Iranian New Year, also known as the Persian New Year, which falls on Monday, March 20 in 2017. Oakville Iranians are inviting ev eryone to the second annual Oakville Nowruz Bazaar. Presented by the not-for-profit orga nization organizing cultural and social events and supporting Iranian busi nesses and professionals, the event takes place over three days in March. On Friday, March 17, Saturday, March 18 and Sunday, March 19, people can visit St. Volodymyr Cultural Centre to enjoy family-friendly activities and fare, from music, dance, and art, to jewelry, clothing, food, and a Haft-seen table -- a tabletop arrangement of seven symbolic items traditionally displayed at Nowruz. "All around the globe, people will celebrate Nowruz at the beginning of spring (March 20). People will be able to get all they need from vendors pro viding food, pastries, flowers, nuts, dec orations, arts and crafts and more," said Parisa Zoghi, Oakville Iranians chair and Nowruz Bazaar director. "This is going to be a good place for everyone, not specifically Iranians, to get to know rich, Iranian culture." The bazaar is a free event that's open Friday, March 17, from noon to 8 p.m., Saturday and Sunday (March 18, 19) from 10 a.m.-6 p.m. St. Volodymyr Cultural Centre is lo cated at 1280 Dundas St. W For information, call 905-617-1351, email oakvilleiranians@gmail.com or visit Oakville Iranians on Facebook at www.facebook.com/Oakville-Iranians. to a maximum $25,370. As mentioned, you can increase your RRSP contribution by including any RRSP carry-forward room from previous years. The initial advantage is any contribution can be used to reduce your taxable income from the previous tax year. Reduce your taxable income and therefore pay less tax. The tax-deductible feature makes RRSPs a popular option for those with higher incomes and who therefore pay a higher rate of tax. The longer-term advantage is funds can grow over time without requiring the investor to pay any taxes on that growth. Regardless of the type of investment income, interest earned, dividends or capital gains, no income taxes are paid on any form of RRSP in come. The initial intent was individuals would use capital in their RRSP to fund their retirement. That is changing and I will comment on that shortly. As funds are withdrawn from the RRSP those funds are added to your taxable income. The tax advantage is to have an initial tax deduction, grow the RRSP tax-free and when funds are withdrawn during retirement most Canadians will be in a lower tax bracket because their income during retirement will be less than when they were working. In summary, RRSPs make a lot of sense and have been a popular savings vehicle for millions of Canadians. However, there is new evidence that RRSPs are losing their popularity. Statis tics Canada has recently released data showing people are investing less in their RRSP and are withdrawing funds in advance of retirement. About five million Canadians between the age of 25 and 54 contributed to an RRSP in the year 2000. In 2013 despite there being an increase of Canadians in that age bracket, the total contribution was only 4.2 million people. That represented a decline in RRSP contribu tion for that age group from $30 billion to $22 billion. More individuals are withdrawing funds from their RRSP In the year 2000, people aged 25 to 54 saw 900,000 withdraw from their RRSPs. By 2013 the number withdrawing funds increased to 1.3 million. The trend towards investing in RRSPs goes against the grain of what Canadians need. More workers do not have the advantage of a company pension plan. RRSPs will be impor tant for those to provide their own retirement funding. Plus, we are living longer. Longer retire- ments mean we need more retirement funding. The trends of Canadians to save less for their retirement is on a collision course for needing retirement money for an extended length of time. The result will be more Cana dians outliving their financial resources. -- submitted by Peter Watson of Peter Watson Investments and Aligned Capital Partners Inc., MBA, CFP, R.F.P, CIM, FCSI., Certified Financial Planner Dr. A ru n N a ra n g D.D.S. Dr. Ulyana Romanyuk D.D.S. The Future ofD entistry: D igital S m ileD esignand D ental Im agingTechnology The field o f cosmetic dentistry is constantly changing and improving, and one o f the m ost exciting dental digital advances is Digital Smile Design (DSD). DSD is an innovative system that combines high definition im aging technology, and advanced m odeling techniques to develop a precise plan, for a wide array o f procedures including implants, veneers, crowns, and overlays. Part of what makes DSD so exciting is that patients can "try on" their smiles before starting treatment. Once you and your dentist have agreed upon the final aesthetics, a digital mock-up can be printed out for you to view-and even to wear. The 3D printed m odel can be worn over your natural teeth to give you the m ost realistic preview possible. Additionally, videos can be created to further help you visualize every detail. The meticulous pre-treatment process can provide you with an enhanced peace-of-mind, and reduce any concerns that the outcomes will be different than what you hoped for. Thus complex procedures like a Smile Facelift can be visualized before starting the treatment. 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