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20 - The Oakville Beaver, F rid a y M a y 12, 2006 M A Y IS B E T T E R H E A R IN G & S P E E C H M O N T H and A udiologists N ormM ele and L o r iM ontcalm in vite you to th eir O P E N H O U S E o n M a y 16, 2006 Lori M ontcalm Audiologist M.S. Aud. (C) Professor to speak at library The public is invited to an evening w ith Professor C hristopher diCarlo, a Philosopher of Science at the University of Ontario Institute of Technology. DiCarlo will speak about his latest research entitled: W e are a ll A frican: O ur G reatest D iscovery ' on Thursday, May 25 at 7 p.m. in the Auditorium at the Oakville Public Library, 120 Navy St. Doors open at 6:30 p.m. This free, public event is sponsored by The Oakville H um anist Community (OHC). DiCarlo is known for talks that are always lively, entertain ing and often controversial. His lecture presents current evidence that clearly dem on strates the common lineage of all hum ans to Africa and exam ines some of the im portant ramifications. DiCarlo believes a more hon est understanding of hum an origins may provide the basis for a more egalitarian under standing of our species th at could potentially lead to a decrease in racism, and an increase in hum an cooperation and understanding. DiCarlo is a past visiting scholar at Harvard University, an award-winning educator, and an author who has published many papers on topics from bioethics to cognitive evolution. He has appeared num erous times on television, radio, and in newspa pers and was recently featured on the cover of this m onth's H um anist Perspectives. For more information call Elka Enola at 905-257-7075 or e-mail ere@sympatico.ca or call Edgar Coxeter at 905-338-6339 or e-mail ecoxeter@cogeco.ca. in our Burlington Office located at Lakeview Plaza 5353 Lakeshore Road East. N orm Mele Audiologist M.S. Aud. (C) We will be featuring two new hearing aid products, the Delta and the Safran from Oticon so you can try Hearing Better first hand. Check out these products at www.hearingaudiologyclinic.com and go to our resource page and click on Oticon. Please phone Lise at 905-681-8977 and let us know you are interested in trying these new products. Or drop in to get more information on Better Hearing. Hours: Mon-Fri 9:00 am - 4:30 pm closed for lunch 12 noon -1 pm 5353 Lakeshore Rd. £ . #10, Burlington ( 905 ) 681-8977 S S li* .^ ;X ;,x , ....x www.stewartfinancial.ca STEWART Financial Services 1282B C ornw all Rd. O akville, O N IX" WithDuncan andDrewStewart, ofStewart Financial Services Duncan: Well, Canada Day is only a few days away That means we're well into cottage season again. Not just because of what it's worth financially. The family cottage is a place of precious family memories. Igg if Duncan Stewart M B A Investm entA dvisor 9 0 5 -8 4 5 -0 9 9 0 ·; Drew: That's right. For many Canadians, the family cottage is one of the most valuable assets they own. j-j; Duncan: Under normal circumstances, having a family cottage is something to be happy about. But when it comes to estate planning, the family cottage can be the cause of a good deal of problems. Keeping X the cottage in the family is an important goal, but how do you decide who gets to keep it? Drew: Excellent question. I think a lot of Canadians are going to be faced with this question over the next decade or so. .. Drew Stewart C F P ,C lU ,C H .F ' Investm entA d viso r Peace o f M in d ... ...the most Valuable Service we Provide 1P lanning M anagem ent Duncan: Let's provide an example of a typical cottage scenario. An elderly couple--let's call them David and Maiy--purchased a vacation property 25 years ago. Although their children are grown up, the kids : still manage to visit the cottage every summer, now with their own children. Over the years, file cottage has appreciated dramatically--the cottage is now worth $300,000 more than its purchase price. T r i D elta F i n a n c ia l P a r t n e r s Anton Tucker Drew: On one hand, that's very good news--David and Maiy will have some assets to pass on to their | | kids. On the other hand, there's a big capital gain that needs to be dealt with. If David and Mary do nothing to account for the taxes, a fell $150,000 would have to be included as taxable when the cottage passes to'the children. At a tax rate of 41%, the total bill will be $61,500. If the children don't have the resources to cover the tax, they may be forced to sell the cottage to pay the taxman. 905.330.7448 anton@tridelta.ca w w w .tridelta.ca I NORTH YORK I MISSISSAUGA | THORNHILL CFP, FMA, FCSI ' OAKVILLE Tim Trian, CFA - Portfolio Manager Laura Trian, C.A., CFP, CIM - Investment Advisor Duncan: But there are some options. Option one is for David and Maiy to transfer ownership of the cottage before they pass away. This won' t eliminate capital gains taxes, but it will limit them. By choosing to give the family cottage to your children before you pass away; the property is deemed to be disposed at market value, thereby triggering taxes. However; any future appreciation will be the responsibility of the new owner This can be an effective strategy if such a transfer is made early enough, S E C U R IT IE S C O R P O R A T IO N A D U N D EE W EALTH M A N A G EM EN T CO M PANY Drew: Life insurance is another option. Universal life insurance (UL) can be an effective way to help heirs with a tax bill. UL insurance combines permanent life insurance and an investment account, allowing for a build-up in polity value. Funds from a UL policy are paid to beneficiaries tax-free, and are used to offset the taxes on the cottage, so the kids don't have to sell just to pay the tax. E u ro p ean E n gin eerin g C om bined W ith Traditional W orkm anship 200-2908 South Sheridan Way, Oakville T e fi 9 0 5 - 8 2 9 - 0 6 0 0 V isit us a t h ttp://team trian.dundeew ealth.com ..... n Duncan: Another option is to designate the cottage as your principal residence. This can make a lot of city. This way, any increases on t , T . , ... ' ;hertbancapitaIgainsonyourhom einthe . J u n c a n ^ d Drew Stewart are fevestmentAdvi^rs sof lice by calling Designs Drew: Keep in mind, however, that taxes will then accrue on your home in the city. Duncan: Right. All the more reason to discuss the strategy with your financial professional before you make any decisions. Drew: It's probably a good idea to discuss things with a tax advisor too. An accountant can assess your however no warranty can be made os to its accuracyorcompleteness. Before acting on any ofthe above, please make sure tosee a financial advisorfor advice based on __________ ' " .. X - "Building on the Brightest Ideas Around Glass" id in this column are those o f the author and do not necessaril 905 .849.0266 Child safety s e a ts sa v e lives. T h ey re required by law for all children up to the ag e of eight. O ver 8 0 % of child safety s e a ts are not used properly. M ake su re your safety s e a ts are installed correctly. C a ll 1 -8 0 0 -2 6 8 -4 6 8 6 or visit w w w .o n ta rio .c a /sm a rtlo v e for information and installation tips. -- Infants face the rear until 20 lbs Toddlers face forwarc from 20 lbs to 40 lbs (9 kg -18 kg) · Children use booster seats until they are 80 ibs (36 kg) rover 4' 9* (145 cm) tail or are 8 years old .(" * > w w w .ontario c a / s m a rt^ p v e O ntario Paid fo r by th e G o ve rn m e n t of O ntario