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Wednesday, Octob~r 22, 1~97 - 17 7hà More flexibility for Registered Educational Savings, Plans (RESPs) Changes in the 1997 Federal Budget make it more attractiveta învest in Registered Educational Savings Plans (RESPs)- but only for some people. "Depending an your tax situation," says John Bowey, CA, a pantner with Deloitte & Touche in Kitchener, "the changes announced could be beneficial." But, before you investin one of these plans, he advises, ask your char- tered accountant about the various types of plans avail- able, their terms and how these terms may affect your particular situation. RESPs are tax-sheltered plans that can heip you accumulate funds ta pay for your children's (or grand- children's) post-second'ary education. Under these plans, parents or grandpar- ents can contribute a certain amaunit of money each year per child. Although these contributions are not tax deductible, any incarne earned on the contributions is accumulated tax free within the plan. Then, when the child attends college or university full time, incarne can be distributed fram the plan ta finance ail reason- able education costs. The child will pay tax on this incarne only if it, plus any other incarne the child receives in any one year, isn'toffset by the variaus tax credits the child is enti- tled ta. Even then, any incarne will likely be taxed at a much lower rate than if it had been attributed ta the parents. ANTIQUES - SILVER JEWELLERY THE BARN 'YARD Open Weekends Hwy. 115 to 8th Concesslon, go east Phone (905) 983-5926 RECYCLE Food for thought!I Aong with'eating right, daiLy physicaL activity is one of the best ways of reduci ng the fisk of cardiovascular disease. Sharing a Healthier Future lt- - PaRTii Pi iff MONE According to Terry. to Yi Wichman, CA, a pantner in penal the Kitchener-Waterloo up, -y office of Coopers & larin( Lybrand, the 1997 Federal ferre Budget, increased the maxi- well mum annual RESP contri- "1You bution to $4,000 from more $2,000, with a cumulative the a limit of $42,000. 'Starting whic annual contributions when exper the child is quite young will top i allow for greater income painu accumulation now that the espec. annual contribution limits becai have been doubled. This, in havei turn, creates much greater w tax deferral opportunities. adds Even should full contribu- rules tions not be possible in the ment early years, the shortfall can incom be made up later." chilc Bowey explains that secon another change now allows incoir cantributors ta recover ahl benef the accurnulated incarne in tianal the plan if the children are A nat pursuing higher educa- becon tion by the time they tumn 21 many and the plan has been run- and V ning a4t least 10 years. its be Previously, they wou]d get fessi( back their original cantribu- cam: tions only. But the incarne "becai can be taxable, he warns. sure "If you have unused brîng RRSP deduction room, ta M ease the potenial tax IOIi impact, you can, now trans- Chai fer up ta $40,000 of the- Ontar accumulated RESP incarne rour RRSP without alty." Once thal. is used you'll have ta pay regu- ncome tax on àpy trans- -d RESP incpme, as as a special 20% tax. i could end up paying ethan 70%o in taxe s an accumulated jncarne, ch could praYe ta be nsive for tho§e in the tax bracket,d Bowey ts out. Grandpareflts, ,ially, wauld lase out tse they likely wouidn't any RRSP rodPl. While the tax is high, sWichman, the new are stili an ilarae t. "Previou§ly, al ne was farfeited if the d did nat attend past- )ndary schaaljng. The ime then went ta other ficiaries or ad educa- a institution." Although RESPs are )ming mare flëixible in i respects, sa>, Bowey Wichman, tht Y stress est ta seek souind pro- anal advice befare rnitting yaur money =use yau can pever be Swhat the future will gfor your children." foneycare is brou ght to by The Inst tute of, iered Accounftants of zri. 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