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"Scugog's Community Newspaper of Choice" Maximizing your RRSP Paperless tax filing Every year, many Canadians fail to take maximum advan- tage of their RRSPs simply be- cause they can't find the cash to contribute. The result is that they may lose an opportunity to build tax-deferred savings for the future. There are however ways to ensure that you make your maximum allowable RRSP con- tribution every year. Good Reasons Fo Borrow Borrowing to make your RRSP contribution can make good sense. To illustrate, let's say that the March 1 contribu- tion deadline is just a few weeks away, and that you're entitled to contribute $3,000 to your RRSP. But you find that you've only got about $2,000 in cash. Should you borrow the extra $1,000? Sometimes it can be to your benefit to borrow to make your RRSP contribution. In fact, by doing so you could save for your retirement and have a tax de- duction against current income. Over time, the interest earned on your RRSP contribution could outweigh the interest on your RRSP loan. Many financial institutions have RRSP loan programs where you can borrow at prime. And often, approval for an RRSP loan is instant -- you just need to apply. Even more convenient is the ou know you should be investing in SP's but every year it's the same struggle... coming up with the money before the deadline for contributions. This year can be different. You can start to take care of your retirement needs with a little extra help from the' Uxbridge Credit Union. A Credit Union RRSP Loan can help you get started on your way to financial security for your retirement. One visit to our office and you'll have made the first step to retirement security! Come talk to us about your RRSP investment and a personal loan to make it all happen in one easy stride! The Credit Union RRSP's give you more control over your investment and there are no fees of any kind. No front end load, no administration fee, no trustee fee. Plus there's no waiting for tax receipts - we provide them instantly. Every dollar you invest works for you and Uxbridge, because your money is invested in Uxbridge. If you're unfamiliar with the Credit Union drop by and we'll explain how the Credit Union works for you. By the way, your being an area resident is the only criteria for Credit Union membership. Getan EXTRA for purchasing a 2 or 3 year RRSP before February 15, 1993 14 UXBRIDGE CREDIT UNION LIMITED 70 Brock Street West Uxbridge ~~ 852 - 3388 flexible repayment schedules most institutions offer to those borrowing to make an RRSP contribution. By choosing a 90- day deferral on your first repay- ment you can use the proceeds from your tax refund to pay down your loan -- sometimes you can even pay off your RRSP loan in just one payment. Continuous Contributions Borrowing your RRSP contri- bution can make sense if you're caught short of cash at the last minute. But why wait till the last minute to make next year's contribution. An easier way to contribute to your RRSP is through regular, smaller amounts throughout the year. Some financial institutions can even arrange to have regu- lar contributions deducted au- tomatically from your account. And, you can usually choose when and how often you want to contribute to your RRSP. In fact, if your payroll is directly deposited to your bank account, your RRSP contributions can be timed to coincide with your pay- roll so you don't have to worry about putting money into your account for your RRSP. But convenience is only one reason for setting up a continu- ous contribution (or purchase) plan. A more important benefit 18 that you'll get a head start on accumulating savings in your RRSP. courtesy of Al Knight, Branch Manager, Bank of Montreal, Port Perry 1993 sees tax returns being filed electronically by H&R Block. This service (referred to as Accufile or Efile), is extended to our clients, who will receive the added advantages of 'Accu- file' at no extra cost. For a small fee we also offer it to those who wish to complete their own re- turn. 'Efile' has been available in other provinces for two years now, but 19938 is the first year for Ontario. The advantages are numerous. The main one being that your refund can be in your bank account within two weeks. Another advantage is the virtu- al elimination of paper which is a boost to the struggling envi- ronmental waste problem. As 'Efile' expands, it will cut down on Revenue Canada's process- ing costs, each year which, ac- cording to them, will allow them to use tax dollars more efficient- ly. So everyone ends up a win- ner. How Does Electronic Filing Work All qualified tax returns pre- pared at the Port Perry H&R Block Office, and those complet- ed by an individual who wish to take advantage of 'Accufile,' will be transmitted directly Reasonable Rates | INCOME TAX PROBLEMS? | LET ME HELP! Call Betty or Dianne from our computer to Revenue Canada's computer. Within a few hours after transmitting the information, Revenue Can- ada will confirm that it was re- ceived and that the tax return is being processed. Revenue Can- ada have indicated that refund cheques, which can be deposit- ed directly into a taxpayer's bank account if desired, should be produced within two weeks, but could be even faster depend- ing on the date the transmis- sion is received and the date of the next 'cheque printing cycle.' All T-slips and receipts that usually accompanied a tax re- turn, must be kept by the tax- payer in case of an audit by Rev- enue Canada. Filing a return in this man- ner is not only restricted to re- turns that generate a refund. Those owing tax can also use this service, thus eliminating the risk of penalty charges by Revenue Canada for late filing. The payment of the tax would, in these cases, be sent in separ- ately and would not be due until April 80. : courtesy of Kathleen White, H&R Block, Port Perry 985-9077 NOW IS RSP TIME... Thursday, February 25....... Friday, February 26............ Saturday, February 27........ Monday, March 1................ Take advantage of our extended banking hours to call or visit an RSP Specialist at Royal Bank. You won't find a better place for your retirement savings. 210 Queen Street, Port Perry 985-7316 *Please note any extended hours are for RSP Sales ONLY. More Canadians Choose Royal Bank for RSP's ROYAL BANK EXTENDED BANKING HOURS FOR RSP SEASON This year's deadline for RSP contributions is March 1, 1993. To make it easy and convenient for you to make your RSP contribution in time, this Royal Bank branch will be open: