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14- PORT PERRY STAR - Tuesday, Tuesday, February 14, 1995 | | | wo rt) ch #. ony a a "Scugog's Community Newspaper of Choice" Forder-Parks Insurance Brokers Inc. (C&C HON 5 YEAR our best rate 34 Water St., Port Perry, Ontario LIL 1J2 985-8471 without notice 8.70" Subject to change | PENNY & ASSOCIATES ACCOUNTING SERVICES COMPUTER TRAINING ¢ ACCOUNTING * NEW BUSINESS SET UPS ¢ TAX SERVICES CONSULTING 180 MARY ST. UNIT 10, PORT PERRY *985-0712¢FAX 985-9461 } rile mutual funds are generally designed to reward investors in the long run, there's an investment fund that gives you an immediate tax advantage. ~ Start that school fund now Although your children may only be of preschool or primary school age, the time to begin thinking about their post- secondary education is now. Recent estimates have placed the cost of a four-year university education, with expenses such as tuition, books, food and lodg- ing, at almost $40,000. With funding cutbacks and expenses on the rise, that figure could be closer to $100,000 by the time Save an extra 10% in taxes on your RRSP contribution this year Investment Objective Working Ventures' objective is to produce the superior returns traditionally associated with investment in dynamic and growing businesses, while minimizing risk through prudent Working Ventures Canadian Fund gives you a 40% headstart over just about every other fund in Canada. The Power Of Working Ventures Canadian Fund Tax Savings Now, you can take advantage of a unique investment fund - Working Ventures Canadian Fund - that could permit you to reduce this year's taxes by S4.500! That's 40%* more than the tax benefit of just about every other RRSP in Canada. You receive $2,000 in tax credits® by Your Net Cost investing $3.000 in Working Ventures Canadian Fund. Here's an example: Investment in Working Ventures $5,000 -RRSP tax deduction (at 50% assumed tax rate) Federal Tax Credit (20%) Provincial Tax Credit* (20% where applicable) Your Total Tax Savings -$2,500 -$1.000 -$1,000 $4,500 means further tax breaks. For instance, if you are in a 50% marginal tax bracket. a $3.000 contribution to an RRSP would reduce your taxes by a further 52.500. for a total of $4,500 (52,000 + $2,560) in tax savings'. oriented small and medium size businesses in your province. Experience That Counts Key to the performance of the fund is the expertise and experience of its management team headed by Ron Begg, President. His track record of success combines senior corporate management disciplines with the hands-on company-building skills of a successful entrepreneur. This complements well the investment and finance background of Jim Hall, Vice-President Investments. Jim has solid professional credentials from public accounting and merchant banking, and a record of originating and managing successful investments. Jim offers a prudent, disciplined and seasoned approach to the development of a strong, diversified investment portfolio. Discover How Working Ventures Can Work For You Ci } pie The fact that Working Ventures shares are also eligible for an RRSP Your investment will primarily be reinvested in promising, growth- year shares are held short of 8 years. Poised for Growth Due to the current economic environment, Working Ventures is in an ideal situation, prepared to take advantage of investments in under- valued businesses and positioned to profit as the economy turns around. And, while a majority of the fund's assets will be invested in enterprising businesses to maximize return potential, risk is tempered by investing a portion of assets in short-term, high quality government securities. Important information about this mvestment fund is contained in its prospectus. Obtain a copy from a securities dealer duly qualified and licensed 1o distribute these securities and read it carefully before investing. Share value and imvestment return will Huctuaee "The extra provincial tax credits are avaiable 10 mvestors resident in Ontario. Prince Edward Island and New Brunswick First published October 1993 development and management of the fund. Private equity investing involves certain risks that are not encountered with many other investments. Although Working Ventures provides vou with a tax credit to help offset those risks, it cannot guarantee that its investments will earn a specified rate of return, or any return, in the short or long term. In addition, a private equity investment involves a longer term commitment. Participation in Working Ventures should be $500 considered as a long term investment. However, you may redeem (cash in) your Working Ventures shares subject to certain conditions. If you redeem your shares within 5 years of purchase, you will be required to return your tax credits to the federal and provincial governments (some exceptions apply). Working Ventures may restrict total redemptions to 20% of total assets of total assets of the fund in any one year. A fee of 3/4 of 1% of redemption value will be charged for each your children reach university age. Fortunately there are several ways for parents to attain the financial goals necessary to pay for post-secondary education. A traditional method of saving for future educational costs is to invest a small amount on a monthly basis in Canada Savings Bonds (CSBs). A monthly investment of $30.00 in CSBs, compounded for L778 2% WORKING VENTURES For more information, call: BOB GOW (905) 434-7156 * 1-800-267-1522 Investment advisors to Canadian enterprise and enterprising Canadians 111 Simcoe Street North, Oshawa, Ontario L1H 7M9 soummemuee CANADIAN FUND INC. EE ------_-- 18 years at ten percent (the average rate of return for CSBs over the last 10 years was approximately nine percent), will be worth over $17,000 by the time your 'hild is ready for university. If your child attends a local university, this money could go a long way to financing the majority of their education. But if he or she decides to attend an out-of-town school, a necessi- ty for many Canadians without a local university, the money you've saved will not meet the cost. An alternative method for accumulating education savings exists in Registered Education Savings Plans (RESPs). An RESP is a government-approved plan that enables parents to save for their children's post- secondary education. Unlike a Registered Retirement Savings Plan (RRSP), in which contribu- tions are tax deductible, contri- butions to an RESP are made with after-tax dollars so you are not allowed to claim any deduc- tions. But like an RRSP, earn- ings within the plan are shel- tered and compound tax free. You can buy an RESP from one of several non-profit organiza- tions such as the Canadian Scholarship Trust Foundation. Accumulated contributions, usu- ally made on a monthly or annual basis, form the principle which finances the first year of education at a university, tech- nical institute or college. Accumulated interest on the principle creates a kind of scho- larship that pays for each However, your child may decide not to attend post-secondary school or choose not to return to school after their initial year of study. If that happens, the scho- larships are lost and the child will receive only the principal. Only those students who contin- ue their education will benefit from this type of RESP. An RESP, such as the type offered by Trimark Mutual Funds, offers greater flexibility and the potential to build a larg- er pool of savings. You can make contributions at any time of the Turnto Page 15 CIBC has extended its hours just for you To make your RRSP contribution more convenient, we will be open until 9:00 p.m. on February 27, 28 and March 1 and until 4:00 p.m. on Saturday, February 25th. Or you can deposit by phone, simply by calling 1-800-465-CIBC. Secure Your Future with a CIBC RRSP! To Book your RRSP Review Interview call 985-4444 C We see what you see. 145 QUEEN STREET PORT PERRY 985-4444