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LATIN TI TINY IN FRIDAY, FEBRUARY 23, 2000 12 - "WEEKEND STAR" Ajax trustee would like to revisit the issue Chocolate Lovers' Luncheon is April 12 Controversy over Harry Potter books By Rik Davie weekend Star A newly-elected Ajax 'school trustee has given notice -of a motion at the Durham District School Board that could bring the Harry Potter issue back. The motion is meant to deal with what is described as "controver- sial material" in class- rooms. Trustee Melinda Crawford made the notice RRSPs An RRSP continues to be one of the best tax shelters available to the average taxpayer. Eligible RRSP contributions are deducted directly from income' reported on your tax return. This means that you save taxes at your marginal rate, which may be over 50 per cent, depending on your 7) ewe tion J lotech | unds near the end of last Monday night's meeting, but was vague as to the specifics of the motion. it reads, "while policy 6161 is under review and out for -consultation, it would be in the best inter- est for the administration to support that no contro- versial resource material be used in the classroom until the revised draft pol- icy 6161 is approved by trustees." PER) still a good pl income and province of residence. In addition to the initial tax savings when the = contributions are deducted, all income earned inside the RRSP accumulates tax free until the money is withdrawn. Deduction Limits ~ The amount you can deduct is subject to limits, What comes after e-commerce? -Enjoy up to 35% tax credits (maximum $1,750) Canada's newest labou r sponsored investment funds Policy 6161 deals with the methods by which par- ents may ask for a review of materials which they find offensive or inappro- priate for classroom use. Last year the Durham board became the focus of international attention when the Harry Potter chil- dren's books were tem- porarily restricted after complaints from a small number of parents. None of the parents followed based on last year's earned income, various adjust- ments (i.e. pension adjust- ment, pension adjustment reversal and past service pension adjustment), and on deduction room carried forward from prior years. Fortunately, it is no longer necessary for you to keep track of or calculate this an for most taxpayers could return through with the complaint process, and the - books were reinstated. : When asked if the motion could see Harry potter, or other books, removed from class pend- ing the review of the regu- lations governing policy 6161, Ms Crawford refused to comment. The motion will be heard at the March 19 board meeting. 3 limit yourself. Revenue Canada does this for you, and states your RRSP deduction limit on your Notice of Assessment for the previous taxation year. If you do not have your notice, you can find out your limit by calling Revenue Canada's TIPS. automated phone service during tax season, or by contacting your local tax . services office. ~ Contribution Deadlines You have until March I, 2001 to make a deductible Alzheimer Society of Durham Region presents its 10th annual Chocolate Lovers' Luncheon at Cullen Gardens and Miniature village in Whitby. Guests will enjoy a full course lunch, dozens of raf- fle prizes, a silent auction, door prizes, fashion show, and enough chocolate for even the biggest sweet tooth. All funds raised from the luncheon will go to the society's family support 'services and education. _ contribution for 2000. Fortunately, any portion of your deduction limit that you do not utilize is carried forward to the following year, enabling you to deduct larger contributions later on. For example, sup-. pose your deduction limit for 2000 is $4,000, but you can only afford to con- tribute $1,000. The unused deduction room of $3,000 is carried forward and added to your deduction limit for 2001. Such amounts can be carried forward indefinitely. l SCUGOG FINANCIAL I. J 1 $1} (0 UT 1 Oe "IT'S WORTH THE DRIVE TO PORT PERRY! ~GUARANTEEDIINVES. MENS. MINIMUM AMOUNTS MAY APPLY -o Annual Rates ° a GIC "RRSP 1 YEAR CASHABLE ccccccse 4.900% ..ccuuunnnns 4.900% 5.250% 5.400% AFTER 60 DAYS MINIMUM $1,000. Rates Effective 21/02/01 - Subject to change without notice. » 250 Queen Street, 985-3832 (next to Shoppers Drug Mart) ASSOCIATED WITH -- Port Perry 1-888-595-4413 Serving Scugog for over 25 years : Alzheimer The host of the event will be local TV personality Dan Carter of CHEX TV Durham. Early bird tickets are limited and can be pur- chased for the special price of $42 until April 12, at the Society of Durham Region in the Oshawa Centres' executive centre or phone us at (905) 576-2567 or toll-free at 1- 888-301-1106. Tickets purchased after April 12 will cost $50. You also have some flex- ibility with regard to contri- butions that you make but cannot deduct. You can have up to $2,000 in excess contributions without incur- ring penalties (except for individuals under 19). If you have undeducted con- tributions of more than $2,000 therefore, you should consult a tax spe- cialist to see what action you should take in order to avoid or reduce a penalty tax. i Home Buyers' Plan The Home Buyers' Plan 'allows first-time home buy- ers to withdraw up ta $20,000 from their RRSPs' for the purchase of a home, without paying tax on the withdrawal. The amount must be used to build or purchase a home within specified time limits, and the amount must be repaid . over a period; of no more than 15 years: If the mini- mum annual repayment is not made as scheduled, that amount is included in income for that year Additional repayments may be made if desired; this will result in a lower outstanding balance and eTap the growth potential of biotech « Minimize risks associated with drug-discovery, by focusing on the high tech segment of biotech e100% capital repayment option e100% RRSP eligible lower scheduled repay- ments for the remainder of "Turn to Page 13 "SHEPHERD & POWELL | CHARTERED ACCOUNTANTS ---- Are you getting a | financial plan with that RSP contribution? For your Personal Wealth Management Strategy call Patricia van Oostveen, S.F.C. For more information, please contact: 'Paul Svana, Investment Advisor, Oshawa Branch | 7] $5 SECURITIES _ tel (905) 434-7510 toll-free 1-800-267-1522 Peon Wealth Mansgement™ | 3 On avalable In Ontaro. Tax credits include 15% federal and. 5% TRIAX or 20% Ontario tax credits. important information about the Funds s==--======--=="=" is contained in their prospectuses. Please obtain a copy from a licensed dealer and read it Durham's Financial Professional carefully before investing. Commissions, trailing commissions management fees and row all may be y, ted with these investments. These Funds are not uataiaed (006) 718-5807 and their values Chafige frequently and past performance may not be repeated. must be held for eight years to keep tax credits. RBC DS is a member of CIPF. E-mail - rolandv@sprint.com