to review your taxes S As you bead into the last quarter of 1993 personal income, tax situation. Here arc just a couple of tbings to tIN& about reganllng 1RRSP conti- butions whcnernbarng on Ibis task: You sbotld have rcceived your 1992 peisonal income tax "Notice of Assessmnent wbicb lsa two-page fonu Revenue Canada sends out to al taxpayers *ho file a tax oetum. Included on that for i l Revenue Canada's calculation of your 1993 RRSP contribution limit First, nike sure that Revenue Canada's calculation, la correct. 'Ibe oequired stepo lu .PCrtnlgIi calculation areoutllnd oe thic contribution. Uimttatement and al the appropiat figures can be found on your 1990,1991. andi 1992 personal, Incometax returns and T4 slips. Rememberilia thle terni "c amed income" Msd lu the calculation genral excludes passive income - such as pension lucome, interest and dividends. Ncxt, whcn dccidmng whctbcr you can afford to make a 1993 RRSP contribution consider tbat personal income tax rates for residents of Ontario bave skyrocketed as a resuit of the most recent Ontario budget. If you have the funds available to invcst in an RRSP, tbe savmngs on your 1993 tax bill could be as bigb as 52.3% of your contribution. Tbirdly, if you arc going bo make a 1993 RRSP contribution andi you have the funtis available to luvest now, do ot wait until thc March 1994 deatiline. Funt invested ln an RRSP cm income tbat is not taxed until il is wilhdrawn froni your plun. Tbicearlier in tie year you invest in your RRSP, thc more tax dcferred income you may earn. Finally, remember you are ailowed ap to $8,000 of "6over contributions" to your RRSP. Althougb over- contributions of $8,000 or less are ot deductible, you wili not bu penallzed for Uic over-contribution and you cmn carry the over-contribution over and apply it to future yeazs. The cbicf ativantage of intentionaliy over contributing is dbm income tax on income earncd inside the RRSP is deferred to Uic year you withdraw Uic fundis. Howcver, YOD should also remembur dmithUi entire amount is taxable -inome and capital - wben you withdraw tbe funds froni thc plan. Whetber or not intcntionaily over conitributing is worUiwhilc depends primarily on your age, your retirement plans amd flhc potential. for using thec over- contribution as a deduction i future ycars. If you tbink you may benefit froni fthier advice, consuit a cbartcrcd accounitant. This article was submitied by DAVIDSON RITCHIE' & REVELL Chartered Accownat. Heritage Day. cele-brated Iast mionth ln dlowntown Whltby, was a tlme to look back at the town's past through arts and Crafts and varlous dlsplayS. For more Heritage Day photos tUM to page 12. FALL COMPUTER Aee-SUPER SPECIALS 120asber Pw riter 19 5-4 I L3tu Im o 2.0wDrve fo2 mou'E 1 storE 1speclals DS6 0 & o d .1 N.h V.hlb. ,moL TE0'$1 4 0 35 A~40