Whilby FmeProu., Weckesdy, Apnil 26,1996. Page 9 Oftering ail insolvency services inciuding personai & corporate bankruptcies OSHAWA 122 Albert St. 721-7506 AJAX: .50 Commercial Ave. 619-1473 COBOURG: 72 King St. W. 372-4744 Saturday & evening appointments available. FREE initial consultation. JAMES R. YANCH Notice ofriM Liquor Licence I Application Otario The foliowing establishment has applied to the Liquor Licence Board of Ontario for a liquor licence under the Liquor Licence Act: Application for Additional Facilities The Culien Gardens Restaurant 300 Taunton Road West, Whitby (outdoor area) Any resident of the municipality may make written submission as to whether the issuance of the licence is in the public interest having regard to the needs and wishes of the residents. Submissions must be reoeived no later than May 26, 1995. Please inciude your name, address and telephone number. Note: The LLBO gives the applicant details of any objections. Submissions to be sent to: Llcensing and PermIts Branch Liquor Licence Board of Ontario 55 Lake Shore Bivd. E., Toronto ON M5E 1 A4 Fax: <416) 326-5555 Workshop on worker's comp The Humen Resources Profes- sionals Assjociation of Durham will hold a workshop on worker's compensation on Thursday monnMay 4, et Cullen Gar- dons înWhitby. ' of expertsin thedild of workei' compensation. Cost is $45 for members, $55 for non-members, $0 for istu- dents. Caîl 721-9564. for more information. 'Prormance'çû to be di'scussed The Canadien Institut. of Management will meet on Wednesday, May 10, starting at 5:30 p.m., et, Cullen Gares, Whitby. Gordon Simpson, from Manss Development Corp., will diSus performance management. There is no coet for members and students, $25 for the general public. Call 434-7669. Tax planning m what's left? Ho fil, o f you will have ro ione twx returns oconpet"edU w.n ZIf you dontthedeedbisoMayl1 Manpople an in despair - the capitalgis exemption i ce RRSP 'tearefrozen at current levels, tere are veiy tfew tex shelter" investments, etc. Some of the "glitz" may be ge, but there are still many excellent tai planning strategie aviel. In toaýYs s det the m osas tend to be onue with 'lintant grtfcton." In tue investinent field these poople want huge, up- frnttex deductions, and monitor long-term investments on a weklyi o;diy aWilet e eis nothing inherently rn withthatphiosey ithas ausd m oterwise sucSsü individuels to, bo dismal feilurosi the investxnent fleld. What I meen 4y this is that I have seen high income investors "grab" tany tx sheter they cen flnd, regardiess of the mnvestment menit or futreilabilities. Thoy soem to think that they are only plying wit "50-cent"' dollars o they can teke extra risks. I order to gt the"ý50 cente" back in tex savin o sal hv oa o commit to pay) $1. If the investment is Worth more tben halfw*hat you paid for it (efter taxes) then you camne out ahead. Uifortunately, many "tex shelters" have future tex liabilities and/or have very little potentiel for growth - sa, you end up the smplace yustarted, or even wors off. So why do people do it? Peronaly I eliveit lias a lot to do with our obsessio toa the loast am of taxes possible. l'fIitant gratification" of getting a huge tax refimd is offen tSo tempting ta es p Now ýdon't get m wrng - I don't like paig taxes enymoetn you do, but ,after- personelly experiencing a couple of "tex shelter" dogs, my thinking bas changed a little. The estute investoe' knows that buyingaltyprei and structuring it for tex effoctivenesa3!a J q uelmtyhpetflo run. Remomfber ies not how much you make, it's how much you keep that causes your portfolio to, grow. fll admit that nlany cf these strategies are downright boing -but they work. Hlere are soene basic planning strategies that will put you ahead of the peck in the loig run. L. Maimize yooe RRSPs - make sure the highest incoe spouse c ontributes the maximum flrst. Spousal contributions may lie in order if that willl equalize incomes inrore-Sment - it doesn t make an diffierence now, but it could save you tans of thousands of dols when you dawit out. 2. Pýay offpersonal debt. If you have a lOper cent mortgage and ami h 0prcn a rce o ol have to earn overl16 per cent on an investinent ta net ot the 10 per oent after taxes. 3. . Look for ways ta income split. If ueespuse bas a lower iricme,. have them invest in their own name: the mnvestment income is taxed at the lowest rate. 4. The capital geins exemptiaon znay lie goeie, but capital gains stlll have thé advantage of béing taxed et only 75 per cent of the gai- ad cly henyou actaially o-il.Dividedsare exed et a Iower rate than interest Some Ide.nsuance policiesand annuities provide ta!x-preforred treatznent. Remember, good financial planning is seldoen glamorous. Before .9 inest yourhrdene money, take the time to analyze the difernt types cf investments available, and decide which investments suit your short and long-term goals. 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