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THE OAKVILLE BEAVER â€"BUSINESS Get more from your RRSPs any Canadians treat their RRSPs and their cars a lot like. They buy them to get where they want to go, and regâ€" ularly fuel them. Unfortunately, however, they don‘t always make the effort to get optimum perforâ€" mance out of them. There are a number of ways to get more out of your RRSP that are often ignored. Like many basic car mainteâ€" nance jobs, they aren‘t hard to do â€" once you know how. First, don‘t wait to the last minute to make your annual RRSP contribuâ€" tion, as most people do. Even putting some money into your plan in advance can have major payoffs. Take, for example, two investors who each make $2,000 contributions to their RRSPs â€" one at the beginning of each year, and one at the end. At the end of 25 years of earning 10% annually, the early investor has almost $20,000 more in his plan, thanks to the effect of compounding. As well, you may be able to take advantage of spousal plans. Under such plans, spouses can contribute to each other‘s RRSPs. By income splitâ€" ting with your spouse, you may drop into a lower tax bracket. As well, when you retire, you‘ll have two streams of income â€" and you‘ll pay less tax in total on both of them than if it was all from one RRSP. At times, you may want to remove money from your RRSP. If your job income drops, for instance, you will likely be able to remove income at a lower tax rate than it would have been initially taxed at. As a dependent on your spouse‘s tax form, you can withâ€" draw some money without paying any tax. As well, under the new RRSP rules, you can carry forward unused contribution capacity for use in later years. Of course, you should keep in mind that if you remove money or THrRoucHh For UniteD Way It‘s little wonder why Oakville United Way execuâ€" tive director Mack Gould is giving the thumbsâ€"up sign. He was on the receiving end of a $40,242.80 cheque from Searle Canada Inc. Making the presentation this past week were: (I to r) company president Richard Hinson, Annegret Mette, exec. assisâ€" tant to the president and Ann Grose, exec. assistant, plant operations. (Photo by Riziero Vertolli) ‘g; 19qwadag ‘{epungs ‘puayaamy 19neag â€" LZ Here‘s your chance to learn everything you need to know about converting your basement into custom living space â€" absolutely free. Let Lansing show you how! In four sessions Lansing‘s Experts will discuss and demonstrate: EEEEUJYU Preparation: Planning, Roughâ€"ins: Boxingâ€"in duct Waterproofing, Framing work, Insulation, Heating, Walls and Strapping. Electrical and Plumbing. EUA EEXTO defer payments, it can significantly reduce your investment earnings. There are some things you can do to make better use of your RRSPs that depend on your individual circumâ€" stances. For instance, you may wish to | put your home mortgage into a selfâ€" directed RRSP. Your own mortgage is generally a safe investment with a high return â€" and you‘ll be paying yourself the interest. In some cases, it makes sense to '------------------‘ borrow money to put into your RRSP. Finish Trim Drywall: Floors Finishes: Ceilings, The earnings on the investment and Walls, Doors Windows Formica"", Paint, Stain ' U tax refund can cover the repayment of and Trim. Finishing Tips and Flooring. cl.lp AN n _ MA“_ To nAv. 5 the loan, depending on your tax rate and interest rates. To see how you can benefit from innovative uses of your RRSP, it‘s wise to discuss them with an investâ€" ment professional. An RRSP is a financial tool that can be used in many ifferent ways to your advantage. How well you use it will determine ow far it will take you in future. Name: Phone: Seating is Limited, Register Early by Phone: 844â€"8010 mano A SCHOOL LOCATION: Knights of Columbus, 1494 Wallace Rd, Oakville TownICig: Postal Code: Number of Eeogle Elanning to attend: SEND TO: Lansing Buildall Oakville Branch 399 Speers Road, Oakville. OB € 1 Address: a i This article is courtesy of Peter Lambert, Paul Stewart, and Karl Zimmerman â€"â€" financial ladvisors with the Oakville office of Midland alwyn, call 844â€"CHIP.