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Whwýy 14 ojà- a 1ury2 G'S, Pimôo13 'AXTIMETAT IE TAX TIE TAX TIME TAX TIETAXTLM What type of'RR.SP should you purchase? By Brigitte Goulard, Trust -Companies Association of Canada When deciding where to invest your funds, you sihould consider the following points: the tye of risks you are willirig te te, the control yeu want te have over your flunds, and your need to have accesaste yéur funds. Do you want a secure plan whlere you Sen withdraw your mmeey at any time? You should consider investing in an RRSP savings account. Saving incarne tax with an RRSP 110--Brigitte Goulard, T'rust Companies Association of Canada RRSPS are one of the last tax shelters available te Canadiens. The ainiunt of meney that you put int o ur RRSP during the year is ldducted frein the incorne that you eerned during the year, se that you are required te pay less income tax. The rules, however, restrict what yn", may contribute te a prescribed linted. How does this work? For example, if your employ- ment incorne this year is $50,000 and y u contribute $2,000 te your RSthe amýount of incarne tex you will pay will be based on $48,000 -rather than $50,000 (assuming you are net eligible for any other types of deductions). A»e there any other tax adantaes to anRPJ? Yês Al hemoney earned by your investinent in an RRSP, Changes at accounting firmn Somne changes have been made te a 20-year-eld accounting firm in dewntewn Whitby. As of Feb. 1, Dan ReveIl and Jane Richie will become partners in a firmthathbas been knewn as Douglas A. Davidson Chartered Acceuntant. The firin will now be called Davidson Ritchie & Reveil. Ritchie bas werked at David- sonds location, 110 Gréen St., fer three years and Reveil bas been at the location fer two years. Ritcbie bad previously worked for Ernst & Young Chartered Accounitants in Toronto fer five years, earning ber CA designa- tien and certified management accountant designation in 1988. She received ber specialty in taxation in January 1990, and at the Wbitby firm1 ber particular area of expertise is tex planning. She was originally associated witb Davidson as a student wbile in the ce-op prograrn at tbe University of Waterloo. Revel a native ef Prince Edward island wbo first came te Osbawa te play for the junior A bockey Generals hocke~y teani, worked for Ernst & oung in Scarborougb, earning bis CA in 1989, before working at the Davidsen office. Revels expertise is in account- ing and auditing, and much of bis work aise involves financial planning. David son, witb longtinae experence, werks in ail areas. Te firm bel ps familles and individuals witb income tax îlann, estate planning and Iplanning, helps corn- panies of ail sizes witb accounit- How DO You MANAGE To CHOOSE TRE RiGHT RSP INVESTMENT? A&TRIMARK MUTUAL FUNDS WMANAGE To nirDtipDTfl2M. Agau retem ued by Ernst à YoUNg. Glaised Aoount5tl. ame h~ioo"an"ua nded t t ie rfn aid mfeai inukvalue àni datbutioln îalveW. lb.y do noltai" frto acoeur 'wtid=,Y= muldhave redued raturma.Po eduomencS dom. net guaientea fture reula. Vouf unit value and hmiesbmut rutumnu d x*mIoe nVoaaf Wdmin ~lidxxt evmL utulfd s contalned h i~n i = proopelw. Rd Y ou ca oemlulyone mwat= Gery ittner Whitby: 66-160 Toronto: 491-0372 PFSL nvestmeeIs Cmnada Ltd. invesommiafiiit Pritcics RnaacW lSeavioe ing, auditing and the geods and services tax; and belps non-profit greups with budgeting and cash mna eet such as interest, dividends, and capital gains, 19 not taxable se long as it 15 reinvested in rur RRSP. These earnings wilr be taxed only when y u withdraw thein from the aRRS. WMl the tex saved ever b. paid? Yes. The anxount you contribute te your RRSP will eventually be taxed when the money is paid bock te you. This is usually when you retire and your income is lower. If you contribute to an RRSP in the naine of your spouse, you may save even more income tax. in the future, by slitting your retirement income etween two people. Your total contributions te both your own plan and your spouses plan cannot, bowever, exceed your prescribed lmit. guaranteed, wth the poesbility of periodic adjustments, and you are permitted te witbdraw your funds at aniy time. D)o you want a guaranteed rate of return, and you don't mmid having yrour funds locked i for a eertamn period of time? Investment Certificates (GCs) would be a good cheice. GICa have a fixed terni and pay a fixed rate of return. Do you have eme investment knowledge. and SE PAGE 15 LAWRY & ANDERSON CERTIFILD MANAGEMENT ACCOUNTANTS With this ad receive $5.00 off any tax return ELECTRONIC FILING NOW AVAILABLE 114 Dundas St. E., Suite 206, Whitby (416) 430-1817 Lîmit one per person. Not valid with any other offer. Save an extra 40%I in taxes on your RRSP contribution this year While murual funds are generally designed to reward ivestors in the long run, there's an investment fund duat gives you an immediate tax adivantage. Working Ventures Canadian Fund gives you a 40% headstart over pust about every other fund in Canada. The Power 0f Working Venture CanaianFud Now, you can take advantage of a unique investment fund - Working Ventures Canadian Fund - that could permit you to reduce àbs year's taxes by $4,500! That's 4011e more than the tax benefit of just about every odier RRSP in Canada. You receive $2000 in tax credits' by investing $5000 in Working Ventures Canadian Fund. Here's an eample: Investment in Working Ventures Tax Savings - RRSP tax deduction (aI 5W/o assumed tax rate) Federal Tax Credit ($201'/o) Provincial Tax Credir (20%'/ where appicable) Your Net Cost Investment Objective Working Ventures' objective is to produoe the superior retumns tzditionafly associated with investment in dynamnic and growig businesses, whi inimnizing risk throug-h prudent development and manarment of the fund. $5,000 - $2500 -$1,000 -$1,000 $500 1Your Total Tax Savngs $4,5001 The fact that Working Ventures shares are also eligible for an RRSP means furrher tax breaks. For instance, if you are in a 50% marginal tax bracket, a $5000 contribution to an RRSP would reduce your taxes by a fuirher $2,500, for a total of $4500 ($2000 + $2500) in tax savings. Your invesment wil primarily be reinvested in promising, growth- oriented srnal and medium size businesses in your province. Expeiience ThatCounts Key to the performance of the fund is the expertise and experience of ils management team headed by Ron Begg, PresidenL. His track record of success combines senior corporate management disciplines with the hands-on cornpany-building skîis of a successful entrepreneur. This complements wel the invesrmet and finance background of jim Hall, VicePresklent Investments. Jim has soid professional credentials froin public accounting and merchant banking, and a record of originating and managing successful ivestments. Jirn offes a pnudent, disciplined'and seasoned approach to the development of a strong, diersified invesrment pofoélio. Discover llow A Working Ventures Can Work For You risks thut are not encountered with mnany other investments. Although Working Ventures provides you with a tax credit to help offset those risks, it cannot guarantee that its invesrments will eam a specified rate of retum, or any return, in the short or long term. In addition, a private equity investilent involves a longer term comrnmtment. POise For Growt Due to the currenit econornic environmnent, to take advantage of investrments in under-valued businesses and posiioned to profit as the economny tumrs around. And, while a mnajouity of the fund assets will be uwvested in enterpnising businesses o raxirnize r potentia, risk is tempered by investing a portion of assets in short-term, igh qualty govemmrrent securiies. important informiation about this investmnent fund is contained in its prospeclus. Obtain a copy froro a secuities dealer duly qualiied and licensed to dLstribute dhese secunities and îead i carefuUly before investing. Slure value and investment retumn will fluctate. 11àe exmrapuvincuaLulaxatdosare available to iveao<s rsident in Ontaio and For more information please eall: FINANCIAL CONCEPT GROUP Whitby, Ontario (416) 666-RRSP WORKING VENTURES CANADUAN FUNO UNCO rliinrnntiýofl lqmw