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ffr itfo economist suntribune february 17 1988 c21 how to find rrsp funds at home don zanesco standard trust the lament i hear most often in janu ary and february is where can i find the cash for my rrsp this year rather than commiserating i generally counter with a few questions of my own after chatting for a few minutes we almost always manage to dig up a few extra dollars and sometimes more than a few the first place i look for funds is the household budget and the first question i ask is what would happen if 10 were automatically deducted from your sav ings or chequing account each week and deposited to an rrsp after a bit of humming and hawing most customers admit it probably wouldnt be noticed they almost always have extra cash on deposit but thats 520 a year 10 times 52 weeks and its a great way to put some muscle into your rrsp savings program then i ask if there is any way you can cut down on your spending again with a little bit of prodding almost everybody comes up with something maybe its a new piece of furniture or a few evenings out at a restaurant i have even had a few give up smoking more often than not this frees up another 400 or 500 some times more now the easy part these first two questions are the pain ful ones the others are usually more to everyones liking next i focus on savings outside your rrsp have you been buying canada savings bonds csbs on the payroll sav ings plan do you have a small emergen cy fund around maybe you have a gic or a term deposit and what about the money in your savings account many accounts never drop below a few thousand dollars even though they may be earning interest at only 4 or 5 per cent most of my customers haven t thought about selling their gics or csbs and us ing the cash for an rrsp but after dis cussing the tax advantages of an rrsp and explaining that they can cash in cer tain types of rrsps practically on a mo ments notice we usually find at least another 500 sometimes a lot more if this kind of flexibility doesnt con vince you to switch your gic or csb funds into an rrsp then showing how much tax youll pay on your csb and gic interest- should do the trick after all why not earn that interest taxfree inside an rrsp dont forget that be ginning in 1988 you can no longer earn up to 1000 of canadian interest free of tax outside your rrsp finally i ask about windfalls maybe an inheritance or the odd lottery win even if it is only 5 or 10 or perhaps an insurance refund or even your tax refund think back on the found money that just dropped into your lap over the past year money that you didnt expect to receive maybe its only 100 but maybe its 1000 or even more regular saving is best the best and least painful way to make rrsp contributions is to budget for them in fact you might want to treat your rrsp like the electricity or tele phone bill you have no choice but to pay it every month at the beginning of the year decide how much you want to contribute to your rrsp and then arrange for a specific amount to be de ducted from your savings account every month and deposited directly into your rrsp bear in mind when you see these with drawals on your account statement that it is these extra rrsp dollars that will let you do what you have always dreamed of when you finally retire don zanesko is manager of the markham branch of standard trust officially opened markham mayor carole bell was on hand recently for the official opening of countrywide unimark realty inc in markham shown here from left is paul freer vicepresident and coowner of countrywide unimark realty inc diane woodcock coowner of the markham franchise bill croft the firms president mayor bell bob reynolds broker and bo jensen also a coowner of the local franchise mississaugabased countrywide is currently expanding with offices scheduled to open in the metro toronto area photoroger carlsen cmana c realestate broker no rvaileywood drive suite 102 markham ontario fe3r5l9 416 4798303 4550 hwy 7 suite 105 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