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money matters we0cendebnbimtfgcs29vmi would you please write on the values of having a spousal rrsp thats the request of a reader whose husband is out of work they had to remove money from his rrsp and pay tax with a spousal rrsp it would have been taxed at a lower rate if taxed at all this is a common problem the older you are the more likely you have accumulated some sizable numbers in your own rrsp but have not been taking full advan tage of a spousal plan when you need money you have to attack it at the higher spouses tax rate had you been using a spousal rrsp you might be able to access it cheaper heres the strategy the older you are the greater like lihood the husband is in a higher tax bracket the numbers are gradually moving closer with more two income families but for older groups theres a huge gap as a result you should try to move money where possible into a spousal plan it might allow you to remove money at a lower tax rate years ago it was popular for the higher income spouse to con tribute to a spousal rrsp and have the spouse quickly remove the money he got a tax deduc tion at a high rate she removed it at her low tax bracket that loop hole was quickly closed so now we have to leave the money in the spousal plan for three years before it can be removed at the lower income spouses tax rate thats why the writers letter was important had they thought ahead they might have been able to remove the money at little or no tax burden there are several problems though when you con tribute to a spousal rrsp you the higher income spouse gets the tax deduction the money now belongs to your spouse however if she removes it within three years of your last contribution to any spousal plan it will be taxed back to you in the writers case simply having a spousal rrsp might not have been enough they would have been required to contribute to a spousal rrsp for a number of years then contribute to a personal rrsp for the last three then they would have been able to remove the money from the spousal rrsp at the lower income spouses tax rate yes its possible that families could have subscribed to this type of regi mented behaviour but its unlike- expose your toes birkenstocfr open every day til 9 pm 9401922 y x a o tmrii 205 main st unionville do you need advice on personal bankruptcy personal bankruptcy can be a trying experience but you dont have to face it alone to discuss your financial situation in confidence contact murray h kideckel trustee in bankruptcy 4168822436 ly most families who use a spousal rrsp use it year after year looking ahead to the retire ment benefits once both spouses have turned 65 they are lost as dependent deductions for each other anyway because of old age security income so now you can earn income that is taxed at the lower income spouses rate used properly the spousal rrsp is a very attractive tool u cost so little for the kids we ordered steak for ourselves john sjbrina eipuixa x strawberries pick your own everyday supply permitting ready picked available raspberries coming soon zdanowicz farm v w see i pile the fruit like a fort i nuke the macaroni cheese into a mountain and the carrot sticks are like bridges sizzler markham richmond hill whitby hwy 7 warden 16th ave yonge thickson rd dundas tro kids pr dult men kldj bar times vary check with your local sizzler c1993 sizzler international de simone tile upgrade your floors shop at home service ceramic tile marble granite floor and wall tile little maintenance kitchen hallways basements bathrooms laundry rooms showers clean installation personal servicequality workmanship de simone tile specializes in ceramic marble granite tiles as well as linoleum flooring for over 16 years de simone tile has served customers anywhere from private homes to large developments because we are a small business we can combine specialized home service with quality workmanship customers are able to choose from an array of samples to match any decor we are committed to improving the value of your home give us a call call alfredo de simone free estimates complimentary brake inspection offer expires july 30 1993 4716837 new car specials 7 financing on accords em oag 4611 hwy 7 unionville at kennedy rd north markham motors ltd raj north parts service hours mon wed thurs fri 8 am 5 pm tues 8 am 9 pm markham honda mm m jmmm iiiw i raaee