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p10 weekender january 8 1994 careful financial planning is required this year while i have dubbed 1994 as the year to score the odds are that that is also ottawas strat egy and they have the upper hand unless we arrange our affairs so we start the year properly it will be almost impossible for them to increase taxes across the board in 1994 if you take even more money out of the economy there will be noth ing left to stimulate it as a result i expect they will tie more tax deductions and espe cially social benefits to income levels earn too much and you lose benefits the rationale as weve writ ten before will be eliminate social benefits for those who can afford to get along without your money brian costello them already the old age security and child tax benefits are clawed back once we exceed 53000 in net income the key then should be to take advantage of every tax deduction possible to lower your net income its found at about the onethird point on page two of the new tax return every tax deduction used prior to this line will not only save you taxes but also lower your net income at the beginning of the year though its important to use every deduction available for fear that they will be eliminated by the new government the 100000 tax free capital gains deduction is rumored to be on the hit list we encour aged everybody to crystallize capital gains before the end of the year if you didnt do so get it taken care of before the february budget if you sell at a profit and buy back the same or preferably similar investments you will have locked in your profits when they are still tax free but still own investments that you hope will continue to appreci ate you will only be taxed on the new appreciation the key strategy though centre for music studies royal conservatory of music markham examination centre j custom built 3500 sq ft music facility with recording studio recital hall j group lessons for rudiment harmony and history tailored for rcm exams j private lessons offered for piano j all training to be performed on top quality uprights grands and concert grand pianos no registration fee before january 16 1994 2651 john st unit 8 markham b 905 9468040 hwy7 john st esna park drive fhifl 7 denisonst stakabeibk m if s feelesave honda north markham hondas january service specials front brake 1 special i front disc package includes i genuine honda disc pads topping up brake fluid machining rotors if neccessary road test i valid at north markham honda only coupon expires jan 3194 one coupon per purchase we use genuine honda replacement parts taxes extra rear drum package install genuine honda brake shoes machine brake drums if necessary adjust brakes topping up brake fluid i te i road test i valid at north markham honda only i coupon expires jan 3194 one coupon per purchase taxes extra 1 lifetime muffler warranty 1 special i we offer all honda owners a limited life time warranty when we replace your old muffler with a genuine honda replacement muffler i valid at north markham honda only coupon expires jan 3194 one coupon per purchase hours mon frl 730 530 tues 730 900 sat 900 1 00 ri 4611 e hwy 7 o uj n z z t uj x m t a r t t r 4772451 should involve your rrsp rumors are abound that the amounts we can contribute will be slashed before that happens it makes great sense to con tribute the maximum so they cant take it away from you the first step then is to get in the maximum for 1993 step number two is to deter mine whether you can use the 6000 pension rollover to your spouses rrsr if you receive corporate or personal pension income no social pensions allowed you are allowed to rollover any amount up to 6000 into your spouses rrsr theres some urgency here in that this rule expires in 1994 theres also some double value here in that you get the tax deduction before the net income line and your spouse gets to use the money to pro duce a pension that will be taxed at his or her lower tax rate i also think its imperative you contribute the 1994 maxi mum as well i know theres a lot of money involved here when you combine 1993 and 1994 contributions but were looking at a defensive strategy if you contribute the maxi mum now for 1994 its hard to believe they can take it away from you if they dont reduce the limits you can always remove some of the money inside your rrsr all you have to do is pay a witholding tax it will be used to reduce your quarterly tax bill or your final taxes owing in the meantime you will earn tax free income inside your plan some seniors have a chance for a windfall they do not believe is possible we all believe we are no longer allowed to claim a contribution to an rrsp once we turn 71 that is not true we are for example allowed to overcontribute up to 8000 during our lifetimes to an rrsp if you get it in before you turn 71 you can use it as a tax deduction in subsequent years if after age 71 you have salary consulting income rental income you will be able to declare the undeducted funds inside your rrsp take advantage of whatever is available before it disap pears w0sk tj teachers teachers money matters invites you to one of a series of five free financial planning workshops to be held in richmond hill metrotoronto ottawa burlington and st catharines on saturday mornings in january and february these workshops will be conducted by fred allen and sal pengelley former elected members of the teachers superannuation commission for more information on these workshops please see the display advertisements in the sunday jan 2nd issue of the toronto star or the monday january 10th issues of the st catharines standard and hamilton spectator or call 18002675478 toll free callers from the metrotoronto area should call 9057311 164 sincere realty means vicepresident sincere results katie ng bschonsfrlrpamva over 15 years of dedicated service dynamic efficient call 416 4978900y rock lobster seafood pasta restaurant grand opening special daily lunch different dish each day choose from 495 daily dinner a specially prepared dinner 799 includes soup salad dessert choose from fresh seafood every day from the market live rock lobster lobster mussels scallops squid salmon grouper shrimps oyster king crab legs ny steak roast beef on dinner menu 10 off cash only 346 markham rd north just south of 16th ave tel 4722018 mon thurs 1 100 am 1030 pm fri ll00am 1100pm salsun 200 pm 1100 pm a 16 a e ocx 3 ioktct i o hy7 n r gjeep 4