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j i j tribune february 24 1993 p7 financial helping youngsters with rrsps yields dividends by brian costello its registered retirement sav ings plan time and youre won dering whether you should con tribute to an rrsp for your son or daughter in some cases the answer is yes but in others you wont make any friends at revenue canada heres the rationale if your child makes enough money that he or she could save taxes by contributing to an rrsp but doesnt have the money you can make them a fortune by giving them enough money to contribute to an rrsp they benefit immediately by getting a tax deduction in the long run though they really enjoy benefits as they prosper from long term tax free com pounding so yes if a son or daughter doesnt have enough money its a good idea to help them out remember also that now that homebuyers can use up to 20000 of their rrsfs to buy a house your children may enjoy a tax deduction now plus be able to remove the money tax free to help with the purchase of a house then when they pay it back they will still get the long term compounding that normal- ly goes with an rrsp it is advantageous though if you are going to go to the trouble of giving them this money that you also make sure it is not going to be removed for any old reason this idea could pay off mw why wail for your lax refund when you could gel cash back fast if you qualify you can get a cheque for 85 of the first 300 of your tax refund and 95 of the rest plus your tax return will be accurately prepared at no extra charge so why wait for the refund cheque to arrive by mail ask about cash back at h r block and get your refund fast available at most hr block offices 20 freel lane stouffville behind go station 4166422927 65 brock st w uxbridge 4168527409 in the millions at retirement so its better to keep the money in there for a long time if you were thinking of con tributing money to a very young childs rrsp you should think twice sure there are some youngsters who make money from paper routes commercials endorsements etc but few would make enough money to be taxable and thus qualify for an rrsp to simply challenge rev enue canada and contribute money to a minors rrsp as an over contribution would not be looked on kindly if however you can justify that your child is entitled to an rrsp it would be a great idea to get some money into a plan ut our tax experts make money for you tax returns 15 discount for seniors students 8524446 mmmmt fflbwm investment services brokers of gics rrsps rrifs and annuities best gic rates no fees 7750 7250 callable certificate 5750 after 60 days 5 years j l 3 years 6375 w 5750 a vcad b 90 days i year mm minimumooo come in and get the best interest rate on an rrsp 8375 1 raymerville drive markham 4725949 richmond hill ph kleinburg 8845563 l ih 8930043 rates subject to change 5 i ywfetfhj abacus bookkeeping accounting professional computerized 5 all aspects of bookkeeping accounting including financial statements as well as tax returns 500 off personal tax return valid till april 30 1993 only one coupon or discount per return 5 88 brock street west uxbridge 8524446 5 talk rrsp and go places sooner than you think retirement planning is a serious business so come talk to a laurentian bank representative today qualify for up to a wo more interest on your contribution to a laurentian bank gic rrsp at the same time enter our super rrspsunfun contest with more than 100 great prizes to be won including three dream cruises lets talk rrsp you could be going places sooner than you think and it all starts at laurentian bank special rrsp loan rates available laurentian bank of canada since 1846 39 main street markham 2946865 extended rrsp hours call for details for complete details on this otfor visit your branch of laurentian bank or laurentian trust offer and contest end march 1 1993