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styux withdrawing from rrsp can be painless weekender may 27 1995 p 17 your money brian costello while its hard to make a case for not contributing to an rrsp there are people who argue that the tax bill will only be higher when you remove the money so why bother contributing in the first place those people often dont realize that many higher income canadians know how to remove the money in their plans without paying any tax the easiest way to remove money tax free from an rrsp or an rrif is to manufacture an equal and offset ting tax deduction theres no argu ment that the money removed from your rrsp must be added to your tax return in fact the institution where you have your plan will be compelled to withhold taxes on the withdrawal based on the amount removed however accountants and financial planners will be able to show you how you can manufacture a tax deduction equal to the money removed that will make your with drawal tax free so what type of deductions work the easiest are those that come before the net income line as they will help you save taxes as well as offset the clawback of your social benefits the best might well be those that produce quite large tax deductions in one or more years its also important to realize that ottawa and the provinces are grad ually eliminating this type of deduc tion as a result its well worth your while to get them in place now espe cially ones that give you multiple years worth of tax deductions that way you can plan in advance to remove some of the cash each year for a few years historically tax planning strate gies put in place under existing rules are grandfathered that is they wont be affected by future tax changes as a result its even more important that we get several years worth of tax planning strategies in place now there is one plan available that most taxpayers think has been can celled in fact in the 1994 federal budget that seemed to be the case and in this years budget it was con firmed however a few slip through the cracks its called a movie or entertainment limited partnership in general terms you can get up to four dollars in tax deductions for every dollar invested one offering is referred to as lle if you invest 13600 this year you get 70000 in tax deductions no matter what happens to the movie you are in the money in year one instant offices atthactively furnished telephone answering voce mail boardroom meeting room facsimile photocopies word processing laser printing flexible leases complimentary offices in other centres execuspace inc downtown 56 toronto strmt 4163603737 n0rthy0rkshippanjctntrt 4162217590 montreal toronto edmonton 5146979600 4162217590 4034201515 next year you have to pay about 24600 but get more than 3100 in tax deductions and from 1997 to 2000 you get another 36000 in tax deductions even though you make no payments if the movie makes a profit you also share in it if it loses you are already in the money knowledgeable investors are removing amounts equal to the large tax deductions attached to these plans from their rrsps the tax deduction offsets the tax deduc tion the money was removed effectively tax free if the investment produces an income you also are able to supplement your retirement income you can never be sure that these investments will do that but one that has been successful is computer software limited partner ships uke jazmine from basic capital in toronto the rationale is that the software business in north america is a growth industry but because the computer world is changing so rapidly ottawa allows 100 per cent depreci ation on computer software with proper financial plan ning these deductions can be very useful fit and fund dr d fibb marilyn heydon applies some first aid to fellow markham stouffville hospital team member at opening night festivities for the fit fun corporate challenge at club markham our one sto qds accettchie plvqqa specializing in window tint alarms bug deflector 176 bullock dr unit 5 markham 4717756 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