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p6 tribune tuesday january 20 1998 business and finance i increase foreign content in rrsp service knowledge friendliness maximize your rrsp call carol sandy or signy 6424540 every spring you tell yourself that youre going to make your rrsp con tribution early contributing early is important because it takes time to assess your finan cial position and adopt a yearlong investment strat egy the following are some important steps to get the most out of your rrsps contribute early make your contributions as early in the year as possible contribute the maxi mum to get the best pos sible tax break take advantage of the magic of compound interest and contribute to your full limit know your limit for the 1997 tax year you can invest up to 18 per cent of your earned income for 1996 to a maximum of 13500 less any 1996 pension adjustment and less past service pension adjustments remember while you can carry forward any unused contributions to subsequent years you can never replace lost growth opportunity invest monthly it may be easier to reach your annu al rrsp maximum by making regular monthly contributions these can be automati cally deducted from your bank account each month 1 sak- ii n 1i mmm downtoearth financial management j r money y concepts the money management people we repair all makes of tvs vcrs stereos microwaves laser disks monitors cd players radio special vcr offer 50 wffl all makes including sony jvc panasonic toshiba expires jan 7m free estimate on carry in yan electronics 28 crown steel drive urit 8 markham 12 block east of warden off 14th ave affiliated tvith money concepts croup capitatcorp or made through payroll deduction to a company group rrsp its also a good idea to step up your month ly contribution as your income increases borrow to increase your contribu tion although youll pay interest on the amount borrowed the com pound growth of your money over the long term can far outweigh the interest cost plus you can use your tax refund to pay off a substantial 5ortion of the amount borrowed nvest in a spousal rrsp this strategy is good for couples who expect one persons retirement income to be lower than the others a spousal rrsp allows the part ner with the higher income to con tribute to an rrsp in the name of the lowerincome partner the con tributor gets the immediate tax break but the money in the rrsp will be taxed in the spouses hands usually at a lower rate when it is withdrawn diversify a balanced portfolio holds a mix of investments protect ing you against the daytoday fluc tuations in any one investment cat egory increase foreign content many international mutual funds spread their investments over a variety of countries currencies and market sectors investing in other countries increases diversification and can reduce risks associated with volatili ty in individual markets youre allowed to invest up to 20 per centu of your rrsp in foreign holdings this article submitted by tim whelan of the investors group the ultimate rrsp seminar for people of all ages you will learn why you must make up all prior years contribution room now the best 1998 rrsp investments all rrsp rule changes for 1997 98 how to add 100000 to rrsp values why women need to invest more and obtain better returns why most single women and widows end up poor go mp llm e n tar v s e m i n a r thursday january 22 1998 730 pm sleepy hollow golf country club 13242 10th line stouffville jerry white host of money talks the national rrsp report and chief financial advisor of the canadian snowbird association limited seating register today 4164124304 24 hours presented by torn smirnis senior investment tax planner fortune investment corporation 2075 kennedy rd 4th floor scarborough m1t3v3 fortune investment some support provided by mackenzie atoimark mutual funds croup of funds ftp l y m t tr