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Page 2, News, Wednesday, February 24, 1988 P with Mutual Life and Mutual Investco of Canada. He is qualified by degrees in finance, economics and political sci- ence. Dafoe was appointed to service the Terrace Bay-Schreiber communi- ties. He believes the information pro- vided in these articles is an integral part of money management and he hopes that-it will provide what he believes is an important service to peo- ple in our area. If you have any ques- tions or would like to write conceming these articles, please contact the News at 825-3747 or write to the News, P.O.. Box 579, Terrace Bay, POT 2WO. Steve Dafoe Retirement Sources of Retirement Income Retirement income is normally from:three sources: government, employment and personal. Providing an adequate retirement income requires pre-retirement planning to integrate these incomes to meet income requirements while at the same time, so far as is possible, pre- serving capital. In this article, we'll discuss four personal sources of retirement income: term deposits; deferred annuities, investment funds and RRSPs. A guaranteed investment certificate (GIC) is issued by a bank or trust company, generally with a term of one to five years, although 'some institutions will offer certificates for a longer period of time. The interest rate varies according to the term of the deposit and is generally 'paid monthly, semi-annually or annually at the choice of the investor. From an investor's perspective, a deferred annuity is to a life insur- ance company what a GIC is to a bank or trust company. Under a deferred annuity, deposits are made which carry either a guaranteed rate of return for a fixed period of time or a fluctuating interest rate established on a daily basis. The term of the investment varies from one to five years and the guaranteed interest rate varies according to the length of the term. A 'deferred annuity is particularly flexible because the interest can remain in the contract to compound over the years. If the interest 'is left in, the deferred income must be reported at least triennially. "oe There are two additional advantages to deferred annuities. A benefi- ciary can be appointed in a deferred annuity. When the proceeds pass directly to an individual beneficiary, the amount should not be subject to legal and probate fees, if applicable. As well, if a spouse or a speci- fied family member is named as a beneficiary, then the proceeds to the deferred annuity can't be attached by creditors. Investment funds provide an excellent opportunity for many investors because the professional money manager has the time and expertise to invest in a way which isn't available to most individuals. As well, the professional money manager, by managing a large fund, is in a position to undertake a proper program of diversification. As a result of the capital and expertise, most money managers outperform individual investors. There are two potential downside risks to investment funds. First, the market may be in a trough when the funds are required so care should be taken to invest for the long term Finally, professional money managers, while qualified and conscientious, may err. as Registered retirement savings plans (RRSPs) provide tremendous opportunities for retirement plannings. Subject to certain limits, you can contribute to an RRSP and deduct the amount of the contribution in computing your income tax. As well, you may use all or a portion of your contribution limit to make deposits to an RRSP in your spouse's name and still deduct the contribution. When the income begins, it will be reported to your spouse, not to you. A spousal RRSP is a good income splitting tech- nique. As well as contributing directly to an RRSP, other income can be transferred into an RRSP without affecting your contribution limit. You -- should determine if you have sources of income which would qualify for this tax-free transfer. 19 executives place in Lakehead Hello again! As you have probably read, we bowled in Thunder Bay on Jan. 30th and 31st. We had four of our execu- tives place out of 19 executives we sent up to bowl. Rick Burry will be going to the Provincial Championships in Fort Frances to bowl on the Thunder Bay District team as secretary. Harold Sutherland came in 2nd in that category. Debbie Papineau Schreiber' 'By Winnie Campbell Mrs. Betha Miller has returned from Duncan, B.C., from visiting relations. Our sympathy to. Mrs. Retta Pearson and family on the passing of Charlie. Attending was daughter Marylin Kachur from. Winnipeg; Barry and wife from Terrace Bay and Carl and wife made 3rd place in Presidents' divi- sion and Marlene Dobush came in 2nd position in the Treasurers' division. On Sunday we entered 12 dou- bles in the Hiram Walker's Special Old High-Low Doubles. There were 110 teams entered and again Terrace Bay placed 3rd. The team of Claire Bastien and Linda Falzetta bowled three great games. Only the first place team gets to advance but it's great for our bowlers to advance. Congratulations bowlers and keep on bowling! yours in bowling Shelley Long. s Winnie's Scribbles Christie from Ponty -- Pool, Ontario, and Dianne Parent from. Hornepayne and Gary Pearson from White River and nephew Jim Gilmore and Judy from St. Thomas. The pallbearers were D'Arcy Furlonger, Paul Gauthier, Barry Harper, Lloyd McLellan, Les 'Letters to the editor Letters to the editor are encouraged. They can discuss any topic but are subject to alteration, in length and content, at the discretion of the editor. Please send your signed letters to: The News, P.O. Box 579, Terrace Bay, Ontario, POT 2WO, or drop them off at the News, located centrally in Simcoe Plaza. j from St. Thomas. Also Mrs. Peter Paradis, and Mark Ryan. we Grace Baptist Church. Pastor: Rev. Jim Johnson. Phone 824-2402. Sunday School: all ages- 10 a.m. Morning worship service: 11 a.m. Sunday evening service: 7 p.m. Bible Study and prayer: Wednesdays, 7 p.m. Nursery provided for all services. Holy Angels Roman Catholic Church Pastor: Father Jan Rademaker, O.M.I. Phone 824-2010. Sunday Masses: Saturdays, 7:30 p.m. Sundays, 10 a.m. Rossport, noon. Confessions: Saturdays, 4-5 p.m. in Schreiber. Pays Plat Prayer Group: Mondays at 7:30 p.m. St. Andrew United Church Minister: Ernie Hunt. Phone 825-3346 or 825-3396. Morning Service and Sunday School are at 11:15 am. Communion Service is the first Sunday of every month. A nursery for infants is provided. St. John Anglican Church Pastor, Bob Elkin. Phone 824-2771. Service Time at 9 a.m. and 10:30 a.m. Holy Eucharist, 1st and 3rd Sunday. All welcome. Community Church Minister, Ernie Hunt. Phone 825-3346 or 825-3396. Worship service is every Sunday morning at 9:45 a.m. Church School is also at this time. Communion service is every first Sunday of every month. A nursery is provided. A warm welcome awaits all. St. Martin of Tours Pastor, Father Bernard Campbell. Phone 825-3231. Confessions are on Saturday from 1:30-2:30 p.m. Sunday Masses are on Saturdays at 7 p.m. and Sunday at 8:30 a.m. and 10:30 a.m. Birchwood Terrace, 1 p.m. Terrace Bay Gospel Assembly Pastor, Rev. Keith Milne. Phone 825-9098 or 825-9368. Family worship is on Sunday at 11 a.m. Wednesday night is Action Night from 6:30-8 | p.m. Friday night is YOUTH ALIVE at 7:30 p.m. LORDY, LORDY, PLOM'S 40 II! Le mates Dirthany Happy Birthday Love from your family from her family REDEMPTORSIT MISSION begins Saturday March Sth, 1988 HOLY ANGELS CHURCH Schreiber Formal Opening Sunday evening at 7:30 p.m. March 6 Morning Mission Mass Monday, Tuesday and Wednesday 10:00 a.m. Evening Sessions 7:30 p.m. Thursday-Closing Mass 7:30 p.m. Discussion will take place after evening sessions in Parish Centre, where coffee will be served. The family wishes to thank all who sent flowers and food and donations to the Heart Fund and the McCausland Hospital. A special thanks to Rev. Hunt for his eulogy and the ladies of the United Church for the lunch. Also to dear Jack Handel. Everything was deeply appreciat- ed. Get well wishes to Mrs. Lil Schelling and Mr. Costa. Anne Todesco's Rossport report By Anne Todesco My experiences in this part of Ontario have been both pleasant and interesting; but it is unbeliev- able that I have over 60 years in Northwestern Ontario. I found that one of the most interesting features of this area was the various ways of trans- portation supplied. When I came there were the trains and boats mostly, and dog sleds horse drawn carts over rough timber or mining roads, The highway hadn't been con- structed in these days. It would take several more pages to write the history of this area, but my friends, I enjoyed our outing on Highway 17 in the New Year 1988. Incidentally, the highway was started in the '30s; gravel roads; salt and water sprayed on the road to keep the dust down; tank hauled by a team of horses as well as the old grader; a daily event in summer. The road was often closed as the plough blade attached to the front of the truck often broke down. Marathon company charged- spill The Ontario Ministry of the Environment has charged James River-Marathon under the Environmental Protection Act and the Ontario Water Resources Act after several thousand gallons of turpentine were spilled into Jellicoe Cove. James River-Marathon faces one charge which relates to dis- charging a contaminant likely to impair the natural environment, and one charge which relates to releasing a material which may impair water quality. The first court date has been set for March 9th in Marathon. _ In Memory of Inez Turenko who passed away on December 20, 1986; she is gone, but not forgotten. Frank & Lillian Sechesky