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4 Wednesday, April 5, 1989 TERRACE BAY/SCHREIBER NEWS Page ef R.E.S.P.s gaining in popularity with increases in education For most Canadians, higher edu- cation is still a ticket toa better life, but the price of admission is going up every year. In fact, one estirnate suggests that if the post-secondary education costs rise at the average annual inflation rate of just 5 per cent a year, the cost of a four-year university education could hit $60,000 by the year 2008. With forecasts such as that, it's little wonder that Registered Edu- cation Savings Plans are enjoying growing popularity. The plans are especially tailored for parents, grandparents, aunts and uncles -- anyone who wants to set aside money toward the future education of young children. The plans offer two key tax ad- vantages. First, the tax on income accumulated inside the plan is deferred for a period of up, to 21 years. Second, as the accumulated income is paid to the beneficiary for educational purposes, it is tax- able in the hands of the beneficiary -- who usually is in a lower in- come tax brackct. There are three basic types of plans, the scholarship plans, mu- tual fund plans, and the self- directed, in which you make the decisions, buying and selling what you favour as investments. Many have a limit of $30,700. You may (depending on the plan) be able to select more than onc beneficiary, as long as cach plan docsn't ex- cced $30,700, but you may not have more than onc plan per spe- cific beneficiary. The money contributed to the plans is not tax deductible, but income tax on the accumulating income is. tax deferred and is only) taxed when the moncy is distrib- uted to the beneficiary. Because you are making your contributions with after-tax dollars, you can withdraw the capital -- but not the ° accumulated income --atany time without any tax liabilities. When you set up the plan, youare : encouraged to designate an educa- tional institution as beneficiary of Adamo's Tigers took part in a slow pitch tournament in Tampa Florida March 8 to 12. Twenty-six teams from Canada took part and six more were from the U.S. The Tigers cap- tured the bronze medal by beating a team from Toronto. Above, back row from left to right: Bill Caron, Al Jensen, Ray Bouchard, Jim Corrigan, Rob the funds should your chosen beneficiary for some reason, not continuc his or her post-secondary education. If this happens, you have three options, depending on the terms of the specific plan: and Sunday afternoon. Thompson, Jean Etlier. Front row, left to right, Rod Walton, Dan Glad, Emmet Houston and Gord Ross. 1. Name an alternative benefici- ary; 2. Use the accrued income for a scholarship; or 3. Donate the accrued income to a designated educational institute. A final caution: The flexibility of the plans and the fees they charge for things like opening the plan, administration, minimum contri- bution limits, and closing the plan, vary greatly. So before you pick one plan over another, ask ques- tions and compare carefully. For CA's advice on TV -- sce Your Wealth, available on broad- cast channels in Ontario and on satcllite across Canada, or sce Moncy in the Bank, on your com- munity cable channel. Moneycare is general financial advice by Canada's chartered accountants. Rozanne Reszel is with Nesbitt Thomson Deacon Inc. 'apse: he Sesame Street gang per ormed during the Terrace Bay Figure Skating Club's Stars of '89. The arena was more packed than it has beer. the whole year for the two performances which were held Saturday evening Photo by Dave Chmara Terrace Bay Chiropractic Wine goes up | The first step towards the elimination of the difference in price markups between imported and Ontario wines was announced by Jack Ackroyd, chairman of the Liquor Control _ Board'of Ontario (LCBO). "On April 24, we are planning to reduce the markup on table wines from the United States and other Canadian provinces from 66 per cent to 58.5 per cent (7.5 per cent reduction) while the markup on Ontario blended wines will increase to 10.5 percent from the current 1 per cent and Ontario table wines made entirely from Ontario grapes will rise from one per cent to six percent," said Ackroyd. Imported wines from countries other than the U.S. will continue to be marked up by 66 per cent. The announcement follows the agreement reached between the Ontario and federal governments regarding a broad assistance package to help the Ontario grape and wine industries maintain their competitiveness. The program maintains the integrity of Ontario's 12 year competitiveness strategy while still providing for the implemen- tation in the wine area of Canada's international trade obli- gations under the General Agreement on Tariffs and Trade (GATT) and the terms of the Canada-U.S. Free Trade Agreement. Ackroyd said it was not possi- ble at this time to forecast the exact retail prices that will take effect on April 24 because some wineries may adjust their whole- sale prices in light of Ontario's new markup policy. "Any changes up or down in the wholesale cost of a product would, of course, alter its final retail price on the shelf," he said. Based on current wholesale price quotations, however, the average retail price of Ontario table wine made with 100 per cent Ontario grapes would rise by about 30 cents a litre while Ontario blended table wines would rise, on average, by approximately 40 cents a litre. The average price of a 750 ml size bottle of U.S. made table wine, based on current wholesale costs, would decline by about 25 cents. The markup on non-Ontario wine coolers will be reduced from 105 per cent to 92 per cent while the markup on Ontario wine coolers will remain at 40 per cent. The markup on domestic spirit coolers will increase form 40 to 50 per cent and the markup on imported spirit coolers will increase from 52 to 62 per cent. There will be no changes to beer cooler markups. ©) Ontario NOTICE OF PUBLIC MEETING TAKE NOTICE THAT a Public Meeting of the Liquor Licence Board of Ontario will be held at the CITY HALL, 500 EAST DONALD STREET, THUNDER BAY, ONTARIO on WEDNESDAY, APRIL 19th, 1989 at the hour of 10:00 o'clock in the forenoon, at which time the Board will hear an application in accordance with the Liquor Licence Act, and Regula- tions thereunder. The following establishment has applied for a licence of the class indicated, and the application will be entertained at the aforementioned location and time: Application For New Licence Marathon Bowling Lanes 49 Stevens Street, Marathon Dining Lounge Licence AND FURTHER TAKE NOTICE that any person who is resident in the municipal- ity and who wishes to make representa- tion relative to the application, shall make their submission to the Board in writing prior.to the date of the hearing, or in person at the time and place of the hearing. (Copies of written submissions will be forwarded to the applicant). Liquor Licence Board of Ontario 55 Lakeshore Boulevard East TORONTO, Ontario, M5E 1A4 MINISTRY OF CONSUMER AND COMMERCIAL RELATIONS THE LIQUOR LICENCE ACT 032-LSG-489 Our body shop can remove all traces of that accident Our specialists have the benefit of GM training and GM parts and body panels at their disposal. They'll make your car look just like new again. And of course, we're happy to quote for your insurance adjuster. ED] PARTS The expert choice. 3 Highland Cres Terrace Bay 825-3297 SPADONI BROS. LTD. Schreiber 824-2244