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D8 THE OAKVILLE BEAVER Wednesdsay September 22, 1999 Business MONTREAL • QUEBEC • SHERBROOKE • OTTAWA • WINDSOR » ST. CATHARINES » KITCHENER • TORONTO • EDMONTON • CALGARY • WINNIPEG • VANCOUVER Invest in child's education now & save money too V A NATURAL GAS FIREPLACE INSTALLED W ITH MANTLE $2299 Providing home comfort with: • furnaces Steps to more organized business (C ontinued from page D7) The key to dealing with over- w h e l m i n g amounts of infor­ mation is to get organized. The steps you take today will help you tomorrow and in the future. And the National Association of P r o f e s s i o n a l O r g a n i z e r s (NAPO) encour­ ages individuals and businesses to use Get Organized Week as a time to get started. M a r g a r e t Miller, a profes­ sional organizer and NAPO mem­ ber, offers these tips for organizing for the future: 1. Simplify your life. Purge your files and pos­ sessions. Throw or give-away what you no longer need or use. Archive and store those old files or items you wish to retain. 2. Learn effec­ tive time manage­ ment skills. Use one good time tool, one that works for you. 3. File vertical­ ly not horizontally in your work- s p a c e . S t r a t e g i c a l l y , place your phone and in-basket to avoid interrup­ tions. 4. Create an effective and effi­ cient filing system for your office and home. Ensure that it allows you to find what you want, when you want it. 5. Hire a pro­ fessional organiz­ er who can show you how to reduce your stress by tak­ ing control of your time, space, and activities. Founded in 1985, the National Association of P r o f e s s i o n a l O r g a n i z e r s (NAPO) is a non­ profit, profession­ al organization. Headquartered in Austin, Texas, NAPO is the largest interna­ tional association of and by organiz­ ers. Final skills workshop Tuesday The Hatton Dufferin Skills Evaluation Centre is holding the last in a series of three workshops on Sept. 28th. 'Completing a Return to Work Action Plan' and 'Researching and Selecting Appropriate Training' will be held at the Glen Abbey Executive Suites, 1155 North Service Rd. W„ Suite 11. The sessions run from 9 a.m.-12 p.m. For more information, call 1-800-610-7668. A warm beautiful fire instantly. That's the instant on/off conve­ nience of a natural gas fireplace. No mess-no fuss. No wood-no waiting. You can have a glowing cozy fire anywhere in your home even without a chimney! (*Ask for details) • air conditioners • fireplaces • water heaters • assurance plans • service take comfort0 union energy The last column dealt with the high cost o f post sec­ ondary education. We recom ­ mend that parents consider contributing up to $2000 per year to a RESP to ensure they receive the 20% federal grant of $400. You have the option of contributing up to $4,000 annually to a RESP, however, the grant only applies to the first $2,000 We do not recom ­ mend you make any RESP contributions that do not receive a grant. Additional savings are bet­ ter invested using informal 'in trust' accounts registered in the name of the child. The account is set up in the name of one parent (or both) in trust for the child, for exam ple "Joe Smith in trust for Erin Smith" . With in-trust accounts, there are go governm ent grants, like the RESPs, but there are advantages such as tax savings and increased would eventually be spent on the child, all income taxes would be paid at the parent's rate, which can be as high as 48 per cent. Note that only capital gains are taxed in the name of the child. Both interest and dividend income is attributed back to the parent and is taxed as their income at their higher tax rate. From an income tax per­ spective, it makes sense to invest for capital gains grow th for children. Also, capital growth oriented investments have historically provided returns almost dou­ ble that of fixed income investments such as GICs or bonds. Another advantage of in­ trust accounts is they are far more flexible than an RESP. What happens if your child does not attend university but has other goals or needs that have to be financed? The only restriction on the in-trust money is that it must be spent on behalf of the child. Once the money is put into the in-trust account, it belongs to the child, not the parent. Investing in the name of your child has many advan­ tages. A little planning can result in receiving govern­ ment grants or income tax savings-don't let these advan­ tages pass you by. Peter Watson, MBA, CFP, RFP, is the president of Peter Watson Investments - an Oakville firm specializing in retirem ent planning, RRSPs, and investment planning. He can be reached at 842-2100. flexibility. All capital gains produced by an investment made in the name of the child are taxed to the child. Therefore, if money is invested in the name of the child, the effective result is that the capital gains are free from tax providing they do not annual exceed the basic personal exemption allowed to all taxpayers. Consider the alternative, if the parent invested funds that m i Z j J A l i b Guaranteed! Only Fitness Depot can sell you the best brand name titness equipment for the guaranteed lowest prices in North America. How? Our Canada wide buying power and huge warehouse locations mean lower costs that we pass directly to our customers. NORTHERN LIGHTS FLAT, INCLINE, DECLINE BENCH *268 NORTHERN LIGHTS FLEX GYM Canadian made to commercial standards, this gym features a 200lb stack, no cable changes and optional vertical knee raise, calf raise and leg press. *1088 SCHWINN 6700 A large 2hp continuous motor means years of smooth operation. 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