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Are you like many other Canadians facing unforeseen financial problems in these tough ecoâ€" nomic times? If so, you‘ve likely decided to review changes to ease the stress. Consider the impact of fluctuating economic conâ€" ditions (such as unemployment) as well as changâ€" ing personal goals and situations (such as added For example, do you need to review your longâ€" term financial plans if you‘ve been contributing to an RRSP with the goal of retiring early, but now you are unemployed? As:quicklohltion,youmnybeeou-'dciu cashing in your RRSPs. Before you do, think about the tax implications. This is where a professional financial planner can help you. Remember that the money you contributed to .your RRSP was deductible from your taxable mw&hmhm"w\lflm RRSP matures. This is usually when you retire andthmfote.ymminlbnrilmmhflm If you cash in your RRSP now, the amount you oonmbuted-â€"phuthehfiufienmdâ€"mflhe declared as income and will be fully taxable. Also nfyo\nRRSPisbchdinua‘mrmteedn:e, some institutions may penalize you if you want to take out your money. Cashing in your RRSPs also means you‘ll miss out on the magic of compound interest â€" with an per cent interest rate, your money doubles every dependents, universi plects, university it ra or community coll M‘; end.m your financial securi ngn: mxew” -y'w‘r p:.’:n nnuwt;'l:to make needs. im Dale, a life in-mma @ expert at Planning your RRSPs nine years! RRSP Tax Savings Now Financial Security Later Review financial plans in a tough economy *** ~~~~ Equitable Life of Callada: Feel Good At Tax Time â€" RRSPs From Equitable* importance of Life insurance n oo o PeC ow What about your life insurance? Are you considâ€" ering cancelling your permanent life insurance policies to freeâ€"up some much needed cash? Before you decide, review your plan and look for other less drastic measures that will allow you to 'l!ywhlnp-nn-tkbin-n'mmdithn an accumulated value â€" which only happens if it‘s been in force a number of years â€" you may be able tohmwfimywrpdicyupwaeuuhamonnt' says Dale. Interest rates are reasonable, but keep in mind thntmm.ulingpnlicylmnisdedmmdiflhe Another option available according to Dale, nllvwlywtomethemnnuhwddiv‘fludsfim npanmthfig-mp.hnwpayywrm ums for a certain period if you are otherwise unable to do so. Always consider how any shortâ€"term solution which may seem reasonable now will affect your financial assets in the future. Another area of financial security planning often ovarloobd'ufllemafionofawill.'lhhdom- ment ensures that all the things you‘ve worked hardfotwillgotothehsnefaetmsdymndwiee including family members, friends and organizaâ€" tions such as charities. Ifywhlppwtodieintetstahe(withwtflwm) and leave no spouse or other blood relative, provinâ€" cialumfi.lmxynppointanndministntortodi& peruymnefltenthehwseesfit. Once you have had a lawyer prepare your will, keep it in a safe place (preferably a safety deposit box) with a record of all your personal documents Put your wishes in a will (Continued on page 15) King & University Lori Fagan (est. 1960) + W. s e e us n e ue e n e o a e a e 60 0 0 o a a a 4 0 0 0 n n 6 w a o a u0 0 a o n w o a + ++ ++ se e ce en n en en se e se e se s ae sns he e he4 0 4000 ue o walne ae w e o e e + ++ n + sessesseess se 820800800 #0 If you don‘t luvemewhmuhehw : contribution to your RRSP, consider an RRSP Loan from , Montreal Trust. At 1% below our prime rate, it makes sound _ . financial sense. The tax savings and the future value of your RRSP Minimum loan is $500 and is contribution will far outweigh the cost of borrowing. Loan payments are automatically deducted from your Mof Trust Money Master account, a highâ€"interest savings/cheq account required to réceive this attractive loan rate. Ask your Montreal Trust RRSP Specialist for all the deta DIAMO Visit me at: : REGAL CAPITAL PLANNERS 153 Union St. E., WATERLOO * Some terms & conditions may apply PLANNED INVESTMENTS PRODUCE RESULTS REGAL CAPITAL GROUP 578â€"3960 153 UNION ST. E., WATERLOO, ONTARIO N2J 1C4 Call Lori for an appointment * at 578â€"3960 or WATE NOW OFRERS RRSP LOANS 5.5%* BRGET mdeget4 eaweae en +**