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it your needs TO VIEW lp in: tre YOUR SHELTERED arowm Let‘s say you contribute $10,000 a year to an RRSP for 30 years, earning 10 f‘mmwvmmmmm. wwmldendupwmaw $1,809,434. g:sywmt!»mmmmom- your RRSP, assuming it was fully mmb.ummmmgm Sile simply, an RRSP is a federcd mmnmwum Canadionms to save for their retirement through tax breaks on those savings. why vou NEEp one. _ | An RRSP may be the best way to save enough money for a comifortable retirement, especially if you‘re not ar member of a workplace pension plan. YOUR TAX BREAK | The RRSP, introduced in 1957, proâ€" vides a dollar4orâ€"dollar tax deduction on money contributed to a plan. In other words, you aren‘t taxed on your RRSP contributions. For high wage earnâ€" ers, the tax break can amount to more thom 50 per cent. The money your investments earn Mmmmmw, while inside the plan, greatly enhanc ing your wealthâ€"building potentiol. Eventudily, you will pay tor on that income ~ but not until you withdraw it trom your RRSP. Most people use their RRSP for income at retirement when typicolly they are in a lower tox Just about everywhere you turn at this time of year, someone is urging you bmbmmmm is a Registered Retirement Savings Plan and why does it make sense to have one? MawCanhm\mogowg,, mmmmmm fused about how these plans work and the rules that govern them â€"\which isnt "mlmwm WHAT IT 1s, | y you need an RRSP â€" Uilsonerateisaisins ANeRbvenihniic uce infthgunizsi sc scsiss C mmiiiemeedin Investors Group gquolify â€" such as mutubd funds, Gucranâ€" teed Investment , stocks and bonds. Regulations allow you to W‘vbmwmg the book value, or cost, of in foreign You must maide your RRSP contribu tion for the 1996 tax year by March 1, 1997. If you are not aible to contribute the maximum, you make up tor any shortlolls at any in the future. You must wind up your plan by the end of the year in which you turn 69 (as per the federat budget proposats of choose to convert their to Regis taednsfimhmhmm or annuities. If you turned 69 or 70 in 1996, you December 31, Tose It‘s a good idea to toik to ah advisor before makking your RRSP contribution, to help you tote full of this tlltl'cttmdbtlmml retirement plan for you. | are in a 50 per cent tax rate, you would need to $20,000 each year betore tax to up with the $10,000 to invest. your investment mwddb-mmmby taxes each year. 30 years, you would have just $697 .607 â€" a difierence o $1,.111427. | LIMITS AND -2‘ mh"mf' e to how much you can to an rrsp For the 1996 tax year, the maximum contribution is 18 per cent of the earned income reported on your 1995 tax return, up to a of $13,500 dess a pension adjustment if you have mb“"fl?dmum)_ Refer to your Notice of Assessment tor _â€" your limit. | There are restrictions on the kinds of _ investments you can in your plar, "of Blair Brocie membenpebripycin uiss membenpmiminyeinmisnos Sales are hot . WE NEED LISTINGS! "Offering incentives for quicker sales" BOB AND BRENDA PERKES (0) 747â€"0221 (n) 7arâ€"1086 _ MB Ea‘cz Specializing in Lakeshore North and Lakeshore Village. Offering full time, all the flme!ervieemddedlcafiontoyou and your business. Many references. He was there to help when you needed him. â€" wfl! If only your best friend soid RRSPs hm’wtâ€"dm _â€"__ NEW LIsTiNGs .Ym/pr Witeres M »ee umim' q'vw' Hot bungalow, main floor laundry $ Designer home on treed iot $ Brand new 2 storey, great rooms § He never wid your secrets He listened to you. * You‘re Worr: More. Investory Group Franciti Services lc IN LAKESHORE £$197,.900 $157.000