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ing rs est um ; _ _ TAKE CHARGE OF YOUR HEALTH _ f THE NATURAL WAY WITH MASSAGE g'Janell Rolston SAVE } Registered Massage Therapist 5.00 1NATURALISTIC off one I MASSAGE CENTRE massase sessi i 52 Bridgeport Rd. E. Waterloo 888â€"9994 ’% 237 HOMES SOLD TA T AT T/ The idea is to build wealth in a way that will income exceeds $53,215, you will be subject to an additional tox of approxiâ€" mately eight per cent on your old age security pen ment income, he or she will probaibly be taxed at a higher rate than if that same amount of income was split between the two spouses. A higher marâ€" ginal tax rate could result in some income being . " taxed by as much as 54 ( per cent, depending on where in Canada you live. In addition, if your net Hf you‘re looking tor a wary to maike contributions to your Registered Retireâ€" ment Savings Plon (RRSP), even more voludble to your family‘s financiad future, here‘s an idea: set up a spousal RRSP, A spousci plen is an RRSP registered in the name of one spouse, which allows the other spouse to make contribu tions based on income. It can be a good way to reduce the total toxes that you and your spouse pay on your retirement income, when one of you is expected to generate more income than the other. The principle is simple enough â€" income splifting. If one spouse provides most of a couple‘s retire Sales are hot ... WE NEED LISTINGS! How to use a spousal RRSP effectively BOB AND BRENDA PERKES (O) 747â€"0231 (H) 747â€"1986 _ , Specializing in Lakeshore North and Lakeshoreâ€"Village. Offering full time, all the time service and dedication to you and your business. Many references. Financial Planner | "Offering incentives for quicker sales" Note that you can con tribute to both your own RRSP and a spousal RRSP within the bounds of your own yearly contribution limit. Your spouse‘s limit is unaffected by your contri bution. If your spouse is with the contribution. (Commonâ€"daw relation ships are recagnized for the purpose of spousad RRSPs if the couple has lived together for a year or more, or if they have chilâ€" dren.) Your goal should be income equalization in retirement, but not neces sarily RRSP equalization. The money in the plon is the property of the spouse, but the contributor gets the THE BEST TOOL A spouscd RESP, set up years betore retiwermnent, is a tool that lets you equed ie you and your spouse‘s retitement resources. If your spouse eams substanâ€" tiodly less thon you, he or she will have a much Jower RRSP contribution limit. Contributing to a spouscl RERSP is a strotegy used to overcome this spliit the retirement income stream more ecquitaloly and both spouses may end up with more recsoncible tax rates. Consequently, the combined tom bill should be lower, Near Northlake Woods School * Hot bungalow, main floor laundry _ $157,900 * Designer home on treed lot $239,900 * Brand new 2 storey, great rooms . $197,900 IN LAKESHORE NEW LISTINGS Because each couple‘s situation differs, it‘s best to consult your financiad advisor about the best Second, a spousci RERSP is the property of the spouse. You might not be entitled to a portion of the money you‘ve contributed in the event of divorce or WA:MQ * * e a spouscl RERSP, there are a M couple of restrictions you Spould be dweare of Mercedes Benz plan with the intent of meticuisous Restoration xoatvhgabnmt:: Original Paint Finishes on your contribution Unsurpassed Colision Repair then having your spouse withdraw the money in a ===>~ |MNICh sote. Punds removed from gemda':a"m':: :':CM:'”""" be tormed as income in the hands of the contributor 5780â€"2052 younger than you, any money you contribute to a spouscd RRSP will have longer to grow since youu spouse hes more time betore reaching the age 69 RERSP maturity dote. With a younger spouse, you can also continue mataing RESP contributions past the yeas you turn 69 because you can matke contributions to your spouse‘s RESP until the end of the year in which he or she turns 69. Funding Research. Serking a Cure. 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