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The Citizen, 2015-11-05, Page 8PAGE 8. THE CITIZEN, THURSDAY, NOVEMBER 5, 2015. Ask A Financial Advisor A Registered Retirement Savings Plan is a great way to save and invest for retirement. But you can’t save forever. At some point, you’ll use the funds you’ve accumulated in your RRSP for retirement income. You can wait, but not past age 71. Government regulations require you to wind up your RRSP by the end of the year in which you turn 71. Most people convert their RRSP to a Registered Retirement Income Fund. A RRIF is similar to an RRSP, only you withdraw money instead of contributing funds. Your investments continue to grow tax deferred as long as they remain in the plan. Amounts withdrawn for income are taxable. You can withdraw as much as you want from a RRIF. However, a minimum annual withdrawal is required under government regulations. This is based on your current age, and the value of your RRIF. If you’re close to retirement, start exploring your retirement income options now. And if you’re nearing age 71 and have an RRSP, it’s time to move into high gear. Failure to wind up your RRSP on time could result in a substantial tax penalty. Have a question you want answered here? Ask Brian by phone or email. Brian Hilt - Financial Advisor 79 Ontario Road, P.O. Box 1450 Mitchell, ON N0K 1N0 (519) 348-9873 brian.hilt@edwardjones.com Member - Canadian Investor Protection Fund What Do You Need to Know About Converting an RRSP to a RRIF? Sports Wingham Silver Stick tourney marks 30 years Wingham Regional Midget and Atom Silver Stick hockey tournaments are getting ready to celebrate 30 years with International Silver Stick. This will be Wingham’s 50th year hosting a Midget tournament and 30th year hosting an Atom tournament. Thirty years ago a group of dedicated minor hockey people journeyed to the International Silver Stick Annual Meeting being held in Wallaceburg, to make a presentation for permission to hold a Silver Stick- sanctioned tournament in Wingham. Wingham was known for holding a very successful Midget tournament for many years and had recently started an Atom tournament. The group, consisting of Grant Currie, Jon Bateson, Allan Harrison, Bob Remington, Bill Brown and Paul McKee, gave a detailed presentation to the Board of Directors of International Silver Stick and the representatives of the other Silver Stick tournaments from the United States and Ontario and Wingham was awarded a Midget and Atom regional tournament. Silver Stick is well known in Ontario and across the United States for hosting elite tournaments that allow girls and boys from all levels of hockey the opportunity to compete for the right to play in the International Silver Stick finals tournaments. The winners of the Regional Tournaments earn the right to participate in the finals tournaments and compete with other regional winners from Ontario and the United States. The first Silver Stick tournaments held 30 years ago in Wingham consisted of eight teams in the “B” category and eight teams in the “C” category for both the Midget and Atom tournaments. Today there are 24 teams in the Midget Tournament and 24 teams in the Atom tournament, with games being played at the North Huron Wescast Community Complex as well as the Blyth and District Community Centre on the Saturday of the tournaments. In the year 2000, a Pee Wee Girls “B” Tournament was added. This was also a very successful tournament and ran until 2005. The Wingham Regional Midget and Atom Silver Stick tournaments have provided teams in the area the opportunity to compete for the right to advance to the International Silver Stick Finals. The winners of the “B” and “C” categories advance to the International Silver Stick Finals Tournament in Forest, where they compete with other Regional Silver Stick winners from Ontario and the United States. The Silver Stick tournaments are a major fundraiser for Wingham Minor Hockey. All proceeds from the tournaments go to Wingham Minor Hockey enabling them to provide affordable registration to all boys and girls in their hockey program. Wingham Silver Stick is a major sponsor of the Wingham Minor Hockey Tyke program, offering free registration to all first- year registrants in the Tyke program as well as reduced registration to any first-time registrant in all of minor hockey. Wingham Silver Stick also offers a scholarship each year to a boy or girl from Wingham Minor Hockey who will be furthering their education either at university, college or in an apprenticeship program. The 30th annual Wingham Regional Silver Stick kicks off with the Midget tournament Nov. 15 - 22. The opening ceremony for the Midget tournament is Friday, Nov. 20 at 7:15 p.m., immediately following the Township of North Huron “Wall Of Fame “induction ceremony at 6:30 p.m. The Atom tournament will be held Nov. 29 - Dec. 6, 2015. The official puck-drop for the Atom tournament is Friday, Dec. 4 at 7:15 p.m. Games in Blyth will be played on Saturday, Nov. 21. Overnight parking is prohibited on any municipal road or street within the Municipality of Central Huron from November 15, 2015 to April 1, 2016 between the hours of 2:00 a.m. to 6:00 a.m. Any vehicle found to be in violation will be ticketed and/or towed. Bruce Brockelbank, MLEO Bylaw Enforcement Officer Municipality of Central Huron Playing hard The Blyth Brussels PeeWee Local League team took on their competition from Howick on Wednesday, Oct. 28 and came out with a win. The Crusaders were able to best the Hornets 4-1 in Blyth on home ice. (Denny Scott photo) A tight one The local Bantam Girls B team was in action on Sunday at the Blyth and District Community Centre against the Orillia Hawks. The Hawks proved to be too much for the local girls though, as the visitors took the contest by the tight score of 2-1. (Vicky Bremner photo)