The Rural Voice, 1990-07, Page 19the benefits of contributing regularly
to a registered retirement savings
plan. There is an immediate tax sav-
ing in the year of contribution and
the money grows within the RRSP
in a tax-sheltcred way.
Not only is this an excellent way
to provide retirement income, but it
also allows us to plan to split our
retirement incomes for better tax treat-
ment. We were even able to help my
father by showing him how to use his
RRSP more effectively through a
registered annuity.
The setting up of our estate plan
was one of our most interesting and
beneficial achievements this year.
We found a way to ensure fair finan-
cial treatment for our children and set
up a plan to deal with the capital
gains tax which could become a
problem when we sell the farm or
when I die. We did this through the
combined use of our wills, life
insurance, and special exemptions
called "rollovers" which are available
to farmers.
Life insurance was a real mystery
to us until we had it explained prop-
erly. Our policies have been designed
by our representative to protect us
against several eventualities. First of
all, if I should die too soon, there will
be enough money to replace the
income I provide for the family, as
well as to pay off the mortgage and
the debts.
If we both die at a ripe old age
(which we intend to do!) the capital
gains taxes, which will become due
at that time, will be paid by the same
policies. We can even stop paying
for them when we retire. The poli-
cies we have are very flexible and can
be altered and upgraded in accord-
ance with our needs as they change.
The interesting thing about this
past year is that the advice we have
received from our insurance repre-
sentative has not cost us anything.
Of course, he has been paid for his
services through the commissions on
the products he has sold us. However,
his advice has been fair and objective
and he has helped us tremendously
with our financial planning.
Perhaps you will be able to get the
same sort of help from your represen-
tative!O
FAMILY FIELD DAY
ELORA RESEARCH STATION - ELORA ONTARIO
(2 miles south of Elora on the west side of the Elora road)
Issues and Progress
July 12, 1990
SPECIAL FEATURES
Crops and Soils Guided Wagon Tours
1 hr. tours begin at 10:00 a.m. - last tour 3:00 p.m.
Visit the Dairy and Beef Cattle Centres Educational Displays
GUEST SPEAKER
Environmental Issues In Agriculture
Speaker from AGCARE
• Latest information on crop varieties • new herbicides • integrated weed
management • reduced tillage systems • forage seed production • corn
production • soybean and canola feeding for beef • methods of measuring beef
and reducing stress in weaned calves • the new dairy heifer barn • computer
programs for herd management • biological preservation for big bales
• feed additive work
Bus tours, carloads, and individuals are welcome. The Field Day is for young
and old, male or female — anyone who wants to see the research facility and
find out about the work done there.
Light Lunch Provided
University of Guelph
Guelph Ont. N1G 2W1
Ontario Ministry
of Agriculture and Food
Further information available from 1-519-824-4120 Ext. 3933
Armstrong
Flooring
BAECHLER
lifstelsttms 2349 Issalooioritit
150 The Square,
Goderich
524.8600
Benjamin
Moore Paints
JULY 1990 15