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HomeMy WebLinkAboutThe Citizen, 1998-11-18, Page 10REGISTERED EDUCATION SAVINGS PLANS * help your child attend university or college * government grant $400. maximum annually Call for an information brochure Linda Henhoeffer Certified Financial Planner 1-800-667-3887 or 519-335-3887 nuestrner2t Centre C The news from ranbrook P. Hagedoorn, 887-6935 and M. Saxon, 887-9287 New parents get community's best We congratulate Stephen and Stephanie Gratton (and of course Loomis also) on the arrival of their baby girl on Wednesday, Nov. 11, at 2:31 p.m. Courtney Anne was born in St Joseph's Hospital in London. On Nov. 12 the church ham supper was held in the Community Centre. It was well attended. The Barfoot family moved from Cranbrook and a new family moved into the old Gensheimer place. As soon as we are introduced we shall welcome them by name into the community. I was walking my dogs the other day and someone stopped their car to admire Emma (the Bernese Mountaindog) and Nessie (the Scottie) . This person said it seemed that everybody in Cran- brook has two dogs. This is absolutely not true. Some people have three dogs. Since Igor (the Beagle), died a few months ago Jodie (the Pomeranian) is the doyenne of dogdom in Cranbrook. On Friday, Nov. 20, a euchre party will be held at the Community Centre. Bring lunch. • Brussels '`/EA New store hours to serve you better SUNDAY MONDAY TUESDAY WE THURSDAY FRIDAY SATURDAY 12 noon - 5 p.m. 8 a.m. - 6 p.m. 8 a.m. - 6 p.m. 8 a.m. - 8 p.m. 8 a.m. - 8 p.m. 8 a.m. - 8 p.m. 8 a.m. - 6 p.m. Starting this week • • Skaters race to personal bests The winter season is definitely underway as the speed skating Hunt family of Ethel competed in their first meet of the year, Oct. 17 and 18. At the age class meet in Ottawa, Cayli, eight, won the PeeWee divi- sion. Brett, 11, placed very well as a first year Midget, capturing eighth out of 20 racers. He earned a per- sonal best time in the 500-metre at 1.03.3. His previous time had been 1.04.25. Carla, 16 and mother, Kathy skated in the Open A Women class with Carla taking ninth and Kathy 11th out of 21. On Nov. 7 and 8, the family tray- elled to Cambridge for an all-points meet. Cayli placed eighth with a per- sonal best in the 222-metre, stop- ping the clock at 33.01 seconds. Her previous had been 33.9. She also took almost 2.5 seconds off her 500-metre race, crossing the line at 1.12.47. The new time is only three seconds off the national record. Brett had a good first day at the competition, excelling in pack skat- ing skills. Kathy took sixth of 14 in the adult group, outraced by five men. In a tune up for the Canadian Winter Game tryouts, Dec. 5 and 6, Carla set a personal best in the 1,500-metre at the Kitchener- Waterloo club, all-points meet last weekend. With strong challengers from the United States, Carla skated a 2.47.45, improving on her 2.48.06 time. Brett only skated on one day, but achieved a personal best in the 333- metre chopping almost 2.5 seconds off his time to get it down to 40.65. Cayli had another'great meet, capturing the gold in her division, with personal bests in each race. She is approaching the national record for the 111-metre, skating it in 17.25 with the record holding at 16.65. Blyth PeeWees double Bayfield PAGE 10. THE CITIZEN, WEDNESDAY, NOVEMBER 18, 1998. Blyth PeeWee Reps doubled 8:57. Micah Loder earned the their opponent, Nov. 11, when assist. they met Bayfield. Bayfield cracked the defense The first period was filled with only seconds later when their first scoring by both squads with Blyth goal crossed the line at 8:30. striking for a quick three to start it Blyth quickly regained the spread off. with a K. Stewart netter at 8:12. Steve Van Amersfoort bulged the Van Amersfoort and Nathan With- twine at 11:19 thanks to the passing erspoon assisted. skills of Neil Salverda and Kirk Bayfield rounded out the first Stewart. period scoring with their second at Cole Stewart single-handedly 2:20 to go into the middle frame pushed the lead to two before Ryan down 4-2. McClinchey upped it to three at C. Stewart, with a pass from The New Canada Education Savings Grant Can it help your child attend university? By Linda Henhoeffer Chartered Financial Planner With the weatherman forecasting snow and cold, some of us are turning our attention to Christmas shopping. When we start making out our wish lists, perhaps we could consider the federal government's offer of playing Santa Claus with their grant of $400 to Registered Education Savings Plans. What is a Registered Education Savings Plan? A Registered Education Savings Plan, or RESP, is a savings account to help pay for our children's post-secondary education. The savings account is registered with Revenue Canada and has to follow Revenue Canada guidelines. The savings can be invested in our choice of investments: for example, GIC's, mutual funds, etc. So, an RESP savings program is similar to a Registered Retirement Savings Plan, or RRSP. One major difference is that with an RRSP the taxpayer receives two income tax breaks; ie., a tax refund on the contribution to the RRSP and no income tax on the growth of the principle until funds are withdrawn from the RRSP. With an RESP, there is only one income tax break; ie., the growth on the principle is not income taxed until the child withdraws funds from the savings plan. Since students are generally in lower tax brackets and have various tax credits, they will pay little or no tax. Annual Contribution Limits The maximum amount we can contribute is $4,000 per beneficiary per year, up to a maximum of $42,000 for 21 years. RESP's mature in 25 years and all funds must be withdrawn by then. Canada Education Savings Grant To promote saving for our children's post-secondary costs, the 1998 federal budget introduced the Canada Education Savings Grant, or CESG. The CESG, which is deposited directly into the RESP, is equal to 20 per cent of the annual contributions made to an RESP, to a maximum of $400 per year per beneficiary. Who qualifies as a beneficiary? In a non-family plan there can only be one beneficiary, ie., the beneficiary can be anyone at all, whether related or not. In a family plan you can name more than one beneficiary, however, each beneficiary must be connected to the subscriber by blood relationship or adoption as defined in the Income Tax Act. Which educational institutions qualify for an RESP? The following designated post-secondary institutions qualify: universities, community colleges, junior and technical colleges in Canada, and universities outside Canada. Other educational institutions that provide approved post-secondary study may also qualify (refer to Revenue Canada for a more detailed listing). RESP funds can be used to pay for tuition, books, accommodation — in general, any costs related to -the beneficiaries' post-secondary education studies. When should you contribute? Contributing as early in the year as possible will gain full benefit from compounding. But if you can't make a lump-sum contribution, you can invest regularly-and easily with a monthly withdrawal directly from your bank account to your RESP. As the Christmas season gets started, perhaps we can save ourselves some of those shopping hassles by setting up an RESP plan for the youngsters on our Christmas list. That way, the federal government gets to play Santa as well! McClinchey, popped one in to open the second, only to watch Bayfield narrow the gap just moments later. However, Blyth had built an insurmountable lead through the first, gaining a 6-3 win after Andy Toll scored the topper. Mischief in Morris On Nov. 9 at 6 p.m. D & I Wattam Construction from Conc. 6, Morris Twp. reported mischief done to his vehicle. OPP said the owner believes that over the Oct. 24 weekend someone put sugar into a 1997 416C Cat backhoe causing much damage to the equipment. This is the second vehicle to receive this type of damage with the last vehicle being a dump truck. police said.