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HomeMy WebLinkAboutHuron Expositor, 2000-02-16, Page 1212 -THE HURON EXPOSITOR, February IS. 5000 Correspondents Grade 7s and 8s visit Quebec City World Day of Prayer will be held on March 2 at 7 p.m. in St. Columban Church. This event wif he one of several St. Columbon interdenominational prayer services which traditionally take place around the first Friday in March. Everyone is invited - all men, women and children to join with us at this time for prayer. Welcome back to Gerry and Karen Ryan who enjoyed a trip to Las Vegas. They enjoyed the weather and the sights of the Hoover Dam and Grand Canyon. They didn't come back much richer as they relate they will be keeping the farm and the hairdressing shop. Several local farmers, including Ken Murray, Gilbert Vansteelandt. Jim Cronin and Jerry Cronin went bybus with McGavin's and enjoyed a day at the. Farm Show in Toronto. By Mary C. Ryon 345-2560 eef Jim Delaney. Murray McClure and Tim McClure enjoyed a day taking in the Buffalo -Edmonton hockey game. Happy Birthday to Kelly Cronin who recently celebrated along with her parents. Don and Teresa Cronin, and her sisters, Jaclyn, Diane and Erin. Several local people enjoyed the Candlelight 'Valentine dinner at Dianna's. Students at St. Columban School have been practicing their communication skills as they prepared for "Speech Day" which was held in the gym this past week. Several of the Grade 7/8 class are on a bus trip enjoying the. sights and sounds of Quebec City. They are being accompanied by Madame and Mr. Schramek, Dana Dalton. Mrs. Smith and Mr. Haid. Chinchillas should have dark pelts, white bellies and yellow teeth, 4-H club learns On Jan. 22, at the Clinton Cargill mi eting room, we held our second 4-H Chinchillaclub meeting. As soon as everybody arrived we drew a number. This number told us what Order we would be in to pick our chinchillas. We started the meeting with the 4-H pledge. Corinne read the roll call which was "Have you a place picked out to set up a cage for your chinchillas?" Corinne read the minutes of meeting 1. Next we marked an activity sheet from meeting one and compared our answers. 4-H Club Ray Storey, one of oufleaders, showed us the chinchilla cages we would all be getting, and how to use them. We were told what to look for when picking out a chinchilla. Chinchillas should have a dark pelt. white belly and yellow teeth. The leaders answered our questions andtold us how to care for our animals. Then we had a beverage as we waited for all the chinchillas to arrive. Some of us talked and some of us ifINVAMAINEVW.- 4E-163%.1%. fiat( played cards. Once all the chinchillas arrived. we went in our numbered order, and 'Picked out our first chinchillas. When we got to the end of our first choice chinchilla. we selected our second chinchilla, however this time we reversed the order. We took our two chinchillas their cages, food, sand and wood pieces and went home. The next meeting will be held on Feb. 19 from 10 a.m. to noon at the Clinton Cargill meeting room. For the next meeting we're to bring pictures and information on chinchillas. rgoNtt Fq 6 Exeter Bridal Show t. Mon., March 6, 2000 5:00 - 9:00 p.m. uth Huron Recreation Centre, Exeter PROFESSIONAL ADVICE FOR YOUR WEDDING DAY 114 Two Fashion Shows (6:30 p.m. & 8:00 p.m. ) Hors D'oeuvres and Cash Bar • Door prizes Brides and two guests attend at no charge (Additional guests S5.00) GRAND PRIZE VACATION FOR TWO Carlson\ tgonlit Owned and operated by Ellison Travel, Exeter Pre -register by Feb. 20, 200() to qualify for the Grand Prize Call 519-235-0556 Presented by,Exeter Synchronized Skating Club FINANCIAL ADVICE FINANCIAL. PLANNING STRA'T'EGIES FOR YOUR FUTURE Spousal RSPs let you share the wealth (NC)—Income — splitting among partners is no easy feat within today's tax rules. One notable exception, though, is the spousal RSP. This income splitting method enables individuals to direct all or part of their maximum . contribution to a plan belonging to their partner. This feature is available to— legally married and common law couples. The spousal RSP is an excellent way toassure tax savings both immediately and during retirement - especially if either spouse will have substantially less income at retirement. Taxes on split spousal incomes will generally be lower than those on income earned by just one partner. The amounts contributed to a spousal RSP do not affect your partner's. personal RSP contribution limit. While you claim the tax deduction, the amount contributed to your RSP and the spousal RSP can not exceed your maximum annual contribution amount. Although you can no longer contribute toyour own plan after the end of the year in which you reach age 69, you can continue to contribute to a spousal RSP after the end of that year as long as your partner is under age 69 and you have qualifying earned income. While a spousal RSP can be used to split income prior to retirement, the government has set up rules to discourage using it this way. Contributions to a spousal plan must stay in the plan for at least two full calendar yearsafter the last contribution is made (the balance of the year during which the last contribution was made, plus two years), otherwise, withdrawals will be attributed to the contributing spouse for tax purposes. So, if you plan to make a contribution to a spousal RSP, try to do it before December 31 instead • of within the first sixty days --of the following taxation • year. That way, your spouse can, if they wish, withdraw one year sooner, without tax implications for the contributor. Contributions to a spousal RSP are the property of your partner who will have full control over the plan. In the event of a 'relationship break - up, the money remains the property of your partner, unless a court orders otherwise. As with any RSP, the sooner you begin contributing to a spousal plan, the better of you'll be in the years to come. RSP Quick Tip (NC) --If you're a frequent traveler you should look at the convenience of subscribing to an annual travel insurance plan. It saves you from having to Apply and pay for emergency health insurance every time you go. You can take as many trips of up to 15 days each within any given year. It works particularly well for people who travel on business, as well as for those who like to make quick trips to neighbouring provinces, or south of the border for shopping. -News Canada THE BENEFITS OF TAX PLANNING At this time of year, most people turn their thoughts towards income tax planning for the eventual filing. of their income tax return. , Tax planning should not be completed due to Revenue Canada's annual income tax filing deadline; but should be an ongoing process. Some fail w understand the tax rules and their application, while. during the year some fail to take advantage•of opportunities that will help to reach their goal of paying the minimum amount of income tax that is required by law, and also meet goals of investment for the future. • Your accountant is avail- able to advise. you and work with you and your business during the year to ensure that decisions made during the year which have income tax implications can be recog- nized at that time. There may be certain planning opportu- nities to ease the tax burden that cannot be implemented after the year has past. Part of the tax planning process is to understand the following concepts: 1. Time Value of Money - A dollar received today is worth more than a dollar received in. the future. This applies to tax planning in that it is better to pay a dol- lar of tax that is owed in the future rather than today if there is a chance to do so. 2. Marginal Tax Brackets- In Canada we have progressive tax rates, which means that as your income rises, your rate of tax also rises. This concept will determine how much tax would be saved by incurring costs that are tax deductible. In.Ontario,the. marginal tax rates range from 25% to 50% and include both Federal and Provincial income taxes. 3. Tax Deferrals - Any planning undertaken to defer income tax to a future period is a deferral and not an dim. ination of tax obligations. 4. Tax Credits and Tax Deductions - A tax deduc- tion will decrease taxable income and will reduce the overall tax bill by the mar- ginal tax rate. A tax credit is a reduction of taxes owing and a $100 tax credit will save taxes of $100 regardless of the person's marginal fax rate. Tax planning is an essen- tial process and should be undertaken year round with the assistance of your accountant or financial'advi- sor before the annual tax return is due. ' Brian E. Wightman, CGA Announcement 'Clarice Life Insurance Company is pleased to announce That Paul Van t.erwen has earned the designation of (:ertified•Financial Planner (CFP). The (:FP designation assures you that Paul will offer you the best Solutions in financial planning and investment strategies for your personal and professional needs. In order to earn the (:FP appointment, .Paul must .meet the educetton, experience and ethical requirements set by the Financial Planners Standards Council (FORA. Paul has also passed a Professional Proficiency Eiamination before applying to the council for (:FP standing. Clatica congratulates Paul on this professional achievement. Mitchell ON (519) 348-9451 Paul Van Gerwen CFP ® CLARICA• I,. ,,m..,, and omoyst r sehfbn, • Srefen'lU • '- A trademark of aria tie Inwfrance company. Ref•rrsentmg (lama L& Insurance Company and Orin Insestco Inc. • AFP WEALTH MANAGEMENT HELEN M. HETHERINGTON. CFP • Financial Planning Consultant WHEN CONSIDERING YOUR FINANCIAL FUTURE. RETAIN PROFESSIONAL ADVICE. Call me at • 887-9964 or 1-800-869-8922 • Head Office: 800-20 Erb St. W. ENGCIN JEW Group Waterloo. ON N2L 1T2 519-886-8600 Brian E. Wightman Certified General Accountant 64 Main St., Seaforth (519)527-1331 Brian Wightman • Accounting & Bookkeeping • Personal & Corporate Tax • Farm, Business & Indvidual Tax Planning Call for a free consultation at my office, your home or business. 527-1331 1D ( I'1'.A - 1 v (1 1 1()11I- `..11II (LI\ I, I, 21, III ,Sill I„ _' {,111 \I,III( I.I\ 1, I, 1 ,IIII 11) ti lilll III, ,,I.1k I, 'I ,1111 IO N pin For more information call or tvi-.it. TD BANK FINANCIAL GROUP 56 Main St., S. Seaforth 527-1460 FAX 527-2908 Or contact us Owww.tdbank.ca/rrsp call 1-800-9TD-BANK,.or visit any branch Trademark of TO Bank. WE'RE HERE TO HELP MAKE IT EASIER .• e1 11D •