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HomeMy WebLinkAboutTimes Advocate, 1997-02-12, Page 11luncheon hosted by the Sunday School. Donations will be given to the Mission and Service Fund. The Official Board will met February 20 at 8 p.m. at Centralia United Church. At Heywood's Restaurant recent- lythere were 14 tables of euchre players. Helen MacDonald and Ho- ward Dolan were High Hand win- ners. The Special was won by Norm Reith, and Lone Hand win- ners were Grace Wurm and Charlie Rollings. Getting your refunds electronically If you misplaced your income tax refund cheque—and it does happen—don't panic. It can be easily replaced. Just visit your nearest Revenue Canada office, fill out a form (you'll need two pieces of identification) and you'll get a new cheque in five or six weeks. If that's inconvenient, you can also do it by .mail—the process just takes a bit longer. Best solution—and this applies to all other government payments—is to have the refund paid directly to your bank account. Revenue Canada likes it that way and so do a lot of other Canadians who now use'this method to get their refunds: Just pick up a special form . at any Revenue Canada office to get the process going. The same applies to Canada Savings. Bond interest payments. In the case of the bonds themselves, if they're ever lost or stolen, you can ' easily have them replaced by writing to the Bank of Canada and filling out the appropriate forms. I 1/ Times -Advocate, February 12,1997 Page 11 Pancake supper planned for Ash Wednesday at Centralia church By Mary Peterson Centralia correspondent CENTRALIA - On Febntary 6 the UCW met at Centralia United Church in the Sunday School room which was brightly decorated for Valentine's Day. President Jean Caslick welcomed everyone and opened the meeting. She read a letter written by her son, Gregory, for a project at Mount Carmel Catholic School. The UCW decided to reorder the "Mandate." They also decided to make donations to Camp •Menese- tung, Huron Safe Hoene for Youth, Children's Aid Society of Huron County, Town and Country Home- makers, and Women's Shelter and Counselling Services of Huron. On February 12, the annual Ash Wednesday pancake supper and worship will be held at Centralia United Church. The supper will run from 5:30 to 7 p.m. Tickets are $5 for adults and $2.50 for children six to 12 years. For tickets, contact Mary Peterson at 228-6992 or Lar- ry Skinner at 229-6304 or other members of the Stewards and Manse Committees. At 7:30 p.m. Minister Heather Scott will lead .the Ash Wednesday worship. Dorothy Rollings; Janet Hicks, and Judy Mills led the program at the U.C.W. meeting. The group enjoyed hearing several short sto- ries from the book "Tales That Have Been Told," by 'Duncan McTavish, a former minister at Crediton and Exeter, about his ex- periences during his ministry. On February 9 at Centralia Unit- ed Church Minister Heather Scott led the worship. Iva Blair read _. scripture and Scott's sermon was entitled "The Wisdom of the Eld- ers." M a previous Session meeting, members decided to donate Com- munion trays to Exeter Villa. The minister showed two oak trays that Sam Skinner had created for use at the Villa. • There will be a meeting. on "Right to Farm" on February 14 at the Kirkton-Woodham .Community C:ntre. For more information, con- tact Fred Hern. The first of several lunch and mo- vie afternoons will be held Febru- ary 15 from 1 to 4:30 p.m. Central- ia U.C.W. will provide soup and sandwiches for residents of Wor- rell's Guest House. On February 16, Communion will be celebrated. Following wor- ship at Centralia, everyone is invit- ed to a "Love Your Neighbour" . ADVERTISING FEATURE Funeral Planning - paying in advance by Brian Costello Thinking about preplanning your funeral? A lot of people are. In fact, many even pay for everything in advance—right down to the newspaper notices. Big advantage—you're doing it at a time when you and your spouse are in a rational state of mind. • • That's important because you'll be making decisions about the kind of funeral you want—not what your children or relatives think you should have. - Average cost of a funeral today is about $5,000 plus another $1,000 to $1,500 for extra services provided by the funeral home on your instructions. These include death and regulatory fees, the cost of opening and closing the grave, church/clergy fees, newspaper notices, flowers, even GST. If you prepay these costs, you'll be paying for a service you will use tomorrow in today's dollars. Here's how it works: After you decide on all these things, including the kind of casket you would like and type of church service, you write a cheque to the funeral home for the total—for example, $6,500. The funeral home prepays all items it is able to in advance, such as cemetery or cremation charges. The cemetery/ crematorium issues a certificate to the funeral home indicating that these services have been paid for and will be rendered when required. The balance of the funds is placed in a third party trust in your name, not in the name of the funeral home. These funds are not dispersed to the funeral home until the trust is satisfied that you have died and funeral arrangements have been carried out. One key caveat: Find out what guarantee the funeral home offers on the prepaid funds. Not all funeral homes offer the same guarantee. . If the fund does not have enough money in it to meet these costs at the time of your death, the shortfall is assumed by the funeral home. As long as you do not change these arrangements, the funeral home will guarantee that the funds on deposit, plus accumulated interest, will provide these services when required. In Ontario, for example, the funeral home places your money with an institution called Guaranteed Funeral Deposits of Ontario, which was set up to administer funds for funeral homes. Under this arrangement, the funeral home must invest this money to generate a level of interest at (east equal to the interest paid on Canada Savings Bonds in any given year. Funeral service costs, like any other service, are subject to inflation. As a rule, the increase in funeral costs is somewhat less than the annual rate of inflation. Cemetery costs are normally based on the cost of replacing the plot they sell you at the time. In that sense, cemeteries are like any other piece of real estate—the closer they are to downtown, the more the plots will cost. A note of caution: Make sure you discuss your plans with your family before preplanning your funeral, in particular, what you plan to do and why you've done it. If no one in your family has ever been cremated—and this is what you plan to do—it can be quite a shock on your family if they don't know in advance. Always keep in mind that your funeral is not for you but for your family and friends. ' Cremation, buy the way, has become quite popular in recent years:In Toronto, about half of all funerals end in cremation and the trend is accelerating. A final note on costs: - The Canada Pension Plan has a death benefit that can be used to pay,for the cost of your funeral, amounting to a $3,500 lump sum payment for someone who has never taken benefits. For someone who has, the benefit amounts to five times his/her monthly CPP cheque. Make it of y retire stra a part our ment tegy Here's what to look for: If the trust fund. with accumulated interest, has more money in it than the funeral home's costs at the time of the funeral, the surplus is returned to your estate. 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One area where life insurance companies have an important edge over other institutions is in the area of estate settlement in the event of the death of the RRSP contributor. ' • Life insurance companies do not require probate of the will (that is, court certification that the will is valid) where there is a named beneficiary. Non -insurance companies may delay payment until the will has been probated. They will likely require probate for amounts in excess of $25.000 if the named beneficiary is not the RRSP owner's spouse. The amount used to determine the need for probate will vary by company and industry. In addition to the delay required to probate, there is a cost to the estate for probate which will vary by province. In Ontario. for example. there will be a cost of S 15 per thousand held by the estate for probate, while in Quebec, there are no probate ices if the will has been notarized. The purchase of an RRSP from a life insurance company permits the timely payment of money at a difficult time and allows more money to be passed onto your heirs.. - - in normal circumstances. RRSPs available from life insurance companies offer a certain degree of creditor protection that other financial institutions may not provide. Generally, creditors cannot seize RRSP or life insurance assets as a result of a bad debt or bankruptcy if there is appropriate beneficiary designation. (This can be challenged in court, for example, when an owner is shown to have purchased these investments in an attempt to evade creditors. Other actions by the owner may affect the - limited creditor -proof status of these contracts). - Investment funds issued by life insurance companies are known as segregated funds and they offer even more advantages. The death benefit on segregated funds usually equals the greater of the fund value or a percentage of the amount invested into the fund. For example, if at the time of the owner's death, the fund is worth less than the amount of money invested, the beneficiary could, depending pn the plan, receive an amount equal to the total amount invested. Mutual fund companies will only pay the maiket value at the time of death which could be much less than the original investment. Some segregated funds can also offer a partial guarantee of your invested capital. For example. a fund could have a guarantee that after a certain period of time, a portion of your investment will always be worth at least a certain amount, regardless of your funds value- Depending on the fund, ,some insurance companies will guarantee up to 100 per cent of your investment after a certain amount of time. Other financial institutions do not provide this guarantee. Our Eapenise is Your Guarantee! MetLife 183 Main St. Exeter, 2351344 • Trimark 4r Mackenzie o - AGF 4' Dynamic Templeton Don't Limit Your Choices Looking for a conservative investment or growth? 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