Loading...
HomeMy WebLinkAboutTimes-Advocate, 1996-02-07, Page 12• WE'RE YOUR R.R.S.P. HEADQUARTERS • Ask about A CREDIT UNION R.R.S.P. and RUIR.LR Each RRSP & RRIF contract is insured individually for up to 680,000.00 Atc".41, r r ' T RRSP Loans Available at Prime Rate CLINTON COMMUNITY CREDIT UNION 48 Ontario St. Clinton 482-3467 118 Main St. North Exeter 235.0640 Dean Men. to Thurs. 9 a.m. - 8 a.m. Fri. 9 a.m. - 8 p.m. Page 12 Times -Advocate, February 7, 1996 It pays to start planning now For many of us, retirement may seem a long way off. But if you start plan- ning now, your chances of enjoying your retirement years may improve dramatically. It's also smart to begin thinking about retirement planning now because people are living longer, which means we will need more retirement in- come. We cannot rely solely on the Canada Pension Plan and Quebec Pen- sion Plan to provide a sufficient income in retirement years. The best way to start saving for your retirement is through a Registered Retirement Savings Plan (RRSP). RRSPs can be purchased through most financial institutions and offer many advantages: • Through the magic of compound interest, your savings over the long- term can accumulate into a sizable nest egg by retirement age if contribu- tions are started early. • RRSP contributions are tax-deductible—a great incentive to save for retirement, and your savings grow tax-free until retirement. • You can make contributions to a spousal RRSP and receive the same tax deductions as if the RRSP contribution went into your own plan. • RRSP withdrawals are permitted, without tax implications, for first time home buyers under the Home Buyers' Plan. The maximum RRSP contribution allowed for 1995 is 18 per cent of your earned income in 1994, up to $14,500, less any pension adjustments. For 1996 the maximum contribution amount is 18 per cent of your earned income in 1995, up to S13,500, less any pension adjustments. To take ad- vantage of your RRSP tax deduction for 1995, you must make your con- tribution by Feb. 29, 1996. Since 1991 if you are unable to make the maximum contribution amount in a taxation year, the government has allowed you to carry forward the re- maining amount to subsequent years. The carry -forward begins with un- used contributions from 1991. This allows individuals with less disposable income to if\'est in RRSPs in the future when cash flow may improve. Any available RRSP carry -forward amounts for past years, along with your eligible 1995 contribution allotment, will be indicated on the back of the Notice of Assessment form which you would have received from Rev- enue Canada as a result of your 1994 tax return. For example, John is entitled to contribute up to $7,200 to his RRSP ' 1995, based on his 1994 employment income. Because of certain financ1 1 constraints, John could only contribute $3,000 for 1995. The remaining A $4,200 will be added to John's unused RRSP contribution room. Your RRSP must mature by Dec. 31 of the year in which you tum 71, which time you have to either purchase an annuity or registered incomes fund, or simply cash in your RRSP. And what if you want to withdraw money from your plan before re- tirement? Subject to the investment terms, RRSPs are cashable at any time --although it's usually not recommended. The proceeds will be tax- able at your marginal tax rate when you cash in the RRSP. An exception is the Home Buyers' Plan whereby first-time home buyers can withdraw up to $20,000, tax free, to use toward the purchase or construction of a home. o)COO (AO 0) (004(0) VACOI (GMAXO CZO • 0, (0 0) 0�1(.0 .00T(O ,ov© o ewe 00 cwo a0 ©( o tra oa o1W0 a,. d I It's RIRSP Time... FINAN+CIA,LLY FIT RRSP .r. 1%, 40 V I‘ Loans at Prime CEO Line of. Credit No interest payments and no principal payments for 90 days. Ask Ter details' in branch. National Trust 519-235-0530 425 Main St. S. Exeter, Ont. NOM 1S7 Area residents will be joining with hundreds of thousands of Canadians wbo are planning on purchasing RRSP's. It's an important part of a secure financial future with the immediate benefit of reducing the amount of income tax you must pay. The. firms listed on this page offer a wide choice of investments. They will be happy to put their experience to work to assist you. • 0 • • • • • • • • • • • • • • • • • • • • • RRSP HEADQUARTERS Bank of Montreal EXETER, ONTARIO • 235-2860 ppen Till 8 p.m. Thursday, February 29,499f. to meet the RRSP Deadline (Easy Instant Loans available ) Evening appointments as required CALL GENE BAYNHAM - Manager Customer Service • • • • • • • • • • • • • • • • • • • • • • • Get a REAL RRSP This Year ! RRSP's are a great method to save on taxes. But sometimes we overlook the long-term growth potential by limiting our choice of investments. Let me show you the difference. The funds from the leading mutual fund companies listed below offer you the opportunities to take advantage of proven professional management with consistent track records. Ph 234.6367 Barry Southcott PFSL Investments Canada Ltd. PA** Fund Dealer for. Trims*, Mackenzie, Dynamic, Templeton, 2020 end others Crediton SERVING THE COMMUNITY SINCE 1952 alh txt,r )for! O�`^Gaff IND EPEN D EN T MU'T'UAL MUNI) UIZ(HKERS Offering Free Comparisons For Your R.S.P. msmb•r ofilli INDEPENDENT OKERS Life ►iwrrr.ce Of ce.d. CI ,...1•.• a..-.,..• C1 CAN C1 BALANCE C1 BOND Cl INCOME 15.3% 17.4% 19.0% 23.6% OFFERING THE BEST OF • TRIMARK • DYNAMIC • TEMPLETON • 20/20 MACKENZIE • UNITED • FIDELITY • BPI • AND MORE By Prospectus Only HOWARD ARMSTRONG 263-5437 RALPH GEIGER 236-4784 Scotia I BSI's \ do 1 N, The Bank of Nova Scotia 280 Main St. Exeter, Ont. NOM 186 519.235.1142 Uoyd Robison, Manager • • Subject to certain terms and conditions Bring your RRSPs to Scotiabank. To say thanks... We'll give you up to 1/2% Bonus Interest on new contributions and transfers -in Ask us today Scotiabank s It all begins with a visit to these professionals tr) 0 ooGAO o).0.0 0.