Loading...
HomeMy WebLinkAboutTimes-Advocate, 1996-02-14, Page 8Page 8 Times -Advocate, February 14, 1996 Two is sometimes better than one If you and your spouse would like to have two streams of income in your retirement years, a spousal RRSP may be the answer for you. A spousal RRSP is a plan that is registered in the name of your spouse. Contributions that you make to this plan are based on your income, and although the RRSP is not in your name, you receive the tax deduction. You are al- lowed to make contributions to both your own and your spouse's plans as long as the total amount does not exceed your unused contribution room. There are several advantages of a spousal RRSP: • The spouse making the RRSP contributions re- ceives the tax deduction. • The other spouse can accumulate RRSP assets. This allows for both spouses to have a source of re- tirement capital. • At retirement each spouse can receive retirement income in order to reduce total taxes payable. De- pending on income levels at the time of retirement, the taxes that you would pay as a couple on two in- comes could be much lower than the taxes you would pay on a single stream of income. In addition, since retirement income is eligible for a special pen- sion tax credit at age 65, both spouses could poten- tially enjoy such a tax credit where spousal RRSPs have been utilized. • A contribution to a spousal RRSP can be made whether the spouse is contributing to his or her own plan. • If you are older than 71 and have qualifying earned income (RRSPs must mature no later than Dec. 31 of the year in which you turn 71), you can still contribute to a spousal RRSP until he or she turns 71. Qnce a spousal plan is set up, it belongs to the spouse in whose name the RRSP is registered. ,.j ,Q�Q Orelt©0 �©rs t este 04240 0 000 Q� Q�T�o OS) 0(0,0:00 Oi O1T��T�� C��0)c0 ibt2 csi 'FINANCIAL 1_,Y it's T.n'ie... Q F I rT' 0 1 RRSP kikire aitai Loans at Prime � Line of Credit `,4 No interest payments and no principal payments for 90 days. Ask for 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 who 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. •••••••••••••••••••••••••••••••••.•••••••• • • • RRSP HEADQUARTERS • • •• • •• • •• • • • • •• Bankof Montreal •• • • EXETER, ONTARIO • 235-2860 • • • • Open Till 8 p.m.. Thursday, February 29, 1996 • •'' to meet 'the` ZRSPDeadline • • (Easy Instant Loans available) ; • . Evening appointments as required •• • CALL GENE BAYNHAM - Manager Customer Service • • • •••••••••••••••••••••••••••••••••••••••••• jdij�//-i/%gj/ �• Roses are red. Chocolates are sweet. A Spousal is smart.Enhance your valentine gift with a Spousal RRSP. Both of you save. 1'd like to show you how the leading financial institutions listed below can do just that. Conservative or growth, liquidity, professional management and variety of objectives. Ph 234-6367 Barry Southcott Crediton PFSL Investments Canada Ltd. Mutual Fund Dealer for: Trimark, Mackenzie, Dynamic, Templeton, 20'20 and others 1 • WE'RE YOUR R.R.S.P. HEADQUARTERS • ,-.r- �,_ ,t Longer ~� of t • i The the Term the R.R.S.P. The Lower Interest Rate on the R.R.S.P. loan R.R.S.P. Loans As Low As 196 Below Prime l You Will Love Our R.R.S.P. Loan Rates! CLINTON COMMUNITY CREDIT UNION 48 Ontario St., Clinton 482-3467 118 Main St. North, Exeter 235-0640 Mon. to Thurs. 9 a.m. - 5 p.m., Fri. 9 a.m. - 8 p.m. SERVING THE COMMUNITY SINCE 1952 INDEPENDENT M U�I,UA FUND IUIZC)Ikl:IZS Offering Free Comparisons For Your R.S.P. of INDEPENDENT B OKERS Ly, imatre ce of Cowie CI MUTUAL .YM•s rw ■ W. C....n.—. C1 CAN Ci. 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 W Scotia HRSPs .: \ bike J:. n lcar Count The Bank of Nova Scotia 280 Main St. Exeter, Ont. NOM 1S6 519-235.1142 Lloyd Robison, Manager • Subject to certain teems 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 1 It all begins with a visit to these professionals C OA o��o0�e-AtO)�0-AO 0-A04o_Q.,O',���o(0.(i0D)oOD©):©_o oet©,oft r4; 00.4 � el) (O ‘,410 1