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HomeMy WebLinkAboutClinton News-Record, 1985-10-23, Page 3Mws M1 nd featares BRIAN COSTELLO CLAIMS... Canadians can beat the budget CLINTON - "The combination of taxation and inflation is killing us." That was the word of warning given by Brian Costello to an audience of more than 700 who gathered here to hear financial words of wisdom from the country's leading authority. Costello is Canada's best-known financial consultant. He is heard on more than 180 radio stations and on television. He is known for his financial columns, his books and his audio cassette on tax returns. He has writ- ten for numerous publications, including MacLean's magazine and The Financial Post. His visit to Clinton was sponsored by ASC Investments of Goderich and his seminar here focussed on ways that average income earners can avoid paying higher taxes. Costello pointed out that 52 per cent of the average Canadian's income goes to govern- ment taxes. That means that in each year, a person works from January until summer to pay taxes. In a day, a person works from morning until noon to pay taxes. He warned that the tax burden will be in- creased by January 1986 when the federal government announces a new budget. However, he said that steps can be taken now to safeguard against greater. taxes. Costello's view on money is a simple one. "The mint makes it first. It's up to you to make it last." He advised that taxpayers must change their way of thinking to make their money work better and last longer. The key, he said, is to go beyond savings programs that are designed to earn interest by switching to programs that earn dividends, capital gains and offer tax rebates. Capital gains are almost tax-free because of the new dividend tax credit. Costello advised that now is the time to combat future tax increases. He suggested three measures: going after the hig}lest possible yield, through stock investments and term deposits, for instance; searching out programs that offer tax relief . when, money is invested;. and programs that offer tax relief when money is withdrawn. Term deposits, stocks, mutual funds and real estate were among the examples that Costello offered as potential tax savings pro- grams. He also stressed that the Registered Retirement Savings Plan (RRSP) is one' of the best ways to save taxes and invest money. • Costello advised that people should not look on RRSPs simply as a retirement pro- gram, but as a short term investment vehi- cle. "It's got nothing to do with retirement, it's got to do with tax rebate." He advised young people to look at RRSP, programs now, not in later years. . Canada's financial wizard, Brian Costello, showed a crowd of more than 700 how to beat the taxman and invest money wisely at a seminar held recently in Clinton. (Shelley McPhee photo) "A 35 year old who puts $5,500 into the plan will get a tax rebate -of $2,000. By year end there will be at least $6,000 in the plan with interest. If you take that $6,000 out, you still get the $2,000 gift. It's tax deductible." "This is a money machine," Costello stressed, "Leave your phoney in and it steadily increases in value." . How to get money out of RRSP - tax free is highlighted in Costello's newest book, Your Money and How To Keep It. His newest financial guide will be in book stores this month. He suggests that investors can make more money through 'self-directed, self- administered RRSPs, ahead of leaving money in a fixed rate plan with a financial institution. "It's nothing magical," he told his Clinton audience. "I't's simple using the system and lots of people are doing it." Costello's new financial guide was the feature of his Clinton seminar. It is also the focus of a cross -Canada tour he is making from Halifax to Vancouver. Your Money and How To Keep It gives ad- vice on year-end tax planning, choosing a financial consultant, budgeting, credit card use and shopping for a loan: It also looks at tax deductible mortgages, saving for children's education, retirement in- vestments and' life insurance. , Costello has a simple solution for the Canadian economy. He suggests, "If everyone was spending money we'd have a flourishing economy. If we had a flourishing economy we wouldn't have unemployment, therefore we wouldn't need government, but we'llnever have that because the govern- ' ment would lose their jobs." A more realistic solution, Costello sug- gests, is for Canadians to change theirfinan- cial planning measures. Most consumers, he says, are poor investors. With a new federal. budget in the offing, Costello urges Canadians to look at new avenues of saving to protect against greater tax deductions. Town of Clinton FEILL EIRTS FESTIVRL '85 OCTOBER 25 ® NOVEMBER 2 TOWN HALL AUDITORIUM SCHEDULE OF EVENTS DATE/ TIME FRIDAY, OCT. 25 SATURDAY. OCT. 26 MONDAY, OCT. 28 TUESDAY. OCT. n9 .TUESDAY, OCT. 29 WEDNESDAY, OCT. 30 6-10 PM 9 AM -5 PM 7 PM 10 AM 1:15 PM 2:30 PM 7:30 PM THWAINCIEGISBD31 12 NOON -6 PM FRIDAY NOV.1 7:30 PM SATURDAY, NOV. 2 7:30 PM EVENT CRAFT SHOW CRAFT SHOW PUPPET SHOW FOR CHILDREN ELEMENTARY SCHOOL ENTE:tTAINMENT SERIES rAMILY PLAY ' ALL CANDIDATE'S NIGHT • FOR 1985 MUNICIPAL ELECTION CANDIDATES CLINTc tLLWOW,' VARIETY NIGHT - WE'RE STILL ACCEPTING ACTS CHSS CABARET For more information call 482-3398 IN BUSINESSiU NELP � U I'm in business to help you pion a secure financial future whether your needs include simple life insurance or busines1 and estate planning, We'll begin with o proper financial analysis of your situation, then recommend an insurance plan that is within your budget. 1 con help you plan for the future. That's why I'm in business Manu Life IimwwA.cl.eTf 1,ee k,,,,,., . Ca.wA, LIFE INSURANCE, DISABILITY INCOME, RES: (519) 471-5642 RRSP S, ANNUITIES AND GROUP INSURANCE Charles Proctor REPRESENTATIVE FOR CLINTON AREA OFFICE: (519) 434-1641 CLINTON NEWS -RECORD, WEDNESDAY, OCTOBER 23, 1985—Page 3 sought iron bridge is under close scrutiny A 100 -year-old bridge in Huron County held over 32 tonnes last week. Pretty remarkable for a bridge with a two -tonne load limit. However, the 32 tonnes were for a load test on the structure known as Ball's bridge, located off County Road 8, where Goderich, Hullett and Colborne townships meet over the Maitland River. The bridge is owned by the county. The wrought iron bridge came under close scrutiny for four days last week as engineers from the provincial ministry of transportation and communications (MTC) gathered with their technical equipment to test the strength of this bridge built in either 1879 or 1885. the records aren t too clear. The tests 'were simple enough. First wires were strung along the structure and connected to the computers. Then, a 20 - tonne truck was 'slowly driven un the bridge and then slowly taken off. The ac- tual tests took no longer than five minutes each. For each additional test, one two -tonne cement block was added each time until 32 tonnes was on the bridge. It was the computer though that actually did the work. Printouts indicated what was happening to the bridge when the tests were being done. Ranjit Reel, an evaluation engineer with the MTC suspected it would take several weeks before the actual test results would be available to the county road department. Bob Edgar, county bridge supervisor, said pinned connections under the deck of the bridge make it unique. He notes that while the main structure is old, the timber deck with creosote was new 12 years ago. The big concern though didn't materialize. The bridge is still standing. 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