money matters DON’T leave year-end tax planning to the end of the year. Move now to save money for 1997 and future tax years. © Clear the losers out of your portfolio — murual funds, stocks, real estate and so on which have lost mones. Deduet your capital losses trom the capital gains you made or will make this vear. © Did family members ina Jower tax bracket help with your revenue property tinelude a basemen: ame or student boarder} or your NORTH Vancouver’s dba Telecom Corporation has received an order for SmarTalk NRG telephones from Telenor Bedrift, a Norwegian network service provider. The order is val- ued at $250,000. “The speed at which dba have received this repeat order ups our projected revenues from Norway to approxi- mately $2 million for the year and $6 million for the contract term.” eee North Shore Home Based and Smail Business Association welcomes Leni Chauvin ro its upcoming business Gingliding a home based sideline i? Pay them what vou would have paid an outsider to do the same work. You deduct the expense tn vour higher tay bracket, they declare the income and pay Hiele or no tay. ff vou could pay three children $5,000 each and they fad no other taxable income, vou would save up to about $8,000 in tax Uhis vear, @ Make a spousal RRSP con- tribution by Dee. 31, That can cut one vear oil the three-vear waiting period until your spouse can take our the money in his or her (pre- sumably lower) tay bracket © Plan te make your 1997 and 1998 charitable dona- tions this year, Claini a tax break of up to 50% of any- thing above $200. © Pay vour 1998 sate deposit box rental by Dee. 31 and deduct it this vear. © Make sure family members in the lowest tax brackets meeting on Thursday Nov. 13. Chauvin is an entrepre- neur, speaker, trainer and seminar and = workshop leader. She is president: of BRE — Business Referral Exchange, a Vancouver- based professional nenvork- ing organization. Chauvin's system of generating busi- ness leads has added focus and structure to the net working process and helps members increase their income through referrals. The meeting will take place at lions Court, 936 Bowron C.t., North Vancouver at 7 p.m. — Robert Gableter Performance Oriented Investing Call today for your FREE copy of ScotiaMcLeod’s “Strategy” Magazine. teaturing Investing For Income & Tax Planning % i USINESS Work on your year-end tax planning now report all the investment income chat can be traced back to their capital, For example, shitting $3,000 tram a spouse in the 4b -per cent bracket toa spouse in the 20-per-cent bracket will save $750 this vear. Tf vou ask Reventie Canada to go back to F985 to reassess bath of you along those lines, you Will save around $9,000 in tax. edt vou turned) 69.70 or TP this vear, decide betore the end of the vear what to do with vour RRSP. Lf sou make no decision, the plain WH be automatically dereyis- tered; the money will be added to your income for 1998 and Revenue Canada could end up witit as much as half of vour RRSP. © Maximize medical and den- tal expenses within a 12- Wednesday, November 12, 1997 - North Shore News ~ 34 month period ending in {OUT e Tt vou are 63 or older and dort have private pension incenie, create $1,000 by transterrng RRSP inoney toa RRIF, then withdrawérg it. Or use non-RRSP funds to buy a qualiving annuity. You save about $265 tay a vear for four years ~- unul the pro- posed seniors benetit does away with this pension -~ ey Income credit in 2O0L- — Copyright 1997 Mc M Creations Lid. Mike Grenby is a calismnist and independent financial adviser who works with indt- viduals; he ll answer questions in this column as space allows dur cannot reply idividually - contact him at 2444 Haywood Avenue, West Vancouver, B.C. 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