16 - North Shore News — Wednesday, December 15, 1999 183-Pemberion Ave. Mat te do with a * TALKIN S8S-7135 __dexee, Winter at the Flying U Ranch! _Enjoy horse drawa sicigh rides, dog siedding, icc fishing. skating, snowmobiling & seowshocing at Canada’s oldest and most _ internationally acclaimed guest ranch. Book a family Christeeas in a western winter wonderland or join us for aa unforgettable New -- Year's 2000 Celebration. Rates start at $90 per day including meals. © Winter season Dec. 16 - Feb. 28. Located at Greea Lake. BC, near "70 Mile House. . "| © RESERVATIONS: (250 wa ) 456-7717 ME OUT Esicces 1199 Lynn Valley Rd., ‘Lynn Valley Centre North Vancouver BUSINESS Attention everybody who turned 69 this year: It’s time to start some serious spending. But first you must transfer some, if not all, of your RRSP money into a RRIF and/or annuity by Dec. 31. Miss that deadline, and up to half your RRSP money will go to the federal government. Choice 3: Take some cash: Lei’s say you will be in the lowest tax bracket this year but in a higher tax bracket in 2000 and beyond. Consider raking enough of your RRSP as cash this year to use up the lowest rate on this taxable income, rather than in the future, when you would pay more tax. Choice 2: the RRIF. Otherwise, you will want to consider an RRIF (regis- tered retirement income fund), which means you con- tinue to manage your invest- ments as vou did with your RRSP. But unlike an RRSP, you must take 3 taxable income our of the plan each year. When you dic, any remaining moncy may be transferred tax-free to a spouse (sometimes a child or grandchild) or added to your income that year. Choice 3: The annuity: Or you might consider an annuity, which is like a pen- sion — guaranteeing an income (again, taxable) for your life and perhaps a surviv- ing spouse’s life. You have little or no con- trol over the money. When the payments end, if you did- ESTO) & Our stoze will be closed #& December 25, 26 & January 1 oo -_ Prices effective December 15-19, 1999. While quantities last a Park Royal Shopping Centre 922-8; n’t live to your average life expectancy, any remaining money will go to those who live longer than average. Talk to a retirement finan- cial planner in the next few days. As reader D.A. warned, “it took me nearly seven weeks io arrange my latest transfer of funds. Until now, it never took more than nwo weeks.” Even though you may no longer have an RRSP after the end of the year in which you turn 69, you may still contribute to a spousal plan if you have a younger spouse, provided you have earned income or carried-forward, unused contributions. If you don’t have 2 younger spouse or are unmar- ried, and if you had earned income this year, you could ORE E SPECIALS that money... make an over-contnibution to your own RRSP before it is wound up on Dec. 31, then claim this as a deduction for the 2000 tax year. You will pay a small penalty on the over-contribution but save far more in tax next year. Again, talk to a retirement financial adviser well before the Dec. 31 deadline in case you could benefit from any “use ‘em or iose erm” approaches like these. Mike Grenby ts a colusanist and independent personal financial adviser; he'll answer questions in this column as space allows but cannot reply personally - contact him at P.O. Bax 50029, South Slope R.2O,, Burnaiy, B.C. V5J 5G3; email mikeQgrenty.con and see pre- vious columns at Mike's website, wwgrenby.com