MORTGAGES

WHEN THE BANKS SAY “NO”

687-2020

Financial Services Lid.

VISIT OUR WEBSITE
www.insiafund.com

Lender Broker fees may apply

The frst GO peaple ac cal
VAT7-¥2H-GRLA U1-677-925-4c52)
aad parcase tickets
serial ay
wile catered to wna trp
for ton ta oncdabs. Homa

TIRES SL FAST
CALL AOU

THE filennium Movie Party

For these bo ssart ths ew Years to be the most unforgettable event in their Eves

Featuring... WW WWW

The entertainment “The ‘it’ event of this year!”
industry and sports _ werat
personalities “The best choice, the only place to
w Who's who in Vancouver be for the new millennium!”
% Anybody who's anybody .
% Huge video screens
1. playing top music on
. one of New Years largest
’{ dance floors

What Vancouver’s entertainment
people are saying about this event.

hal ins Gate Stuties

ATTENTION ]
Productions
in development

ae

in Tikes th

oWaire Knicut Propuctions EINc.

ALLOW plenty of time
to plan a move out of
Canada,

“Proper planning could
mean the difference between
paying and saving — in some
cases tens or even hundreds of

‘Boxing Week

648 ec

Sets from...$44
Pall Ses frome 3548 Po
King Sets from.
Sttlas sacings on other models

COLONY

HOME FURNISHINGS

Saving you money since 1969
1075 Roosevelt Crescent

jorth Vancouver
(2 blocks behind Avalon Hotel)
_ MoreFii 9-5:30, Saturday closed
Sunday 12-4

BUSINESS

Plan before leaving country

thousands of dollars in tax,”
says Peter Rogers of KPMG
chartered accountants.

For example, if you own an
incorporated family business,
the company will probably
want to pay out retiring
allowances to those family
members who have been
involved in the business.

Such retiring allowances
could run into six figures per
person, as long as the amount

is “reasonable” (see the tax
department's bulletin IT337-
in ree
adre.gc.ca/E/pub/tp, re
d.heml).

Subject to the

$2,000/$3,500 per-year limits
prior to 1996/1989, you
would normally roll this lump
sum directly into your RRSP.
If not eligible for this
rollover, the money could be
paid after the individual
became a non-resident, with
only 25% tax withheld.
_ Payment of retiring
alluwances could give the
company a large loss which, if
the company is to be wound
up, might not be filly utilized.
But if you plan ahead, you
might be able to structure the
company's affairs and the form
of compensation provided to
the family employees so the

boxing Weck Savings

DER-TR7600

Your gnsice

SONY.
DIGITAL
HANDYCAM
© Digitalé™ Digitat Picture Quality ©
(500 tines resolution)
© SteadyShot™ image Stabilizing System
© 360x Digita! Zoom(20x Optical
© NightShot™ O-lux recording

KV-24FV10

24” Flat TV FD Trinitron

Wega Stereo T.V.
* DAC Speakers System (10 watts x 2)
3 line Digital Comb Filter

: WEG

company can deduct all of that
final loss.

You also need to plan the
best ways for family members
to buy out the corporate
assets, providing the company
with the cash it will need to
pay the retiring allowances.

If the company holds com-
mercial real estate, the family
members will want to register
for GST before buying the
property from the company.
Otherwise, they won't Be able
to claim input tax credits to
offset the GST bill. vo

’ High-income individuals -
about to retire might consider
collapsing their RRSPs once
they become non-resident, sc.
they pay, typically, only _
Canada’s 25% withholding tax. :

There is a long checklist of »:
items to consider if you want,
to become a non-resident of.
Canada so get expert advice.

Ifyo u have revenue prop- —
erty, for example, you wil! :
probably want to file an NRG
form so the 25% tax withheld ©:
is based on net rather than”
gross rental income. |.

Finally, review the latest
information on the “departure

tax:” Leaving Canada can pro-.
duce tax liabilities on certain «
assets that have appreciated

in this column as space

Mayor Barbare A dap sien Tn iyo Nerd cone ope
. cee een ne Moran On wh en acnast i

"Th 2K Erte Raipicns pris fa war ey ly Sal big cvs :

callcut alert from 4:30 pm. December 31, 1999 20 8:00 arm. January 1,2000.
"Mayor Sharp says the Plan includes a public information strategy and operational activities.”

» that include the City's Engineering, Computer Service, Fire and Police Departments. Special
a arrangements have been made for this unique period including the staffing of an inquiry line.
to handle routine non-emergency requesis for service. Although reasonable precautions have |.

been taken, the public deserves te kno’ that the ‘Counci! and staff of the City of North
are e taking this event seriously and are prepared to respond."
crv.org under YIK Icon fo

* Jamuary 1st.Y2K information as it happens.”

‘The Y2K phone number to call is 904-7360, leis afd (te
date information and anewer queries regarding Y2K- ;

ces on December 3is and_

2.10 volce mal proide ee

cannot personaliy = contact:
Beato Bax 50029, South:

Be