K.B.’s total income is S771 a month from pensions and an- nuities. “So far, I have invested $88,000 in GICs ranging from 60 days to one year,’’ she said. ‘‘And I have $10,000 im my chequing account to keep me going until I get my af- fairs organized. dollars and sense Michael Grenby there will be kgal bills of srowed $4,900,”" K.B. added. With careful plannin divorcee can | K.B. IS 67 and getting a divorce. ‘‘Actually,” she said, “Ym really enjoying being separated. But I need your ad- vice on how te manage my finances.” . “ory . . wate ? aw 35 - ‘Wedoenday, March 8, 1989 - North Shore News cade BUSINESS WHY STRUGGLE| | INCOME TAX with Complex ' PERSONAL ¢ SELF-EMPLOYED Tax Forms? SMALL BUSINESS, RENTAL a Ye we fl | FOR EXPERT HELP COMMISSION * TRUCKERS _ LOW PRICES Personal Service including 986-3340 . do to the purchasing power of free year round RRSP’s - GIC’s - RRIF’s ts thi t consu jon. fisk you are taking. me only Phone Muriel Moffat CEE TAX SERVICES learn about the alternatives Income Tax Service « to GICs: mortgage-backed 988-3048 116 3RD ST. EAST 1 want safe investments sad See Con ' . (above 7-ELEVEN) would like to know bow you feel I Page side: 588 Blueridge Ave., N.V. AGENT FOR FIRST CITY TRUST might invest my moncy and what sort of income that would pro- duce. By the way, I have no desire to save any money to leave to my SOR OF gt All right. You mail need about $1,500 a month after tax. That should cover your basic $1,000 ex- penses plus $300 a month for the dentist and another $200 for unex- pected items. You will have about $165,000 to invest: the $183,000 total minus @et’s say) $5,000 for the lawyers minus $10,000 in your chequing account for comfort and expenses during this adjustment period minus $3,000 you should tuck away into a special cavings account just as an emergency reserve. By the way, the chequing ac- count should be one that also pays Ne highest rate of interest and has ao service charges. As a senior, bargain for the best deal you can. You are fortunate erough to live in your own home, so you can move directly to the investment process. With all your money in GICs earning an average 10 per cent, for example, you would have to have a total income (with your pensions and annuities) of about $26,000. You would pay about $4,000 in- come tax leaving you about $1,800 a@ month to spend and enjoy. That assumes you draw on your RRSP. I'd suggest, however, that since you will have more than enoagh to live on, you leave your RRSP intact — invested in GICs — to grow tax-free as long as you don’t need the moncy. In four years, before the end of the year in which you turn 71, you might then convert this money to a registered retirement income fund (RIF). Continue to invest your funds inside the RRIF in GICs and draw only the minimum amount each year. The money still remain- ing in the RRIF will continue to- grow tax-free, providing a hedge against inflation. I suggest you keep your non- RRSP money in guaranteed in- come-producing investments like term deposits at feast until you "have settled into the routine of your new life. If you don’t spend all your in- come, add that money to your cap- ital — again, as a hedge against in- flation. The damage inflation can Capitei Gains? This Is more complicated then ever. Planning is neceszary if you'rs to avoid paying too much. See the professionals. Calling all park lovers. Last December, the Provincial Government designated The University Endowment Lands as a park forever. And turned control of it over to the GVRD. So now, we have one of the largest urban parks in the world. A place to retreat from the city, to relax and enjoy nature. All 2,060 acres of it! Put your name on the line. The Province and the GVRD want you to help name our new park. Here's your chance. Simply fill out the coupon below and mail it to Victoria by March 22, 1989. Happy trail to you. If your name is chosen, we'll name one of the trails in the park after you. Complete with a plaque te commemorate your creativity, It’s a tree-mendous opportunity to be recognized! Turn the park into art. And because children love parks, we're inviting kids of all ages, Kindergarten to Grade 10, to enter a Poster contest. They can draw the park the way it is now or the way they imagine it to be. Naturally, their ages wiil be taken into consideration in the judging. Sorry, posters cannot be returned. Up, up and away. The winners of our Name-the-Park Contest and Poster Contest will be treated to a Helijet Airways ride over the park and the surrounding communities it will serve. They'll also receive an official Certificate from the Ministry. On April 23, you could make history. Sunday, April 23 will be a very historic day! There'll be an official opening celebration in the “new name” park, . complete with live entertainment, family activities and park tours. CO-SPONSORED BY: The Vancouver Courier ENTRY DEADLINE: Midnight, Wednesday, March 22, 1989 Mail your completed entry form and/or poster to: : “Name-the- Park” Contest c/o Hon. Elwood Veitch (i =Minister of Regional Development and Minister of State for Mainland/Southwest Parliament Buildings, Victoria, B.C. V8V 1X5 NAME THE PARK CONTEST I think the new Untverstty Endowment Lands Park should be called: Telephone No. = ee | we