we ee ase’ eR EME ee Be ZRH Ne at ie ta eee a TE REIN eT oe PONE RE TEE UE BO TE Se cy WT a EOE REET MN on what you. ‘have become ‘DO. YOU like yourself? I hope the answer is ‘‘yes.’’ After all, you are your most important asset. Considering _all the ‘time and money ~you . have « invested in yourself, it would be a pity if you “didn’t put the appropriate value on who and what you have become. I meet ‘a wide variety of people and sce almost. every possible per- sonal and financial situation. How tmauch money people make or have isn’t as important as how they feel ‘ about themselves. : Even when somebody thinks he or she hasn’t done a good job of managing morey, I can point out no savings, oS cithough the husband did have a pension at work. They stil had a faisiy sizable mortgage as well as some other debts. I met them early in the year, fol- . lowing a Christmas during which various family members had de- scended on them for cauch feasting and celebration. Over the holidays, more than a dozen people had at some point been staying at the couple’s home. Feeding them had been a real strain on the budget ‘‘but you ob- . Viousty can’t expect them to con- tribute,”’ said the wife. Gust a thought: grown children ‘often don’t know the details of scholarship examinations. their parents? finances, and some- times fail to realize that a prolong- ed visit could cause financial strains. Before the clan gathers, a conference phone call could help the gang decide. whether con- tributing food, liquor or some meals out might be appropriate. ) We chatted about entertaining children, grandchildren and assorted other relatives. And [| pointed out that this couple must have done something right if the dollars and sense Mike Grenby * family always choie to come home » year after year. o a guess. there. is something in . that,” said the wife. “I have a : ister — I wish we had her money! ' —_ but’ she hardly ever sees her . In fact, she comes to our ¢Sigee each Chrietmas.” ’ “I seized this example: “You say - you wish you had her money. But . she never sees her family. _ Perhaps you don’t have a pile of investments. Perhaps you spent more money — and time — un your .children when they were growing up. In fact, you spent so much on raising your family you never had the chance to put any- thing aside for yourselves. “But at least now your invest- ment in your kids is paying off. They are happy to come to see you each year. That’s a pretty good return — and it’s non-taxable even . if it is a bit of a strain on your budget.” By the time our meeting. was “over, the wife was actually smiling. best year yet. Aagust 31, 1989, outstanding students about to enter orca 10 or 11 are invited to write Collingwood School's if you qualify, you will be awarded a full fee scholarship for - the rest of your time at Cotingwood. This could be your opportunity to work with a briiant faculty and committed students who work co-operatively to achieve high results. 1 had given the couple some ideas about controlling their cash This could be'the start of your How high? High enough to have qualified 95% ct the class of 89 for university. We also have the finest schoo! facilities in tie area. So, if you're interested, academically capable, and willing to push yourself to be your best, come and take our scholarship exam. Contact the Registrar at 925-3331 or just drop by at 9:30 am on Thursday, August 31. COLLINGWOOD SCHOOL flow and reviewing the upcoming pension and RRSP rule changes. But the most important thing they received was the realization that they had successfully raised a family who still felt ‘good about coming home again year after year. And these days, that’s no small accomplishment. l also see pecple at the other end of the income scale, with a six- figure income and sometimes with a seven-figure. or eight-figure net worth. Some of them also feel they have mismanaged their finances -— making poor investments, missing tax breaks, working all their lives and not being satisfied with -the, results. Marriage breakups often con- tribute to this feeling. People in their 40s or 50s suddenly find themselves starting all over. Women in particular, especially | if they have been out of the work force, often face financial hardship both after the breakup and with less-than-comfortable retirement ahi ead. Men often have to support two families, start paying off a mor- tgage all over again and also face a lower-income retirement because _the ex-wife got half the pension. Nobody said life was casy. Bui ‘even when times are toughest, take a moment to write down (1) all the good things that have happened to you, (2) your skills and qualifica- tions, both from formal. training and through life experience, and (3) what you like about yourself — review (1) and (2) for clues!’ That bottom’ line should (pleas- antly) surprise you. woe Based Iccaily, Mike Grenby writes a money column which ap- pears in newspapers across Canada. Although ke also works @s an independent financial ad- . viser, Mike will respond to readers’ questions and story ideas through the paper. Write to Mike Grenby, Money Columnist, North Shore News, 1139 Lonsdale, North Vancouver V7M 2H4. Mike cannot reply in- dividually but ~ill answer as many — of your letters as possible in his column. 70 Morven Drive, West Vancouver, B.C. V7S 182 Telephone: (604) 925-3331 | 14%4% sori ees 1% i tounl 1 year 5 years 104% MEMBER CANADA DEPOSIT INSURANCE CORPORATION Ask about our monthly interest cheques. For furthar information: VANCOUVER 815 West Hastings Street . NEW WESTMINSTER 435 Columbia Street WHITE ROCK 107 - 1656 Martin Drive | NEW BRANCHES OPENING SOON: VANCOUVER, Granville Street at 41st Avenue NORTH VANCOUVER, Lonsdale Quay ~ ALL RATES SUBJECT CHANGE WITHOUT NOTICE as robs 526-2288 531-1123 | FOR INVESTORS. If you purchase an interest i ina stax. shelter after August 31, 1989, -you must include the tax shelter: * identification number in your income tax return in’ _ the year you make a claim for aloss or deduction ; arising from the’ shelter. If the number is not . provided, the loss or deduction claimed will be - : : disallowed. The identification number is assigned | * to the promoter for a particular tax shelter: oes Generally a tax shelter for tax purposes is any _” Property which is expected to produce .. deductions for an investor in excess'of its actual cost to the invester. The relevant losses are those expected to be incurred within four years of the date of acquisition of the property ’ The identification number i in no way. represents. - a confirmation by Revenue Canada of the validity of the shelter..An investor should : _ receive an information slip,-T5003, for the first year - of the tax shelter and should file it together with documentation necessary to support the loss or 7 foe deduction claimed. Form T5004, ‘‘Statement of Tax | - Shelter Loss or Deduction’ will be available at all. =~ district taxation offices and should be used to provide your identification number to Revenue Canada Taxa- _ tion upon filing your income tax return. For further information contact your local district __ . taxation office or refer to information circular 89-4,- ‘*Tax Shelter Reporting.” Revenue Canada Revenu Canada Taxation impét B+ a