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NORTH SHORE BY STORM.

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Investments pi ovides towad topettevent

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$2,000 charitable donation to the. West .

RSP MUTUAL
_ FUNDS —

OF eb 8, 1995
ve 00pm - 9: OOpm

tbaaion. | The Lonsdale Quay Hotel.

123 Carrie Cates Court
North ‘Vancouver

Westview Shopping Ce entre, N. Van
981-5665

‘15th & Lonsdale, N. Van o*.

"Edgemont Village, N, Van |

981 “5650

18th & Marine Dr, W. Van

“98 1-5680

2040 s. Park k Royal, Ww. “Van

922-0158

PRR tre Son Epa

98 1- 5600 a:

tax planning

IT’S TIME once again to find as many legal ways is

possible to suve income tax.

Here are some strategies from a Certified General
Accountant in public practice who both prepares tax
returns and counsels clients on an ongoing basis.

If you haven't already done so, you can still con-
tribute to a registered retirement savings plan (RRSP) by
March | to Jower your income tax for 1994,

And the way you claim — or don’t claim — certain
’ deductions and credits could also save you tax, if not in
1994 then perhaps in a future year.

* For example, if your taxable income last year. was
below $29,590, but you expect tobe in a higher tax
bracket this year or in 1996, .you could make an RRSP
contribution by March 1, but delay claiming your deduc-
tion until the 1995 or 1996 tax year when you will be in
a higher tax bracket.

‘On a $3,500 contribution, for example, that could
easily i increase your tax savings by $500. In the mean-

“time, the money in the RRSP will be growing tax-free.
’ “About the only risk’ you run is. having Ottawa :

change tlie rules,” the CGA said.

If you find your charitable donations for. 1994, are
less than’ $400, consider carrying forward your claim.
For example, if you gave and claimed $200 in 1994 and

did the same this year, you would save about $104 tax

—- $52 in each year.

But if you delayed and combined the claims j in the
1995 tax year, you'd save about $145 tax (again, pro-

- vided they.don’t change the rules). That's because you

save only 26% tax on. the first $200 of donations but
about 46.5% on amounts over $200.
The CGA also suggested other ways to save tax:

(3 You shouldn't declare the income earned by. the fam... *

ily allowance und child tax benefit money, you received

and invested in the child(ren)’s name or in your name in -
trust for them. That's .the child’s income and needn't be .’:
declared if the child pays no tax, Vs

( Have family members in the lowest. tax brackets , -

declare as much ‘of the investment income as can yea-
sonably be traced back to their capital — typically
money they earned, won or inherited.’

If one spouse has ‘taxable income around $20,000 :
while the other has $65,000, for example, having ‘the »°
lower-income rather than the higher-income spouse -..
declare $10,000 of investment income will save the cou- .
ple about $2,500 tax a year. ;
(If one spouse pays no tax, transfer.the unneeded age,.
pension and disability amounts to. the other spouse,
Note the unneeded tuition and education amounts may.
also be transferred to the student's supporting, Spouses’
parent or grandparent. ;

For more é than 40 years Brink, Hudson & Lefever Ltd. has prided itself in helping «
our clients with investment decisions. We can provide the answers to your RRSP
: questions, and build your retirement savings into a secure future. Call us foday to,
discuss your investment needs or visit us at the Mike Grenby ry Show! , :

’ Patrick Lychak

Account Executive

- Tel: (604) 643-0178
Fax, (604) 682-2574

SOLGUARD FINANCIAL LTD.

Consultants ge Brokers ‘since 1974:

1205- 675 West Hastings Street
-Vancouver - 688-9577

no.

. _ . "
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_ Retirement
Planning Solutions
That Fit

* RRIFs (Registered Retirement Income Funds)
© LIFs (Life Income Funds).

*GICs °

® Annuities

© Investment Funds

© Self-Directed Plans — -RSPSRRIFSLIFS

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*.401- Kapilano- 100, Park Royal South
.West Vancouver :

925-3101

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