24 - North Shore News - Sunday, September 17. 2000 BUSINESS —————— Two incomes better than ¢ one for savings -. Mike | Grenby ONE of the best things about staying together in a relationship is all the splitting up you can do. A couple splitting a total $60,000 Income into wo $30,000 incomes saves at least $4,000 tax ay couple with a single $60,000 income. But the attribution rules can make it tough to do such splitting. For example, ita wile gives her lower tax- bracket husband money or investments, she must still declare the income carned by money matters that money. There are ways around this — bur vou need to act NOW TO See ANY LAN sav gs for this vear. For sample: @ High Bracket Spouse pars al the bills cincuding any income tax owed by the other spouse: That allows Low Bracket Spouse to des all the sang aad se pay fess tax on the invesunent income and gains: MoVhe tay department locks at whe carn (inherited, wony the money that was invested. So establish a clear paper trai from uhis original money to show that as much a possible of the investment capital belongs to the lower bracket spouse; @ High Bracket Spouse can pav Low Bracket Spouse (and chidreny to work in High Bracket’s tull-time or sideline business, which shifts income and produces a lower votal tay Will: B High Bracket Spouse sells revenue property te Low Bracket Spouse for that spouse's share in the family home or another asset that docsit earn an income or WoITt dttrtct a capital gains tax — get expert advice he: @ The spouse likely to be in the higher tax bracket after retirement: contributes to a spousal RRSP; thar approach escapes the attribution rules. The spousal plan owner even- tually withdraws the funds and pays Jess tay than the con: tributor would have: @ Once both spouses have turned 60 and depending on how deag the twee have been together, cach spouse can noup to half of the CPP pension to the other. That way, High | et Spouse with a larger pension shifts money te Low Bracket Spouse: @ High Bracket Spouse gives money te Low Bracket Spouse. High Bracket must declare and pay tan on the first generation income and gains. But when Low Bracket: rein- vests the interest, dividends and gains, the second genera- tien or compounding income and vains will belong ta Low ket for tan purposes; B® Lending money to a spouse for a business investment: or charging interest on the loan both escape the atiribution rules. Again, get expert advice and check tax bulletin IT 511-R, paragraphs 30-31. Mike Grenly is a colum- nist and independent person- al financial adviser. He'll answer questions in this col- wun as space allows but can- nat reply personally, Contact hint at P.O. Box 50029, South Slope BPO, Burnaly, BC. Vs): or e-mail . — Mike Agerbo, co-founder and COO of om Western Canada’s Annual’ _/ teddy Bears on Bears on Vacation 2009: VACATION \_____ Show & Sale BONSOR RECREATION COMPLEX 6550 Bonsor Ave., 2nd Floor. Burnaby dninediatelhy Hast of Metrotown Shopping Centie: SHOW HIGHLIGHTS... + Over 40 qualily anists lrom actusy Canada exhibiting their handcrafted teddy bears! + Over 1500 teddy bears to choose fart + Teddy making supplies! - Kalfic Prizes! General Admission: $5.00Seniors, Children (12 & under): For more information, please phone: (608) 530-3255 www.teddybearsonvacation.com HARRISON GALLERIES 0 penis o Recepti ion Thi: 124, 6:3pin - 8:30pm fil Marine L st Faneourer 9 - Tues. - Sat. 10 - Stan.. Sept. 1 & Mon. Sept. 1S. F-4pm CUTAN” E-commerce breakfast THE Internet revolution is com- ing to a business near you. Recognizing the growing importance of the Fnternet to small and medium-sized businesse the North Vancouver Chamber of G roe iS presenting a series of three breakfast lectures: entitied “Grow vour business with the Internet.” The morning sessions will consider e- conunerce from the small business per- spective. The program begins Oct. 5 with other s scheduled for Oct. 19 and Nov. 2. The series will culminate in an e-com- trade show on Nov. 16. st lecture will feature pre- sentations from business and e-commerce professionals who will provide practical advice on using the Enternet to comple- Meni current business activities. The top- i be: B “lncernet LO]: Let’s Talk” (Oct. 5) : ba Tals mow ‘STEAM TRAIN BETWEERNG K NORTH ¥ \ANEQUVER 1100: SUAMIS . . CALLBC RAli AT 1 800. 663. 8238, OR 984: 5246 FoR 7leers. a the Chalk Network, will provide an overview of the internet economy, consid- ering topics ranging from Canada’s place in evberspace to the present state of online sand prospects for the future. @ °E-commerce toclkit: A how-to” (Oct. 19) — Clay Braziller, president of Triumph Communications and lecturer h UBC's Internet Marketing Program, will present a five-step plan for setting up an online store. Topics include domain name registration, establishing credit card See Make following page _ TRAIN, RON TRIP. ‘COACH CLASS: ‘ADULTS s,s SENIOR YOUTH $43, CHILD $12 Ti: UNDER 5: FREE . PaR\aUR Rass sei AVI ABLE Nexer etn soniston 0 1 ist coast mun fener PARK. FLOOR. TE , & FACTORY DIRECT &2 SAVINGS LIN TOWN ? COMPLETE INSTALLATION ACCESSORIES WE MAKE BEAUTIFVING YOUR HOUSE: Pia: ‘BURNABY, 00 521- TILE (6453). - “7832 EDMONDS STREET. HOURS: 9 aS: pam MonSat., “YANGOUVER 05-TILE(8453) i. “6 - 2. 845 TERMINAL AVE. HOURS: 90.05 pi. Moe.-fat,- - THURSDAYS X mins S-THIAS TRAVEL FREE: ~ BRING IN THIS AD FoR. A FREE SOUVENIR: “Ui | ve i0ut, is Be REDE A te vont rama STH H www.berail:com/Scrpass