30 - Wednesday, March 22, 1995 - North Shore News pee STATESIDE [ CANI WAVE BUoGET YOUR seater HOSPITAL. SERVICE — J'VE : VAD A SviaHt ACCIDENT /? f Coos ee Ge. rae aN wet es etl” ARE SD AAR ae A Ve Mb TLE OUELLETTE Ih CINE DELL ELAM EEL OT OS ES Bet LER TOWRA LENG se ereeae NOTICE TO MOTORISTS & CYCLISTS aos by a | LIONS GATE BRIDGE SINGLE LANE TRAFFIC / SIDEWALK CLOSURES The Ministry of Transportation and Highways advises motorists that there will be single lane traffic in both directions and sidewalk closures on the Lions Gate Bridge from Sunday, March 5 to Friday, March 31. Single lane traffic and sidewalk closures are needed for the replacement of sidewalk panels on the jarning signs f= Single Lane Traffic on retirement | Sey rea. Hs and sense - THE EARLY warning sign’ is up: Save now or pay — later. |. This year’s federal budget i is _again telling us to look after our- selves financially during retire- - ment. Ottawa is lowering RRSP -and pension contribution limits, cutting the amount of severance pay or retiring allowance you can roll tax-free into your‘RRSP and clawing back more of the Old Age Security pension. ©. - «- All this follows a report the Canada Pension Plan will soon run out of money unless employ- ees and employers put more «money into the kitty. ~~ You can still enjoy a personal- - ly and financially. rewarding - retirement — but only if you anticipate this trend and act now. - Save more, invest better and. develop a home-based business so you can afford to wait longer for a smaller CPP pension and perhaps “an OAS cheque. : ’ Now that the dust has settled after the budget’s initial flurry, “Jet’s look at the key proposals i affecting individuals, and the ..actions to consider. ' © You will pay more tax ona . ‘retiring allowance or severance “ pay you receive after 1995, as the tax-free rollover to your RRSP gets smaller each year. Leaving ‘early in the year and having little other income means you will pay less tax on the severance pay you can’t transfer to your RRSP. Or let startup losses from a home , business offset higher taxes. ¢ You will start to lose the OAS ' pension once family (as opposed to individual) net iricome exceeds a threshold ($53,2 1S at present). Short of giving away capital, invest for long-term growth rather than income. Help adult children buy housing, either through no- . interest loans or a shared pur- chase. Use. business or investment SIDEWALK CLOSURES Southbound: Sunday, March 5 to Sunday, March 19 (24 Hours/day) 66 You can still enjoy Northbound: Sunday, March 19 to Friday, March 31 (24 Rours/day) a personally and _ Motorists and cyclists are asked to obey construction zone e signing. financially rewarding Province of retirement — but only yy : British Columbia if you anticipate this “| trend and act now: save more, invest better and develop a home- — based business. 99 Ministry of Transportation and Highways losses only if they fit into a sound financial plan. * Starting on July [, Ottawa will raise the rate on unpaid taxes by two percentage points —~—- and the interest compounds daily. So . pay correct quarterly instalments and other tax bills on time. The interest on tax refunds isn't going up, so avoid large refunds. ¢ Ottawa is again delaying and cutting the increase in RRSP con- tribution limits — to 2 maximum of $13,500 in 1996 and 1997 (from $14,500 this year). This affects those in the higher tax brackets. Splitting income can help. If two people in the house- hold each earn $60,000, maxi-.. mum RRSP contributions of $21,600 ($10,800 each) will save i _ about $8,800 tax. That's better than having one person earn $120,000, and save only around $7,200 tax with the maximum $13,500 RRSP contribution. * Starting this year, sole propri- _ ¢torships plus some professional corporations and partnerships will , have to use a Dec. 31 year-end. Budget now to pay back any deferred tax from 1995 through © 2004. ¢ Family trusts will save less tax starting next year. So pay lower-income family members to work for your family business or Tevenue property. Mike Grenby is a North Shore- |. Recurring false alarms are more than annoying. They make car alarms ¢ easy — based columnist and independent . financial adviser who works with to ignore and your car easier prey for thieves. 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