Wednesday, February 6, 1991 - North Shore News - 33 Bh. MONEYMATTERS Photo submitted WHEN PLANNING for a holiday, be sure to decide your budget in advance. Once you've left home, it’s too easy to iet the holiday mood encourage you to spend freely. Plan vacations carefully PLANNING A major holiday — possibly out of Canada —— this year? Here are a few ideas to help you get the highest return on your investment of both time and money from a Certified General Accountant who stresses both money management and enjoy- ment. “it sounds obvious, but the most important thing is to plan to spend no more than you can af- ford,”’ said the CGA. ‘‘Once you escape the normal routine, ‘Well, Learn tax secrets From page 32 might have been beiter to forget the tax shelter and pay the $4,000 tax. ‘*Tax shelters are popular because they offer immediate grat- ification in the form of tax sav- ings,” said the CGA. ‘But $1,000 saved today is rarely worth $2,000 lost tomorrow.’’ + Can you sell your invest- ments? Whether the tax shelter makes or loses money, you might want to sell it at some point. Make sure you can. + Will tax shelters losses result in an AMT or CNIL Dill? The Alternative Minimum Tax and Cumulative Net Investment Losses could cost you much if not all cf your tax savings. Call Revenue Canada or your Certified General Accountant for more information about the effects of AMT and CNIL. Read the prospectus carefully. And always get expert advice. The promoter will point out the rewards. You need an unbiased person to point out the risks. Then you decide. Of course, nothing ventured, rothing gained. You won't get rich investing all your money in term deposits. People who make profits on their investments are those who are prepared tc take risks. Just be sure you feel com- fortable with the risks involved and with the percentage of your assets at risk. This article was prepared by the Certified General Accountants Association of British Columbia, the province's largest professional accounting body. For further in- formation the Association can be reached at 1555 West 8th Ave., Vancouver, B.C. V6J 1TS, or by telephone at 732-1211. we’re on holiday’ becomes all too easy a way to justify overspen- ding. And a major holiday is often one of the year’s major ex- penses.”’ Befcre you leave, ‘suggested the CGA, work out exactly how much the budget can bear this year. “Where does this holiday rank in your list of spending priorities?’’ said the CGA. “In our family, getting away is a high priority. But that means we have to cut back in other areas.”’ Break the total holiday spending into prepaid transportation and other expenses, and the money you will need while you are away. If you have savings, consider i ety moming’ we call our jor competitors to P-GlC rates are the best. "Boy do we get on their nerves. Be sure to enter our Jaguar Sweepstakes! Details, entry forms and contest rules at all branches. buying travellers’ cheques to cover your daily spending. Using credit cards is certainly more convenient, and your savings could be earning interest until the bills come. But will you keep a running total of your credit card slips to make sure you stay within the budget? If you plan a go-now, pay-later holiday, how will this debt affect your financial situation? “*Rather than carrying substan- tial — and expensive — credit card balances for more than a few months, you’d probably be better off to arrange a less expensive personal loan or line of credit, al- though you should limit its use if you tend to be a creditholic,”’ said See Don't page 34 For more information, call our RRSP Hot Line at 1-800-463-RRSP Monday-Friday: Jam -6pm Saturdiy: 9am-2pm NORTH VANCOLVER Spend an entertaining evening with DAVID CHILTON Author of The Canadian Bestseller 22 The Weaithy Barber A witty and sensible look at personal finance! Tuesday, February 12th, 1991 7:00 p.m. til 9:00 p.m. At The Hyatt Regency Hotel, Regency Centre .655 Burrard Street, Vancouver B.C. $6.00 per person or $10.00 per couple (Bring a friend, relative or business associate) Please make cheques payable to ScotiaMcLeod R.S.V.P Ken Gordon 668-2055 or Tom Porteous 661-7405 kkkkkk The Reviews xxx “Hometown advice for the folks on Main Street and Bay Street. For those who have hoped for simple and sensible onswers iv the complicated world of muney, this story is the best value you'll find anywhere.” Everet Banning. Host of TV’ 's Canada Business Week “If the normal “how to” financial planning books dan’s do anything for you, you'll fi ind Chitton’s “novel” upproach more palatable - and effective”. Mike Grenby Vancouver Courier We're back at it again this lpi 4f\1/0/ year with the RRSP Best-Rate () Guarantee. 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