Bo - Friday, December 14. 1984 - North Shore News

Your investment

Tax gifts for
home buyers

WE LIVE in a world of acronyms. RHOSP stands
tor Registered Home Ownership Savings Plans.

By PALL J. ROCKEI

They are the only “tas
wife d Know of. An RRSP os
4 tax deferral, whereas, an
RHOSP, if used properly, ts
a tax gift

In 1984 those whe pur
chase a brand new, never oc-
cupied home, can have anex-
tra tax gift in being able to
write off up to $10,000 in tax
savings through an RHOSP

Under normal crreum
Stanees, though, the maw
mum you can contribute in
any one year is $1,000, up to
a maximum of 10 vears

Furthermore, the plan can
not stay in exsmtence more
than 20 years (You could put
in $500, or $400 per year, or
any other amount, tor 20

Oth and St

UARANTEED B

Georges

years, or $1,000 per vear for
}O vears, and Jeave it tor
another 1O vears)

It vou have a taxable in
come ot $17,000 to $22,000
you are Paying imcome fares
on those last dollars at 34.6
per cent

This means if vou put
$1,000 per year tnto your
RHOSP, the Government
will give you back $346.00
each vear, in the form of a
tax refund (or tax savings)

Do you know that if you
invested that $346 per vear
each vear tor 1O vears, at 1%
per cent, you'd end up with
an extra $8,078!

Combine this with the
value of your $4000 invested
each vear at 1S per cent, and
you would have a total value
ot $31,427 available to buy
that house, and all vou in

Take the risk out of
buying your home ...

&

cn
‘ '

Von

389 5926 © 9865496

Bentley Mews

UYBACKS

°124 000
to ” l 39,000

North Vancouver
A Project of Hycroft( Mana... ment

vested was S1U,O00

In fact, af you let that
$31,427 prow tor the next 10
years, it would give you
$127.139 tor a down payment
on a pretty taney house

And all you invested was
$1,000 per year tor LO years.

However, the average
RHOSP lasts only three
vears Possibly because many
young people don't begin
saving tor a home when they
first start working, but rather
wait until they are marnied,
or about to be married.

It's too bad, but the aver-
age RHOSP participant
therefore only gets $1,038 in
(ax refunds (3 vears \ $346)
whereas thes could get

$3,460, which if re-invested,
would be worth over $8,000.
lt really pays to start that
home ownership plan early.
ICs not too often the gov-
ernment gives tar gifts
not take all you can get'

Why

OPEN

Lica | ‘

683 56051

~

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