18 — Wednesday, June 3, 1998 — North Shore News north shore news .. BUSINESS Plan ahead to keep your savings tax free money matters } Terry Greene, 4.8.4. REP. | Registered Financial Planner | ave vou received your 1997 Notice of Assessment trom Revenue Canada yet? Often, tax planning ideas are generated by the wording on the notice of assessment. RRSP contribution limits, unused RRSP"s carrytorwards and. capital and non capital tosses available fram = orher years, are ali indicators of tax planning opportunities. If your notice of assessment contains any of this informa- tion or you feel you're paying too much in taxes, why not call us today at 988-9876 for tax planning or other financial planning services. MSC FINANCIAL SERVICES LrD. “Fee Only” financial advisors #204-[221 Lonsdale Ave. North Vancouver, BC V7M 2H5 PLUS CASE Ye Padded computer { compare adiustob e divider r got Price J organizer afer x 12x5" pebate 134607 wee AS wee Ee we ye TOE a ed fe pecies ing 3: section file pocket, 2 CD : els ee one pocket, business card Ider, fi Our Price Metrade-in Rebate AR y NORTH VANCOUVER FREERGa: @ Eee oe __1999 Marine Drive | REESE | eceaty _ “Sae Pears ee as WHETHER you are transferring or with- drawing RRSP ar RRIF funds, planning ahead can avoid prob- lems and save money. For example. if vou are 66 and invest RRST' finds ina five-year deposit, what will happen when vou turn 69 and must deregister your plan, vet vour deposit is still focked in for another nwo years? Most financial institutions will allow you to convert a depasit ta a registered retire- ment income fund or possibly an annuity with little or ne penalry — but only if vou deal with that company. (Some places offer redeemable deposits, but usu- ally at a lower rate or witha penalty.) If the deposit cannot be redeemed carly, the company doesn’t offer the type of RRIF.or annuity you want, er if its rates aren*t the most competitive, vou will be stuck Business briefs NORTH Shore business groups and individuals wishing to submit notices | to Business Briefs can fax them to the attention of Robert Galster at 985- 2104, ar via e-mail to robert@nsnews. com Photos can be dropped off at the North Shore News office at 1139 Lonsdale Ave., N.V. converting under the compa. ny’s rules —— which might not be vour best option. So gach time term deposits and GICs mature in an RRSP, give careful thought to the renewal term. And check the company’s “age 69° policy and options (if any). Alwavs keep track of those renewal dates, whether your funds are inside or outside an RRSP. While some companies send you a noditication before each deposit matures, others might send onty one notice a vear showing all maturity dates coming up in the year. Ifyou don’t provide spe- cific reinvestment instruc tions, vou could find yourself with an automatic renewal -— again, perhaps nor the best choice. When vou transfer finds trom one RRSP or RRIF to another, plan ahead to avoid financial frustration and loss. “Every year hundreds if not thousands of annuitants complain about lost income due to delays,” said tax lawyer Arthur Drache, editor of The Canadian Taxpayer newslet- ter. “Whatever excuses may be given, I fail to understand how institutions which can transfer money instanily throughout the country if nor the world encounter so much difficulty in transferring RRSP assets to another orga- nization which is often a cou- ple of blacks away.” The solution? Plan such transfers well ahead of time. Ask the financial institution 4SOFT-SIDED ANYLON ‘worn out: _ exterior? 69.99 -10.00 ° 4-5" 13 x4" ‘PORTFOLIO : 4° Organizer panel, back accordion 4 file compartment anc shoulder stray » Bottom expandsOur Price “9 to 7-1/2" calculator pockets Leather interior, combination loc expandable Trade-in Rebate -10. 00 He 17-1/4x : ) aA 36926 a Relate ‘ $ Trade-in Rebate -5.' $0 Price After Rebate Our Price 69.99 pace how much notice it needs to make the transter to avoid (or atleast minimize) costs, Then, in writing, ask to have vour tunds available by a certain date, with the cheque (post-dated, if possible} made out to the new financial insti- tution tor deposiz to your RRSP/RRIF there. Be sure the cheque is NOT made out to vou, Otherwise. the entire amount will be taxed in your hands instead of being transterred tax-free co the new plan. — Capsrajit 1998 Mabe Grenby Make Grenby is a columuise and independent personal Booked! financial adviser: bell ansver questions in this column as ney ailows but cannat reply pevsenally — contact Inim at PO. Box 50029, Souriy Slope R.PO., Burnaby, B.C. Va] SG3; e-mail mikeEqrenty.com and sev previous columus ar Mike's website, wipw.grenby.cont NEWS photo Cindy Goodman 1° Triple gusset flap over briefcase © Pen/ 1 coledlte | 4 qe * Zi er rockets inside & out Pach ed « area for printer a “Offer v lid June 3: 7, 1998 while quantities last on items advertised only. ", BME) ebyene bed eT OE AES BOOK Warehouse owner Sharman King enjoyed a glass of wine at the: ‘official opening of his latest outlet in North Vancouver last month. The Lonsdale Avenue store is the fifth in the chain of discount book Shops § scattered throughout the Lower Mainland. i Ke esa NI | NYLON PORTFOLIO ncil, business card, eyeglass/ ah. 4° Back file compartment & front organizer’ tor pockels 4! Removable ABS side panels gS : Envoy bock Out ‘price 29.99) | allow case Our Price 49.99} t Trade-in Rebate 00 i e edi Trade Rebate 10.00 : Ke g Price couops Price } 2161/2" x After for easy after 12°x 6-1/4“ pep ote transport 118513 [25791 for computers ae” & travel needs ae ' Our P 79.99 ° Tew x ade-in Rebate _-10.00 11.5"h | 33658 Ree ete Tented ads fe Parererereres