“ @ DEFINITION OF SPOUSE 26 - Sunday, May 22, 198% - North Shore News: SE RET TEN TERRE TE TN EE SEE ise eR SS cick Pa A RSS SORE TBM RRSPs: NEW Rules For 198 ’ New federal’ tax legislation affecting RRSPs (Registered Retirement Savings Plans), RPPs ~ (Registered Pension Plans) and DPSPs (Deferred Profit Sharing Plans) for 1988 is still in draft form but will likely change very little, tf at all, before it ts passed Into law later this year. Therefore, the following measures should be considered effective in. 1988: law spouse's RRSP or RRIF and also ‘allows RRIFs & RRSP. annuities to “provide survivor . benefits to .a» common-law spouse. N.B. Does not - ‘ allow contributions to be made to a - spousal’ RRSP for a common- law = spouse. - © TRANSFER OF RETIRING Pa .‘ ALLOWANCE TO RRSP: od RRSP CONTRIBUTION — , LIMITS "i Employee RPP'& & DPSP limits Te- «main at 20% of eamed income to a maximum - of “$3,500. ‘(less any employee ‘contributions to an RPP}. The limit for other: taxpayers: re- mains at 20% of eamed income to a maximum of $7,500°.. Sta *¢ EARNED INCOME. “DEFINITION | 2:<, : A. unemployment insurance “premiums will no longer have to be - deducted.">. B.. $500 employment : expense, ° deduction has: been eliminated. * °C.-alimony and: maintenance a “payments must. be deducted. “ Deenet research grants may, be | included. se New definition includes common: “Taw: spouses. who have’ been living together for more than one year. ‘This, , twill permit the’ tax-free rollover ‘at > “. death of RRSP funds to a common. ° Burnaby Ma is His Worship. cut: ‘Pre-1988 tax free transfer of retir- ing allowances to RRSPs is limited to. * $2,000 per year of service in which the empioyee acqutred benefits under an RPP or DPSP and $3,500 per year of service when no such benefits ac- crued. For service in 1988 and subse- quent years, a single limit of $2,000 will apply. N.B. The current limits wil continue " to apply to retiring allowances recelv- "ed in the future for pre-1988 service. © PENALTY TAX ON EXCESS RRSP CONTRIBUTIONS <= : The:1% per month pen alty on ex- cess contributions ‘sill applies "for 1988, eg. RRSP contributions ex- Copeland presidec -over the. official: < fe) Jnion's ‘new North ‘Bumaby branch in the Kensington Plaza on non- -members alike; athered on this: Saturday m 2 Ceremonial money-tibbon money: ‘ribbon’ to: ‘the: Bumaby Volunteer’Centre. ing ceremony ‘Ric ed off an‘all day Open House ws where Bumaby residents enjoyed e hance’ to. mingle with th staff and: neighbors: -- quent ceeding the greater of $5,500 or the | amount the taxpayer is entitled to.“ deduct: . REGISTERED PENSION PLANS| Employers may continue to deduct $3,500 per plan member, as well as st service contributions to a defin- ed benefit RPP (where approved by Revenue Canada) _ Employees may continue to deduct up to $3,500 plus current service con tributions required by a defined benefit RPP. Additional voluntary ‘contribu- tions must not exceed $3,500. _ NB. Additional. voluntary contribu: tions based on past service ar deductible after O October 9, 1986. A number of other changes come into effect after 1988." "You a : expect to read about therm in subse: issues “of . THE _COM- MUINICATOR. If you are concerned 7 about the impact of this new legisla- tion an your RRSP contributions, con: tact. our RRSP Department - at Plt REET: “want, Even then, our compara NTL AES BeBe = The picture on the postcard is en- ticing and the offer of a five-day cruise in the Grand Bahamas for only $379 sounds like an irresistable bargain. : Better yet! The follow-up phone call. : “reveals that you qualify as a lucky win- your card: LASSIE ERS _ TELEMARKETING. SCAM “ALERT ner of this vacation and entitled toa further $100 discount if you give the’ company your credit card number. Don't! . A recent spate of “scam” operations . linked to companies with shoddy and “deceptive trade practises 2re preying on unsuspecting and gullible victims across North America. A-:spokesman for the Better : Business Bureau wams consumers to “check before you buy anything over the phone and never provide’ your credit card number over.the phone for - ordered.” Clearly, the only time to’ give’ out | ‘number for. a- mail or telephone order is when you initiate the . transaction: ‘with’ a” reputable _malitelephone order merchant. ” 10 WAYS TO BEAT SERVICE CHARGES: “AT NORTH SHORE CREDIT UNION” Our stated objective is “to provide our “members with quality financial pro- ducts and services — at a fair price’. In order to remain reasonably com: petitive and at the same time offer a ive range of services, we must levy service charges. This fs “ * the'cost of providing Gur members « with the products and services. oa service charge rates coupled wit ~ sedate and credit remain the programs best available in the industry. For in-- * stance, where.” technology “has oO MUNN) ‘ing of aoe Shore Credit’. arch 19, 1988. Members'aind | orning to join in the celebration and looked on”: n and proclaimed the new. branch now officially “open for. business”: Mayor Copeland later. announced that he was ‘donating, the proceeds of the ( : ANN fe :_bustness to Pass, that ‘saving on: to."; ‘were the winners of our. oe FOR-TWOIN WHISTLER draw: "All oy members doing business: during ‘the ? “Saturday Open House had a chance ae © to enter the draw. Mr, Berg, Assistant’ Chief ‘of the Vancouver Fire Depart: decreased the cost to us of providing .. 2: service,, we have .made it ‘our ‘you. "The follo “eliminate or & Special Savings bry cperannicateatert ona -but they receive a 20¢ credit ‘if they. Se TS for the transac: ude Personal Che- =: Members with -besecial tui: «and/or Maximizer accounts receive a. are 10 ways you can , free debits} .5. For a flat ee of $6.50 per r month” “($5.50 per month if you use Master- : card option), our Personal Chequing package offers; free’ personalized che- 1 “a-service or product you have not ques *{unlimited), ‘unlimited “cheque. - eriting, no charge for utility payments, | orders, official che-_ ques cae Traveller's cheques. i "6. Our Maximizer account makes - more. sense for members that don't”: write a lot of cheques: you only pay for each withdrawal and ean, inerest “on your balance. : “T Onis Seto! rizmnbins are entited to: a. pachage automaticaly |” 8. Our juror members (under 19) 7 service, charges :on Pian 10¢ credit each time they-use: rp 3M . MasterCard for purchases, 'again;: toa limit of $1.00 per month. ment, says he and his wife have'never "3. Members that maintain’a balance ~.” .over $1000 In theif Plan 24 accounts’. 2) a series Sees a to Whistler this summer. : Their prize includes~deluxe ‘accommodation -at ‘Nancy Greene's Olympic Lodge, ‘ail “meals.” and: ski". passes” to : both ‘Blackcomb’ & .Whistle ‘ : Congratulations Bergs! rt “* motintain bikes and plan’ to cycle up... Wor