north shore news , BUSINESS | High income earners ; advised to contribute SOME experts (espe- cially at this time each year) tell you RRSPs are the only way to go. Other experts say to cut back — or even cut out — your RRSP contributions because if your income is too high, Ortawa will just claw back your seniors benefit when you retire. So, who’s right? First of all, Ortawa hasn't passed the seniors benefit inte Jaw yet. We don’t know exactly what the rules will be. Tam still predicting the claw- back level will be raised at feast a little, or Canadians simply won’r be motivated to save for their own retirement. In the meantime, my advice is this: Contribute to an RRSP as Jong as you are in the 41% or higher tax bracket. In other words, use an RRSP contribu- - tion to lower your taxable . income as close as possible to -, $29,590 for the 1997 tax year. That means you will save -. between about $41 and $54 tax for every $100 contribu- tion you make to an RRSP. (When you have taxable income below $29,590, vou drop into the lowest tax bracket and save only about $26 for every $100 contribu- tion.) But here's an important point: If you don’t contribute to an RRSP — cither because you are in a low tax bracket or because you agree with the “clawback” worniers — make sure you do put money into a non-RRSP investment, or pay down non-deductible debt. If you have one or more RRSPs but don’t have a self- divected plan, is this the year yau should get one? With a self-directed plan, you can change from one type of investment to another not only more quickly but also more cheaply. If you hold a separate We're chock full of home improvement inspirations during our Spring Home Show on now until March 1. Good things...just minutes away at Lynn Valley Centre! Stop in during the show and enter to win $250 in mall gift certificates. mutual fund, GIC and other RRSPs, you probably pava tee every time you change from one company to anoth- er. And there can be delays during such transfers. Also, with all your money in a self-directed plan, vou can boost vour foreign’ con- tent more casily, Many places will waive at least the first year's fee when you open a self-directed RRSP, Some places lower the fee for smaller balances. You might even be able to bargain away the fee — which typically runs around $100 a year — entirely, depending on how much moncy vou plan to transfer into the plan. Some places don’t charge any fee if you hold only inter- est-bearing instruments in your self-directed plan. — Copyright 1998 Mike Grenby Mike Grenly is a columnist and independent personal financial adviser; he'll answer questions in this column as space allows but cannot reply personally — contact bim ar P.O. Box 50029, South Slope R.PO,, Burnalr, B.C. V5] 5G3; e-mail Marenby@aol.com. Wednesday, February 25, 1998 — North Shore News — 21 GARIBALDI | sSQuaAM s Garibaldi Alpen Resorts nd 996) Ltd. has made an “optaton for a project approval certificate under the Environmentat Assessment Act for Garibaldi at Squarnish. The application is for the approval of a year-round mountain . resort to be located near Squamish, British Columbia, off Highway 99. Garibaldi Aipen wili be holding public open houses to provide opportuni- ties for the public to learn more about the project and to allow the public to make comments, and to ensure that public issues and concerns are identified and addressed as part of the environmental assessment review process. The public open houses will include a formal presentation by Garibaldi at Squamish team members, Monday, March 2, 1998 Pemberton Pemberton Recreation Centre, 7467 Meadows Road Tuesday, March 3, 1998 Whistler Whistler Conference Centre, 4010 Whistler Way Wednesday, March 4, 1998 Squamish Sea to Sky Best Western Hotel, 40330 Tantalus Way | Thursday, March 5, 1998 West Vancouver Gleneagles Golf Course, 6190 Marine Drive 725 Marine Dr. SERVICE DIREGT website: wens pecific-rorda.coa: as well aS a question and answer period. The public cpen houses will be held from 3 p.m. to 9 p.m., with a formal presentation and question and answer session at 7 p.m., on the following dates and at the following locations: Avoid expensive engine tepairs. Timing belts must be replaces! 96,000 km or every 5 ‘, Coupons must be presented prior.to sérvice § *Chech with the Service Dept to confirm your exact muda, all paces are plus Laxes & anphcabla amecinment, Not vabd with any other offer, promonan of disccunt. 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