Do you: have j an unusual.
source of. income? If so, you
may qualify for an income-
averaging annuity purchase.

Maybe you're an. author,
composer or painter. Maybe
you run the 100-yard dash or
play tight ‘end for the
Winnipeg Blue Bombers.
Maybe you play. the piccolo
in the symphony.

Here are some types of
unusual income:

° Half of net capital gains;

e Recapture of capital cost
allowance;

e Disposal_of goodwill and
other eligible capital
property;

® Sale of inventory after a
business closure; .

" @ Sale of income interest in
an estate or trust;

e A prize of more than $500
for achievement in your
field;

e Exercise of an employee
stock option benefit;

© Single payment in full of
an_ employee's rights under
an employee pension Plan
that is wound up;

e Single payment in_ the
event of death, retirement or
withdrawal from a deferred
profit-sharing plan or em-
ployee pension plan;

'@ Single payment as a result
of an amendment to an
employee pension plan when
the employee remains a
member;

Single payment on
retirement in recognition of
long-service but not from a
pensionplan; -

* Payment received on or
after retirement for loss of
office within the year or in
the year preceding; —

«Payment received as a

death benefit in the year of -

death or the following year;

© Payment from a refund of
‘premiums after the death of
the owner of a Registered
Retirement Savings Plan;

e Income from the
production of a literary,
dramatic, musical or other
artistic work;

* Income from activities as
an athicte, musician or
public entertainer.

Naturally, most people
don't qualify on a regular
basis for the purchase of an
income-averaging annuity.
But, if you do, you have up
to 60 days after the end of
the year in which to buy the
annuity.

By buying one you're able
to spread your unusual
source of income forward
over the number of years for
which you buy it. The an-
nuity may be bought for a
maximum of 15 years’
guaranteed term, or for life.
And the guaranteed term
cannot extend past your 85th
birthday.

If you have a large income
from an unusual source you
could find yourself in a high
tax bracket unless you take
care to spread the receipt of
the monies over a period.
That's what happens when
you buy an_ income-
averaging annuity.

to iret unusual incom

“start within 10 months of the qualifies is the amount of the: $8,000 of unusual income to This is most advisable if you sonal debt-and the

Payments from it must maximum amount that $10,000, you would use the interest payable on the loan. the money to reduce per:

i oans, the the money to: b
urchase date and must be income less one year's in- buy the annuity. and thus ha ve outstanding I ms y buy.
Paid in equal amounts over come from the annuity produce $2,000 a year in- interest on which is not annuity. This w

i ich i hased. come. deductible. -fectively convert
beci bought, Also, youcant _ deductible loan

buy an annuity for the full Simply, if your annuity You're also allowed to For example: If you — deductible one.
amount of the unusual type _ will yield. $2,000.a year and borrow money .to- buy the received $10,000 in unusual |
of income because the your unusual income is annuity and then deduct the income you'd be wise to use CONTINUED ON]

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NORTH VANCOUVER SURREV
Capliano Mali Guikitord Town Centre Louuneea mM i]

00, L0 025 Manne Onve Nortn vancouver G8 6311 1O04tN Slreel and 12nd Avenue lo ha 1 te ° ant
NOUNS. Mon Tues Wen Donn enn : wuheodtiwy & Austin load Burnaby 9360

jttey BC PH 4 J
Thutaday and Fray 9 30am Oem HOURS Monday te eatin HOURS Mon Tuen Wad 930am tp m
DEPARTMENT STORES Saturday 0am 6pm 8Wam WOOVM Thursday and Friday 9 30am Bom
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