‘ean be ‘costly mistake aa ent out your ‘home ‘or contribute to a Registered ‘Retirement Savings Plan read on. - These two > tps. are for 4 pup overceritribution “Was made, this tax will nat be chargéd. ye Those’ who. contributed. more | - than 2u ‘per. “cent ‘of. their ‘earned ‘income,’? but Jess’ than. $5,500 ‘for the 1985 tax- year. “(or less ‘than $7,500 for the 1986 tax year) have _ up to.two years to: withdraw the overcontribution from the RRSP. “CLOCK TICKS The clock starts ticking | on the “date shown on the assessment form Reventie Canada sends you for the tax year in which the overcontribu- tions were made. - To get a refund of the overcon- tribution, you will need form T- “3012. Although you won't be able ~. to use this form if you moved your. RRSP ‘from one financial institu- _ tion: to another, it is still possible _-toask for arefund. © ~ ‘One of the conditions that-a fi- - nancial institution . must. meet. to - . Tegister a retirement savings plan is that. overcontributions - must be “refunded: | (These -withdrawals, he. “however, | may. ‘subject the pln toa financial penalty.) *A. Revenue Canada rule ‘change has given a new option, to: those : who take up residence in a-home - they. previously | rented to someone else. ‘In ‘the past, ‘a rented. home was ed by ‘Revenue | Canada to September,:1986;and ‘who: are not registeréd. Q attending N le entary Schools now, rere westee have been sold for its fair market value in the year in which you moved into it. You were then taxed on any. capital .gain’ (increase -in- value) that the home experienced while it,was a rental unit. © :* “This' happened because Reveriue Canada considers a rental home td: |) be: a: ‘*business,”* rather than. a’ ]. “principal | residence."’ (Capital ‘gains: made‘on the sale of.a prin- . cipal’ residence are tax-free)... “The. deemed disposition of the’ “home served -a5-a_ cut-off’ point,” after. which any ‘further capital gains would -not be taxable.. The problem was, you wound up effec- tively . ‘“‘selling’’ the home. to ‘yourself, and = paying taxes on ~ - money you never actually received. The rule change allows you_to ‘wait until you actually sell the home to pay tax on any capital gain it has experienced as a rental. - unit. deadline of each tax year to file an election (enclose a letter: with your ‘tax return) to say that you do-not... want the old change of use rule to -’ _ apply. The home ‘will then still be considered .a rental unit until you | self it. (This rule is retroactive to any : - such change of use. that” ‘occurred: ‘after 1981. So you can get a refund of tax paid under the old rule.) : Of course, with real estate prices - ever rising, the home might experi- ence an even larger capital gain if. “rental. unit’’. after. it: remains a you ‘move in. “In maior * “awards, the courts - must: predict future: costs of medi- » ‘asthe ‘rise: of inflation: .It is this - area of predicting future costs that © results i in‘some of the: high.awards. : i: Department, Insurance . Most suites have ‘spectacular view: jews. . and }champinnship ‘ah hole golf course.” -” Most suites include a fully equipped kitchen refrigerator, stove & dishwasher. "+ Wood burning fireplaces & color cable TV. *< ” Some suites have separate lock off unit & b2 full bathruoms. - + Separate guest & owner ‘ski sto + Recreation area with indoor whirlpoo! pal. + Optional Rental Poo! & Daily Maid ser service avilbh + 76% financing available.’ : : Developer pays your mortgage fees to October 31, 1986... -: _ OPEN HOUSES The suitesare open: INFORMATION SEMINAES: beheld in for viewingat the fallowing umes: Woisttor Vancouver & Seattle for purpose of showing slides of thearea, project, and answering any questions | on the auction, property, or financing.-For Spec times and locations, obtain the auction bi "Tap ‘Apel t4, [eis . AUCTION/TIME/PLACE 34 300 _Fis4g | Voemsinpa” “APRIL, 19786 at the Whistler Convention Centre. shes aay "$5,000.00 deposit wil berequied to be ligbletobid SMTWTES | AplSne ait ‘on WY | wWwam Spm: | Morday Fraday, March 3, Auction Conducted | by CROSBY, GALBRAITH & ASSOCIATES iD eH, oth Floor, Fark Plaza, 1155 Melville Stet Maneuver, Bi C vee aca Tepe (4 6822. '