32 ~ Sunday, January 19, 1986 - North Shore News

Business

Keep RRSP tax
shelters low

From Pago 29

Only those with financial
expertise should consider a
“self-directed” RRSP.

The minimum amount that
must be deposited to an
RRSP will vary from plan to
plan. Some institutions allow
monthly deposits to be made
from a bank account.

You may buy any number
of RRSPs, allowing you to
combine the types listed
above.

RRSPs are sald by banks,
credit unions, life insurance
and trust companies. Some
do not charge fees. Others
charge an annual administra-
tion fee, or a ‘‘close-out"’ fee
when the RRSP is
deregistered. Some RRSP
salesmen deduct a commis-
sion from the total amount
deposited to a plan.

Compare interest rates.
Ask if interest will be com-
pounded annually, semi-
annually or quarterly, ‘Then
ask for an example of what
kind of income each method
would produce.

Ask when your RRSP may
be deregistered, and how
Jong it will take to cash it in.

Remember that the federal
government charges a
‘*holding tax’’ on
deregistered RRSPs of: 10
per cent on plans containing
$5,000 or less; 20 per cent on
plans with between $5,000
and $15,000; and 30 per cent
on amounts over $15,000.

You'll get a refund of this
tax later, if you wind up be-
ing in a lower tax bracket at
income tax time. If you're
only using RRSPs as a short-
term tax shelter, try to keep
the amount in each plan
below $5,000, to pay the
minimum withholding tax.

Ask about insurance.
RRSPs_ insured with the
Credit Union Deposit In-
surance Corp. of B.C, will be
100 per cent insured. RRSPs
insured with the . Canada
Deposit Insurance Corp. will
be insured to a ‘maximum of
$60,000.

For a free, single copy of a
list of up to date RRSP in-

terest rates write to the
Hamilton Financial Group,

300 B 131 Water St., Van-
couver, or phone 689-1849.

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