16 — Wednesday, February 24, 1999 — North Shore News

north shore news

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RRSP questions asked and answered

IS RRSP time —
and time to answer
som: of your RRSP
questions.

“Can parents borrow
from their RRSPs — with-
out being taxed — to lend
their children money to pay
their school bills?” — F.O.

No. You may borrow
from vour RRSP to pay only
for your own education (or
to Euy a home); you pay no
tax as long as you repay the
loan.

“Can you explain the
three-year rule tor spousal
RRSPs? Can a spouse have
more than one spousal
plan?” — QJ.

Yes, you may have several
spousal plans. However, that
won't help you escape the
three-year rule, which says:
If the spouse takes money
out of a spousal plan, the

money
matters

contributor, nat the spouse,
must declare the withdrawal
up to the amount the con-
tribuctor put into any spousal
plan for that year or the ova
preceding vears.

The only exception is
when the spouse converts
the RRSP to an annuity or a
minimum payment RRIF.

“What happens when you
give the family cottage to
your adult chiid? Or if you
sell it, should you do this
before changing an RRSP to
a RRIF?” — LW.

business sSriefs

THE North and West
Vancouver chambers of com-
merce are presenting North
Shore Women in Business, a
forum for the exchange of
success storics.

Featured in this year’s event
are Suc Hammell, Ingrid Rice,
Betty Thomas and Naomi

Yamamoto. Hammell was first
elected in 199] and is currendy
the minister of women’s equal-
ity. Rice is a political cartoonist
whose work appears in more

~ than 80 newspapers. Thomas is

the president of Thomas Special
Effects and was recently named
the B.C. Entrepreneur of the

ALL MAKE COLLUSION REPAIRS
“LIFETIME GUARANTEE”
Altemative transportation arranged

- | TALKING % Estimates x

YELLOW PAGES
7 me

Consultation
985-7455

Pustic Notice

MARK J. GEOGHEGAN

‘Mark J. Geoghegan of West Vancouver, BC, a
-chartered accountant in public practice, offered his
resignation as a member of the Institute of Chartered
Accouritants of British Columbia, in face of an
investigation into ailegations that he acted
unprofessionally in the handling of his business assets
during the period of his divorce and, acted as an officer
‘and director of a public company while sole owner of
a‘company providing significant managerial and
accounting services to the public company.

Mr. Geeghegan agreed not to apply for readmission
fora minimum of five years and to pay $7,500 toward

the costs of investigation.

; , Council voted to accept Mr. Geoghegan’s resignation
sp atits ‘meeting, of February 17, 1999. As a result of
resignation, Mr. Geoghegan i is not entitled to use the

4 CA desi ignation. :

“| For more information contact :
- The institute of Chartered
Accountants of British
‘Columbia at >".
(804) 681-3264 or
1-800-663-2677

Chartered
Accountants
of British
Columbia

fF north vancouver

For tax purposes, giving
the cottage is the same as
selling it.

So if the value has
increased, vou will have to
Pay tax on at Teast same of
the capital gain — even
though you realized no
money from transfer of title.

If vou sell the cottage,
try to pick a vear when you
are in the lowest tax bracket
to minimize the capital gains
tax.

“How can TF pay my wife
to shift income from my
high bracket ta her lower
bracket?” — AS.

If she works in vour busi-
ness (including revenue
Property), vou may pay her
what you'd pay an outsider
to do those jobs.

If you can track invest-
Ment income back to your
wife’s (earned, inherited,
won) capital, make sure she

Year. Yamamoto is the chair-
man of the board of Capilano
Community College. All four
will share their tales of success
on Friday March 5 11:30 a.m.
to 2 p.m. at the Hollyburn
Country Club. Call 987-4488
for more information or tickets.

— Robert Galster

- PRECISE. AGCURATE: *-
GUARANTEED;

«income tax preparation
* Money back guarantee
eRefund within 24 hrs*
°FREE electronic filing

232 Lonsdale Ave.
990-7707

pee etand/Drscounting Service
toad oe rors,
Retund less. ee)

deelares the investment
income.

But you can rarely pay
your wife to shift income to
save tay if you are an
employee with no self-
emploved income.

“Should we add my
wife’s name to the tithe of
her mother’s principal resi-
dence to avoid tax and pro-
bate fees?” — LK. .

Get expert advice from
an accountant or lawyer
who specializes in this area.

Joint ownership can min-
imize probate fees — but if
not set up properly, ic can
cause new problems includ-
ing a possible income tax
bill.

— Copyright 1999 Mike
Grenby

Mike Grenby is. a colum-
nist and independent person-
al financial adviser; hell
answer quzstions in this col-

VS] 5G3; e-mail

<mike@areniy.com> and see

previous columns at Mike's
Veb site, <wamarenhy.com>.

umn as space aliows bus can-
not reply personally, Contact

him at P.O. Bax 50029, South
Slope R.P.0., Burnaby, BC.

Mortgage
Lender

~# when the banks say “no”
/¥ when speed counts
/ low rates and fees

“Celebrating our 15th Anniversary.
Call me for a quote today”

687-2020

Lender Broker fees may apply

New Canada Savings Bonds
Safe. Secure. And on sale now.

“CANADA SAVINGS BOND _-. , EMMEN

4.25%

YR. 1

NEW CAN ADAN SH

5.00%
YR. 3
Annual compound rate of 4.58% for C-band if held for 3 years.

“4.50%

YR. 2

Canad

YOU'RE ON $0210 GROUND.

Series 58 and 7 are available until March 1 wheraver you bank or invest.

DEVELOPMENT
SERVICES DEPARTMENT

FEBRUARY 25 - MARCH 3

made by phone:

.

city o

Development Services Department of the City
of North Vancouver is renovating its offices and
will be moving between February 25 - March 3.
During this period, requests for inspection Services can be

983-7355 during office hours
or 24-hour phone line: 985-5448

Development Services Department

City of North Vancouver

e heart off you's community

fon Bade.

We will make every effort to respond to your inquiries or requests by phone. -
We are sorry for the inconvenience and thank you for your cooperation.

We are renovating to
serve you better. -
Thank you
for your patience.
you can reach us |,

City Hall

14} West 14th Steet, North Vancouner BC V7M_1H9

Phone: 985-7761 Fax: 985-9417