B12 - Wednesday, November 14, 1984 - North Shore News

fi business

It pays to plan ahead

By BERT WICKHAM

IN THIS COLUMN we are

attempting to assist those people who are already retared of preparing for returement, to. plan their

finances in such a way as to reduce their taxes to a minimum.

One such wrinkle which us not widely understood 1s the creation of sufficient “‘qualified pension income”’ to take full advantage of the $1,000 a year exemption in those cases where taxpayers do not already have pension income

Most people are aware that the first $1,000 of pension in- come (Old Age Pension and Canada Pension do not

quality) can be received tax- tree But what about those retired people who do not have such pension income? Those most frequently discriminated against are women who were not tn the work force long enough to quahfy for a compnay or government pension, or whose employers never pro- vided one. Such funds can be used at age 65 to create pen- sion income which will qualify for the $1,000 a year deduction However, qualified pension income can sull be created even where there are no RRSP funds Here is how it works

A “‘preseribed annuity’ can be purchased with non- registered money (1.e money outside an RRSP) and the in-

come so produced is split in two parts for taxation pur- poses. One portion is deemed to be the ‘‘capital portion”’ and is not taxable in any event. The other portion ts deemed to be the ‘‘interest portion” and this is normally taxable. It is this ‘‘interest portion’’ which may be claimed as a deduction, either as interest income or as pen- sion income for those people over 6S who have no other pension income which qualifies. Even if a spouse, for example, would not have any other taxable income, then this deduction can be transferred to the tax-paying spouse (usually the husband) thereby giving him a further tax deduction.

In these days of high taxa-

won and excessive govern- ment spending, it behoves us all to use every legitimate method within our means to keep our taxes to a minimum and to increase Our after-tax income.

Bert Wickham is one of B.C.’s foremost authorities on financial planning for retirement. This series of ar- ticles is designed to help you make the most of your in- come in retirement and keep your taxes to the legal minimum. However, as these articles are of a general nature only, readers are ad- vised to check carefully before applying them to their personal situation.

See Bert Wickham on Shaw Cable 10 at 8 p.m. Monday, Nov. 18.

Learn about small business

A NEW Open Learning In- sutute (OLIT) course, Training Techniques for Supervisors will help people learn to train others on the job. It is design-

ed for those in smater organizations with no tin- house training staff and

limited training resources

The course, GTEC 148, focuses on systematic methods of planning, im-

plementing and evaluating training for individuals and

small groups Learning materials and text will be sent to the student's home. or workplace by mail and an ex pert tutor assigned to help each student via toll-free long distance phone Audio cassettes, included ‘with the course, dramatize sample training situations and il. lustrate key tratning principles

‘This new course will be ot direct’ benefit ta smati business,”" said Dick Scales,

The Accent on

INVESTMENT FUNDS

RRSP Capital building Retirement

FREE [nformaton meeting witt: video presentation orm November 16th International Plaza Hote.

at 93BO) arn 230) port, & 7K

maar

Reservatons 848 6/7377

CROYDON INVESTMENT AGENCIES LTD.

THE RIGHT CHOIC

BILL PERRY |X| W.V. School Board

OLLI Director of Technical

Career, and Vocational Training. “‘Almost all of the new jobs being created in B.C today are in small organizations where there are no formal training facilities With this new course, people in those companies can learn the techniques of traiming others on their own, without quitting work or interrupung their personal schedules ”’ Tratning techniques for

Supervisors will be available in the OL I Semester beginn- ing January | (Registration deadline is December 22). Cost 1s $87 including tuition, text, supplies and postage.

Further information on GTEC 148 1s) available through OL! Advising Cen- tres in Kelowna, Nelson, Prince George, Richmond, Kamloops, Vancouver and Vietona, or by calling toll free 112-800-663-971 |

| _ UNRESERVED BICYCLE AUCTION

ON BEHALF OF THE CITY & DISTRICT OF NORTH VANCOUVER

DATE PLAC E

SAT N VAN

NOV FRE ¢

17th

11 AM CE NTE

ah regs

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PHE VIEW APPROX

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YAM to Sate Time

1O spd 5

spd., BMX, etc., etc.

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THE CORPORATION OF THE DISTRICT OF NORTH VANCOUVER

FOR SALE BY TENDER

79 RESIDENTIAL LOTS LYNN VALLEY, INDIAN RIVER, DOLLARTON & DEEP COVE

Excellent selection of lots including some view lots. most partially cleared Close to recreationa! facilities The closing time tor sealed bids wilt be 11.00 am on

Thursday, December 6th, 1984

For further information, contact the Land Depart- ment of the Corporation of the District of North Vancouver, 355 West Queens Road, North Van- couver, B.C.. V7N 2K6.

Telephone’ 987-7131

TENDER FOR CONSTRUCTION

SEALED TENDERS will be recetved by the Cor- poration of the District of North Vancouver tor the construction of the CAPILANO BRANCH EXPAN SION, NORTH VANCOUVER DISTRICT PUBLIC LIBRARY (approximately 1460 Square metres of additions and alterations plus 625 square metres of covered parking are involved }

PLANS AND SPECIFICATIONS may be obtained by general contractors only trom the office of the ar chitects Harrison Carison Pearce Architects 955 Richards Street Vancouver BC V6B 3B8_ aftter 1100 AM Thursday November 15° 1984 upon receipt of a retundable deposit «heque in the amount of $100 00

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