37 - Wednesday, January 13, 18H

* Golden age tax planning

e Borrowing

e Spousal RRSPs e Tips to save tax

generat tax guide -

for residents of British Columbia

fo NEWS photo Nei! Lucente PEOPLE ARE planning for retirement earlier and earlier, often with the help of financial advisers such as Donald Smith, senior vice-president of Alexander Consulting Group.

for an RRSP

Norta Shore News

SEMINAR EXPLAINS ALL

Plan for best in retirement

BE FORWARD about retiring. That’s the only way to put the glitter you deserve into your golden years — which for

many people start in their 50s.

Since I began helping people with their money 25 years ago, | have noticed an increasing number of individuals in their 20s and 30s who list ‘retirement planning’’ as one of their main priorities.

dollars and sense

by Mike Grenby

And almost every one of the topics I'll be covering at the Fi- nancial News Seminar, sponsored by the North Shore News at the Centennial Theatre next Monday evening, can affect either planning for or dealing with retirement fi- nances.

Ottawa is expected to table new legislation shortly on pensions and

registered retirement savings plans (RRSPs). Tax reforms are already affecting retirement finances.

And there are other factors, too, according to North Vancouver res- ident Don Smith, an actuary who is senior vice-president of The Alexander Consulting Group and a consultant to the federal Depart- ment of Finance on its national pension and RRSP legislation.

“In the past, the family tended to take care of its elderly members,’’ Smith said. ‘*Today, partly because mobility splits up families, older people have to be more self-sufficient.

“The trend toward = survivor pensions for couples means each individual pension will be lower, so other investments have to fill the gap.”

And with governments trying to cut their deficits, the onus really is on individuals to provide the bulk of their financial needs in retire- ment.

Smith made the following sug- gestions. (If any of them puzzle you, one of the experts at Mon- day's Financial News Seminar will be happy to give you more details.)

© Because the tax rates for 1987 are higher than they are expected to be under tax reform from 1988 on, make your maximum RRSP contribution for 1987. ‘*Starting in 1989, you will be able to carry

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