C2 - Wednesday, February 3,1982 - North Shore News

CHOOSING WHAT TO take to Vernon and the Winter Carnival, Miss North Shore, Jan McKimm, and Gertie

Todd, co-ordinator of the North Shore beauty pageant, check out skis for their trip to Vernon and the big parade and snowflake ball starting this weekend. (Elisworth Dickson photo)

TAX TIPS

Plan your return early

Start planning for the 1982 tax return now while it is still early in the year. If you make your 1982 contribution early, you'll be earning interest on your dollars tax- free for the whole year. You lose part of the tax ad- vantage of an RRSP when you leave your contribution to the last minute.

If used properly, an RRSP allows you to defer paying income taxes on your contributions until personal tax rates are at their lowest — usually after you have retired.

Knowing just how much to contribute to an annual RRSP is important if you wish to gain all the benefits it offers. You are only limited to -the amount of your contribution, not by how Many times you contnbute. You may place money in your RRSP several times during the year if you wish.

In any given calendar year, you are allowed to contribute the lesser of 20 per cent of your earned income or $5,500 to an RRSP. But, the rules change

if you're a member of a company pension plan to which your employer has already contnbuted

In that case. you. are

limited to the lesser of 20 per cent of your earned income.

Now you know

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or $3,500 minus your current or past service contributions to the employer's pension plan.

Contributions made in the first 60 days of 1982 may be deducted in either 1981 or 1982.

Because not everyone can

afford to contribute several’

thousands of dollars to the plan annually, the next best alternative may be to borrow the money from the bank and contribute to the plan.

If you are unsure of how to calculate the maximum amount you may contribute to your RRSP or whether your interest payments are deductible, consult your chartered ‘accountant or other tax advisor.

If you live in the Van- couver area and want to find out more about RRSPs, plan to attend the Vancouver Sun's RRSP _ Information Mart at the Hote! Vancouver Feb. 2 to 5.

Until now, interest payments on money borrowed to contribute (o an

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RRSP have been deductible from your income. The new rules outlined in the November federal budget state that interest payments on money borrowed after

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Nov. 12, 1981, will no longer be deductible from income. So, if you plan to borrow to contribute to an RRSP in 1982, you should pay off the loan as quickly as possible.

If you borrowed money

The Institute of Chartered Accountants will have a booth manned by CAs who can help you understand the differences between the various plans.

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Telephone

What about wills?

Do you know how to make a will and what should be included in your will, or what happens in the event that you may die without a will? A free law class called Wills and Estates will be offered to answer such questions and will be presented in layman's terms.

This class is co-sponsored by People’s Law School and the North Vancouver School Board.

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The class will be held on Tuesday, Feb. 9, from 7:30 to 9:30 p.m. at Carson Graham Secondary Sehool.

Other topics to be con- sidered by the instructor are: what restrictions there are on your testamentary freedom, the probate/ad- ministration of an estate, forms and special clauses, and taxes.

Pre-registration is required, and this can be done by phoning 987-8141.

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Prices effective Feb. 3-7/82

A public lecture by

Dr. C.M. Davis of WEIGHT CONTROL LAB

Self-Control System for Weight Loss

(no cost for lecture)

Thursday, February 4

Cameron Street Recreation C enter 9500 Cameron St!

Seymour Room

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meetings in February

International Plaro Hotel 1999 Marine Drive North Vancouver

WEIGHT CONTROL LAB will begin daytime and evening

421-6358