A REFORM of B.C.’s legal! aid system is required because British Columbians can no longer afford the existing sys- tem, according to the chair of the Legal Services Society (LSS) Board of Directors.

Margaret Cissell said there has been a 700% increase in money paid to contract lawyers over the past 10 years.

“In fiscal ‘93/°94 we paid con- tract lawyers $75.6 million dol- lars,” said Cissell. “That accounted for 75% of our total expenditures last year. And unfortunately we know from our own consultations, as well as government reviews,

- that although we are paying out a lot of money we are not delivering the full service, or an equal level of

‘ service, to the poor in B.C.”

Paying off debt often best tax strategy

PAYING OFF your debts is as effective as any sophisticated tax and investment strategy.

A. certified general: accountant - (CGA) explains how income tax ? relates to debt reduction. ~ “The concept is simple,” she said, “Paying off a 10% debt is like

' earning 10%: after tax; this applies - whatever the rate. Finding any other -

‘no-risk: Way to earn a guaranteed 210% ‘after tax‘is far from easy.” : . For example, if you eliminate a

©), $1,000 debt on. which you are pay-

ing 10%: interest; “one year from now you will have an extra $109 in

. + your pocket, compared with carry- - ing that debt for another year and _

‘ paying $100 in interest. _ > Why is that so effective? .

If you invested $1,000 and want-’ -

‘ed’ to end up with $100 in your’ pocket.a year later, you’d have to

"eam perhaps 17% ‘interest.You’d .

“\ declare the $170 interest; pay 41% ‘taxi your taxable’ income is between . about . $30,000. and

$60,000) and that would leave you’

*- with $100 after tax. . : “In this-case, paying off a 10% ‘>. Joan is the same as investing at 17% “s before. tax,” the’ CGA explained. ‘~~ “You cannot find any risk-free. “.. investments yielding 17%.”- “. Paying off an outstanding credit card: balance —.which ‘could be

” - costing you as much as 32.9% a |

year —'is the same as making an investment earning 56% interest before tax if you are ir the 41% tax bracket. .

:. There is no possible way to eam that sort of interest, short of loan ‘sharking.

If you are in the lowest tax -bracket of about 27% (that is, your. taxable income is below about ‘$30,000), paying off those credit cards is still worthwhile. How else can you eam’ 45% interest before tax? If you are (or. become) a suc- cessful investor, only ‘then should

you: consider other investments —

instead of paying off debt. :. . ‘The mile, said the CGA, is you: + must earn a higher, after-tax rate of "return than the interest rate on your debt. : oe

KIDS FOLLOW THE WATER SAFETY RULES “ poyvour

‘ails The Canadian Red Cross Society

66... in spite of recent withdrawal of service by some

members ... over 2,500 legal aid lawyers remain available to

take cases. 99

Cissell said in a press release that in spite of recent withdrawal of service by some members of the Association of Legal Aid Lawyers (ALL), over 2,500 legal aid lawyers remain available to take cases.

The reform program -—~ a restructuring of the mixed model currently in use — was announced in February of this year. The reforms are based on information gathered during a 10-month con- sultation with 55 communities in B.C., four government reviews and on-going discussions with the legal profession.

The reform was unanimously approved by the LSS Board of Directors. :

Highlights ‘o/ the = reform include increused use of staff lawyers and paralegals, a reorgani- zation of the department which manages appeals of Court deci- sions, establishing a balance between poverty, family, criminal and immigration law, as well as public education, and ensuring access regardless of geography, culture and language.

(Ta¥LORMOTIVE®” TRANSMISSION SPECIALISTS

ATR.A. - B.C.A.A. - A.R.A. CERTIFIED CENTRE

| AUTOMATIC & STD. TRANS. & CLUTCH]

- Services, O.H.s or exchanges ~

CANADA/U.S. WARRANTY CMe EAL

OUR

CONSULTATION 36TH 985-7455 EAR

OF BC ESCALATING NOTE

YEAR 1 8.700% YEAR 6 9.500%

2. 9.000% 3° 9.125% 4 9.250% - 5 9.375%

7 9.625% 8 9.750% 9. 10.250% 10 11.500%

cal DAVID BLAIR . 844.5709

500 - 1066 Wi rates

ie i

ne we

fei |

fost , Street, Vancouver, British Columbla V6E 3Xt 08 rae Hastings, Street vancouver, Bret

* COMPUTER CONFERENCING

* ON-LINE: RESEARCH

* TOOLS AND TECHNIQUES | FOR PROFESSIONALS .

* WORLD WIDE WEB

AND MORE!

Part-time Evening Credit Certificate

in Applied Telecommunications

2055 PURCELL WAY NORTH VANCOUVER BC V7)3H5 : E-mail: Infotec@hubcap.minet.com

THE RSP MULTI-RATER

O FOR A GREAT

years /5 rates

AND MAKE THE MOST OUT | OF YOUR MONEY! | With Laurentian Bank’s RSP MULTI-RATER, you're guaranteed a great interest rate for the next 5 years -a rate that grows to’ _ reach 12%* by the fifth year! Clearly an:

effective way to profit over the long term, and still have the Flexibility to reinvest your. money at higher market rates on the 2nd, 3rd, |. and 4th anniversary date, with no penalty. The RSP MULTI-RATER works to your advantage from start to finish!

We are ready to answer any questions you may. have. Simply call, or better yet, drop by and see us.

~ Laurentian Bank Xpress Line

1-800-LBC-1846

1452 Lonsdale Avenue, North Vancouver 980-7440 X |

2118 West 41st Avenue, Vancouver 263-2787 . ‘800 West Pender Street, Vancouver 691-8800 Impact Plaza, 10040-152nd Street, Surrey 583-8900

764 Fort Street, Victoria 388-5153 :

Self-Directed RSP Department, 800 West Pender Street, Vancouver 691-8831. LAURENTIAN BANK OF CANADA

* The rate indicated is the rate in effect for the fifth year; it is guaranteed unuil «+, March 1, 1995. This offer cannot be combined with any other offer.