32 ~ Sunday, January 19, 1986 - North Shore News

Business

Keep RRSP tax shelters low

From Pago 29

Only those with financial expertise should consider a “self-directed” RRSP.

The minimum amount that must be deposited to an RRSP will vary from plan to plan. Some institutions allow monthly deposits to be made from a bank account.

You may buy any number of RRSPs, allowing you to combine the types listed above.

RRSPs are sald by banks, credit unions, life insurance and trust companies. Some do not charge fees. Others charge an annual administra- tion fee, or a ‘‘close-out"’ fee when the RRSP is deregistered. Some RRSP salesmen deduct a commis- sion from the total amount deposited to a plan.

Compare interest rates. Ask if interest will be com- pounded annually, semi- annually or quarterly, ‘Then ask for an example of what kind of income each method would produce.

Ask when your RRSP may be deregistered, and how Jong it will take to cash it in.

Remember that the federal government charges a ‘*holding tax’’ on deregistered RRSPs of: 10 per cent on plans containing $5,000 or less; 20 per cent on plans with between $5,000 and $15,000; and 30 per cent on amounts over $15,000.

You'll get a refund of this tax later, if you wind up be- ing in a lower tax bracket at income tax time. If you're only using RRSPs as a short- term tax shelter, try to keep the amount in each plan below $5,000, to pay the minimum withholding tax.

Ask about insurance. RRSPs_ insured with the Credit Union Deposit In- surance Corp. of B.C, will be 100 per cent insured. RRSPs insured with the . Canada Deposit Insurance Corp. will be insured to a ‘maximum of $60,000.

For a free, single copy of a list of up to date RRSP in-

terest rates write to the Hamilton Financial Group,

300 B 131 Water St., Van- couver, or phone 689-1849.

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