Winnipeg Free Press

Winnipeg Free Press (Newspaper) - January 21, 1990, Winnipeg, Manitoba D go paperless pay your Bills by 9479joo a division of com chef services limited free press january pages 1324 Philip business editor managing r Money by Kelly Taylor its the fancy apart then the flashy sports then the Nice and then All the dating and being single and financially responsible int All that is it with Only one income and a mini mum of tax plus a Natu ral inclination towards singles have a much tougher time saving Money than most married financial planning is not a great Deal different for single though it certainly is a lot says Greg a division Man Ager for investors theres less fewer the Best time to Start saving Money is also when doing so is the most with the magic of compound in someone who starts saving at 25 on be Richer at retirement than if he waited until age As Money is at the Root of Many marriage giving those who Are financially secure a better shot at lasting getting through single Hood and building wealth requires making Tough Beaton and while it May mean foregoing a red Bow for a Blue making the decision to save now will train you to save and will make what could be similarly Tough decisions in the future a Little a he Best investment when everybody around you is spending its hard to put something he but As a single you get into that youre really on your turning off the spending Mode is a Little easier if you Force yourself to save by setting up automatic Bank transfers into separate Bank accounts or notes Denzil a financial plan Ner with Universal perhaps the Best investment sin Gles can make in their Early years Are in Beaton and Feinberg there and you get an immediate tax Bea ton since owning a House is not Likely a priority and buying a House once married will eat up much of the available Money building an resp while single will give you a sizeable chunk of Cash at retire the refunds generated by the tax deduction for resp contributions should be used to pay off debt or reinvested Back into the he if youre 26 and youve got 000 in an that will be a lot of Money when youre putting Money in an resp will Likely give a higher rate of return savings strategy the going is tougher but rasps will help set you on the Way than buying a Beaton too Many people look at a House As an investment and i think that a House is a you buy it because its where you want to he to he compared growth in House prices in Winnipeg to a Mutual fund for ten while the fund averaged 14 per House prices grew by Only per cent a he said Why work hard at Clearing a mortgage if you dont have to to make the savings a Little a calculate what a monthly mortgage payment is Likely to be and put the difference Between that and rent into Feinberg says there Are some rather but financial tools singles often Over the first is making sure you have adequate coverage on All your household which will include doing a top Robottom inventory of your he says singles Are at risk for losses due to theft since there is rarely anyone at their residence when they will needed singles often opt for the cheapest available Auto liability and under insured Motorist cover which he can leave you Crip pled should someone sue you for More than your for both areas of fein Berg suggests at least also mundane but he says a will is needed most by sin if you youll leave a real dogs breakfast for your friends and family to sort he noting that Laws often help Settle the estates of married people More than and he says to assign Power of attorney to a trusted to be activated Only if you become a this someone who knows you will still have control Over your Money if you become instead of paying Money to buy life Feinberg suggests contenting yourself with the life insurance often offered with car and credit he says As Long As these policies will pay off your and you have no wife or children who would need Money from a term or whole life life insurance really int cheaper than and yet highly he Are critical Dis ease insurance these Promise to pay you the policy value if you contract from suffer a go or suffer some other singles who contract such Dis eases often have nobody to whom they can turn for making these policies especially attract something else single people must consider is strange though it May be to worry about divorce while the 1987 marital properties act does have some influence on the because the act requires All family assets to be shared on with a number of a failed marriage could easily wipe out half of the careless investors careful thinking Esther a lawyer specializing in family says that Means single people should use nonexempt savings and income to buy items Likely to become family such As a House or a exemptions from the act include inheritances and benefits from a family these proceeds should be used to buy investments that will remain separate from the As Long As an exempt asset is not shared in the it remains she its not something a lot of people consider in she you have to think very carefully about the source of the trick is to never use assets in an exempt category to buy things that Are other exemptions in the act in clude Money or assets owned before the the appreciation accrued by that Money must be shared on says lawyer Jim for one spouse brings an House into the marriage that appreciates to at the time of unless a prenuptial agreement stipulates that spouse will recover his but will Only get half of the App re to help protect the investment in the Beaton suggests convert ing it to a rental property before Hirsch says that wont make a difference when it comes time to split the but will let you retain full control Over the which could come in Handy if you want to sell after a bitter a gifted or inherited Home would be since As Long As it is not used by both parties in the it and its appreciation remains exempt from the she says if a single person is not prepared to have a prenuptial agreement drawn up when it comes time to he should at least plan his finances while single to minimize the Impact of both a future marriage and the Chance it Doest work Beaton says it May seem cold and unromantic to Bicker about belong Ings while wedding Bells have yet to but business is you have to look at things with less emotion and More at the cold hard he Toyota contract Doest cover celica premature rusting dear Phil my Winnipeg dealer wont fix the rust spots on my 1984 Toyota celica because i bought the car in the is this Legal the car is made by Toyota no matter where its my husband has the reverse prob he bought his 1985 Calais in Canada and had to pay for transmission repairs in the United states even though the car was covered under the Canadian Winnipeg dear Toyota Usa and Toyota Canada Are two separate Legal there is no contractual responsibility Between them when it Leonaid Phil Edmonston comes to honouring a customers War Toyota Canada usually pays for emergency warranty repairs for residents who visit the for Short periods of canadians residing in the have their warranty claims handled on a Caseb Case a Toyota Canada who wishes to remain told me that the company has no firm policy concerning this Type of War Ranty he says that cases where the vehicle is disabled and the manufacturer is obviously to blame Are Given priority treatment that Given full warranty cover i doubt there is much you can do about your be incas Prema Ture rusting was never covered by Toyota original warranty and the car is Over five years old beyond the reasonable durability guidelines for a vehicle of that you could try Small claims but our lawyers feel you Are Likely to run up against the problem that you pm warranty should cover emergency repairs in for 1885 have no contract with the automaker being in More optimistic about your husbands the emergency repairs performed on his vehicle in the should have been covered by pm under the Cana Dian warranty because both the and Canadian Arm of pm have a stated policy that their warranty is honoured no matter where you drive your Call Gas customer service through their Tollfree line in Oshawa at 18002633777 and ask for Reim if you dont get a Send a registered claim letter to pm and the Selling wait two weeks for a and if one is not Deposit your letter with the clerk of the Small claims readers might be interested in knowing that the new York state attorney generals office has forced Ford to revise practice of allow ing its dealers to refuse any kind of warranty service to customers who have bought their cars in the Ford dealers will to accept All warranty work or put the warranty exclusion in the new car contract before any vehicle is Ford is the Only Auto maker to have allowed this prac Odd dear Phil i own a 1985 vow Jetta with pm on the dome the car runs Fine except that the Mechanic says i need an engine Job because of excessive car Bon blames the problem on poor Quality gasoline and tells me to use Premium fuel and to gun the engine on the the original owners manual Doest say anything about using Premium fuel and in not inclined to go racing around the what would you suggest i do Randy dear Randy get a second Opin your problem May also be caused by poor fuel Supply to the engine or a malfunctioning electronic if you do have excessive Carbon buildup in the engine i suggest you change to a gasoline Brand with a detergent package that keeps the fuel injectors and intake valves relatively free of Carbon this Doest mean you have to buy the Premium in con Sumer report Magazine discovered that regular fuel often contains the same detergents found in Premium according to Esso and Texaco Are two Petroleum compan ies operating in Canada that passed the unlimited mileage Standard set by Bow for preventing the buildup of valve try the regular Brand of fuel either company for a few before investing in any engine readers May Send inquiries to Phil Box place do mortgage Security provides guaranteed income by Brian Taylor Tif you Are retired or require i guaranteed monthly income Al from your a relatively new product appeared on the Canadian investment scene a couple of years its called the mortgage backed Security and gives canadians an Opportunity to invest in Federal government insured mortgage backed securities Are investment certificates issued and guaranteed by the Canadian Mort Gage and housing corporation or Chc for whether they Origi Nate in a Trust company or credit All National housing act insured first mortgages across Canada Are put into a Pool by you can invest in lbs certificates that Are issued against a Pool of National housing act insured first in return you receive a monthly payment of both principal and for the mortgage backed securities Are a Way of insuring an adequate flow of capital for for interested there flexible and fully guaranteed invest ment Why invest in lbs if you need regular monthly this is an Ideal payments Are distributed to Security holders on the 15th Day of each along with a statement showing a current break Down of principal and there also Ideal for registered retirement income funds there administratively simple since the investor does not have to clip coupons or keep track of Payne set you can depend on the guaranteed lbs monthly As a govern ment the Chc guarantee carries me full Faith and credit of the Canadian and the yields Are there Are few securities that offer such attractive returns to the investor while at the same time having the High Quality of a government you can currently expect an annual rate of return around per Brian Taylor is an investment broker with Wood Gundy transit fare comparisons following Are Basic adult Cash transit fares in effect this year greater Vancouver Winnipeg Calgary Edmonton Regina proposals to raise the fare Are under discussion Hamilton Toronto Montreal Quebec City Halifax source Winnipeg Regina Tran set and Halifax Choc offices Gordon Preece Winnipeg few ;