Winnipeg Free Press

Winnipeg Free Press (Newspaper) - April 22, 1990, Winnipeg, Manitoba 10 Winnipeg free april get that return in on time Canadian press human frailty and what a sensible advice on How to Complete the income tax return abounds this time of but so does the number of people who titty on oblivious to Start the experts marshal Alt forms and the work Over several ses Good tips but useless to the Las minute types who each year fish their tax forms out of a drawer just before the april 30 deadline for by then its too late to get a needed tax form or make sure theres Cash in the Bank to cover any tax Bill owed to Revenue some taxpayers even con Sider filing late to buy time to Clear the experts say that would be a costly the temptation to file says Mike a Van financial hell or High file by april 30 even if your tax form is the reason is Grenby late filing costs tax returns postmarked after april 90 Are subject to a Fine of five per cent of the unpaid plus one per cent of the unpaid tax per month of up to 12 refund delayed no fines Are levied if its reve nue Canada that owes the refund will be delayed Grenby filing an incomplete form should those a problem As Long As commonsense precautions Are he lost an resp tax receipt or a t4 which is Given to All workers by employers to show yearly earnings in the Case of the resp re Pencil in the deduction on form and enclose a note saying the receipt will be mailed As soon As a replacement is Avail make it easy for Revenue Canada to verify the deduction by adding to the note the name of some one at the Bank or Trust company can verify the resp Pur says Peter director of financial planning services for Central guaranty in the Case of a lost Grenby the earnings to Date column of your pay Cheque stub from the last week of december should provide an exact earnings figure for the tips to help get through some of the Sticky problems in filing an income tax filling the forms parts the t4 should then be sent to Revenue Canada at the same address As the one on the return envelope of the tax form As soon As its never submit missing information by filling out a new tax Grenby they wont know which is the right and it could double the time it takes to sort out the if you have All your forms but simply forgot to enclose one with your tax dont Volpe just Call the nearest Revenue Canada office to explain the form is on its you May not realize a form is in which Case tax officials will Call or write for the Correct information and allow a month for it to be always file your tax form on even if its o if youve lost an resp tax Pencil in the deduction on the tax form and enclose a note to Revenue Canada saying the receipt will be mailed As soon As a replacement is d if youve lost your a glance at the earnings to Date column of your pay Cheque stub from the last week of december should provide an exact earnings figure for the Send a replacement As soon As you get one from your d never submit missing information by filling out a new tax d if you dont have enough Money to pay your tax Call Revenue Canada to work out a payback payments can be stretched Over six months to a year and can be worked out according to your monthly Volpe says Revenue Canada can Levy a Fine of for not providing information such As a social insurance but its an action rarely taken usually Only after a taxpayer refuses to disclose re tax procrastinators May also be tempted to delay filing be cause they find at the last minute they owe Money to reve nue but Lack the funds to dont Volpe Revenue Canada charges an Nual interest rates of 15 per cent up compounded daily on unpaid taxes beginning May so write a Cheque for the most you can afford and cover the rest in postdated he the tax department will still charge interest on taxes not paid says but at least youll be minimizing inter est to ensure your payback schedule is Revenue Canada likes you to Call and discuss it with last of a series baseball fanatics strike out in suit when three grownup men sue a former business associate and Friend for ownership of six sky dome season tick ets to the Blue jays Home Only then does one know the True meaning of the passion and in Toronto businessman de had three business associates and whose companies did business with eds now de liked his he liked doing business with and he want tight with the so when major league baseball came to Toronto in de figured it Hurt his business relations with his friends if he bought eight season tickets to the Blue jays and provided each Friend with two tick desirable location believe those tickets were not shlock they were in the desirable first base Field level baseball fans would Trade in their wives for those for 10 de renewed his eight and paid for then his Secretary sent six of those tickets to his and the friends paid Back Good old but a lot of things can change in 10 by de was no longer doing business with his six friends and he was rarely seeing them in the eds kids were beginning to raise their they accosted How come you have All those tickets and when we want additional tickets to see the Blue we cant have them and that want their Only com when we do use your Only two remaining weve got to sit near your were crazy about the we know every thing there is to know about the but your friends dont have the slightest appreciation of the its just no fun sitting beside them now de liked his but he loved his he wish for his children even one so he called his friends and said the time had he was reclaiming the Blue Jay precious tickets not for one moment did de foresee that trying to get the tickets Back would be As difficult As trying to wrench his friends children away from their Loving the friends were desperate at the possible loss of precious Blue business in Law Claire Bernstein Jay desperate enough to threaten to sue and de caved since he didst like courts and he extended the use of the tickets to his so called friends till the end of the 1986 and still trying to Pla Cate his furious he agreed to provide the tickets Only until the games moved to the sky in the Blue jays moved into the and so did the dispute Between de and his he didst want to keep on sending them the they take no for an so the friends took de to your we had an in written contract with As a result of that we Are the True owners of those tickets to the Blue eds old buddies then handed Over their shopping list to the your Grant an in Junction requiring de to hand Over the Blue Jay tickets to us each year and your order that de keep on buying those tickets each year on our behalf romantic passion the judge struck out eds contract what contract there was never a contract Between you and just because he offered you tickets and you accepted tickets does not a contract you Guys had use of the tickets on a yearly that ill Grant but that didst make you eds friends also flubbed out trying to prove de was holding the tickets in Trust for they prove they had advanced de the Money to buy the or that they had acted As the or that de had been unjustly enriched by keeping for his own use tickets that he had bought and paid its Nice to know that in a techno cratic men Are still capable of romantic passion and the kind of passion that once led men onto the duelling Fields the one difference is that today this kind of romantic passion and obsession int dissipated into the Messy spilling of but serves to feed the needy Mouths of lawyers and their families prof says Start saving at 25 Toronto up canadians who Hope for adequate retirement in come must Start saving As Early As age to ensure have enough says a University of water Loo the postwar baby Boom will ensure that the number of canadians age 65 will increase to More than 20 per cent of the population by the year 2030 from the current 10 per says Rob Means the Federal govern ment might Cut Back on old age currently As much As a and retirees will increasingly have to rely on the nest eggs they have set aside in their working no contract with the government that old age Security will remain As generous As it is Brown the government has already signalled an erosion of this pension by taxing Back pan of it starting in 1989 for people with net incomes exceed ing depending on the government for ones retirement can be Brown governments on sorted which Are not meant to fully fund Are weaken canadians must save As much As possible to assure a comfortable presenting figures from the Cana Dian Institute of of which he is Brown stressed that the later people Start saving for the tougher it is to put away enough a Man aged 25 who earns the average Industrial wage must save per cent of before tax salary each year to have enough to retire at age 65 with 70 per cent including government pensions of his final this jumps to per cent of annual salary if he starts his retire ment saving program at age women must save More to achieve the same result because their life expectancy is though on average their income is lower than while these figures will strike peo ple As Brown they Are possible to achieve through contributions to pension and registered retirement savings in both tax deductibility of contributions and growth of the Money on a tax sheltered basis mean the tax system effectively con tributes to retirement retirement annuities and Grifs As of april annuities and Grifs Are available from certain life insurance Trust companies and Banks licensed in availability is subject to Federal legislation and individual corporate policies among those offering such the following table illustrates the monthly income that of registered funds will provide at certain Trif Deposit rates Are also certain minimums May apply and All rates Are subject to change without 61 62 63 64 65 66 67 68 69 70 71 single life annuity 1qy0ar minimum male 1year female 2 year joint life annuity guaranteed 10year minimum male female 3 year 4 year term certain to age 90 male or female 5 year Trif to age 90 first year income Only minimum formula term to based on Purchase at age 71 note an monthly income shown commences one month after Purchase As rates Are affected by interest rate the rates Are subject to change at any rates represent the highest yielding plans at the time of source Fluce financial group inc Winnipeg free press current resp Deposit Trust Aetna Canada Trust Central guaranty Trust citizens guaranty Trust cooperative Trust 1 confederation Trust counsel first City 1 first line City 1 household line Inland investors group 1 1 metropolitan group 1 Montreal 1 1 Mutual 1 1 National 1 1 1 North West Pacific Western 1 1 West peace Hills 1 Western Peoples Hills Presnor Royal Saskatchewan 1 Standard 1 Sun Lile 1 Wellington life Banks Bank of 1 1 1 3ank Canadian Western 1 1 1 of 1 1 1 1 1 Western 1 Hon Kong 1 1 1 1 National 1 1 1 1 1 1 1 1 Royal Bank of 1 1 1 1 Scotia 1 1 1 Bank of 1 1 Toronto Dominion Dominion life companies companies american Canada 1 1 1 1 Crown great West 1 1 West 1 1 manufacturers 1 maritime 1 metropolitan 1 1 in North american 1 1 american 1 1 1 Royal 1 1 1 1 1 Seaboard Standard Sun tra Samerica 1 1 1 1 1 other Assiniboine credit 1 credit Caisse de de Security Home Nan certain Man mums May apply o both and rates subject to change without rates Lor Home Are compound annual interest and May include special on resp deposits and interest on Are certain minimums Mav Days 79 the majority Are compound not annual and will Days or prior to maturity with a Market value not All 19 Days Anies offer both registered and quoted As of Aoril source flee financial cup Winnipeg free ;