Winnipeg Free Press

Winnipeg Free Press (Newspaper) - April 29, 1990, Winnipeg, Manitoba Parking tickets pay them by phone 9479300 a division of com chef St vices limited Winnipeg free press april pages 1324 Philip business editor my your Money a few simple precautions can mean trouble free weekends at Lake by Kelly Taylor for the workday Urban few things in life match the serenity of a weekend at the the same thing peo ple buy cottages for also makes them so hard to protect the Soli not having Nosy neighbors also Means having no one to Call the police or fire Crews if something goes and since Many Vaca Tion spots Haven got year round Road regular police patrols Are As the isolation gives thieves ample time to break in other if they want to get they cottages Are definitely an easy says Bob at the ramps Whitemouth which patrols much of the White Shell cottage if you beef up the smash a for that the ramp places More emphasis on having items made easier to and making sure the thief knows police will loan out an engraving tool to scratch a personal identification into Howe suggests using your social insurance Howe said the sin should be scratched into an inconspicuous such As on the inside of the appliances or inside the Battery he says the fewer marketable items you leave at the cottage the you have to remember were dealing with the criminal and that list serial numbers if he sees something he thinks he can hell grab another thing he recommends strongly is recording the serial numbers of appliances left at the the irony he is the same people who dutifully record the serial numbers of goods bought new for the Home forget to do the same for cottage bound which Are often the list should be kept away from the because if the thief finds hell take and destroy it to cover his Howe warning stickers Are available to Tell thieves the goods have been although he concedes both processes seem a bit like Locking the door after the burglar has some thieves Are deterred by the knowledge they May be traced to particular some will take the some ramp spokesman Wyman Sangster says another thing people never think to do is not leave liquor at the he burglars will find the get and then cause More damage than they would if for cottagers in More populated the ramp has a program called similar to neighbourhood watch programs in the cottage watch works by having permanent residents keep an Eye on their neighbors property during the those whose cot Tage is not near any permanent neighbors cant take advantage of the Howe since theft insurance is often too costly for the average cottage one consultant estimates theft coverage could easily double the premiums on a Standard fire policy the key is Howe i i roofs and exteriors should to made of fire resistant materials i avoid accumulation of flammable keep a fuel free area around the preferably a Large Green remove highly flammable plants immediately beside do not stack firewood against keep a Garden Hose Long enough to reach All exterior surfaces attached to the water develop a Standard evacuation plan and know Power and Gas shutting off never leave but if you Mark them for identification and record their serial do not leave liquor in the la have Neighbours Check on the cottage insuring a cottage against fire is fairly though there Are a few things to watch said insurance consultant Bryon for Many policies have a clause stating that a replacement cottage must be built within 100 feet of the previous try and have that said who does not sell any insurance with that the insurance company will Only pay to have the cottage built on the existing but if the entire lot and cottage were destroyed by a Forest there be Little incentive to rebuild for at least 10 he if you have a the cot Tage the River or water is usually damaged and the lot is without that you would be free to take the Money and rebuild somewhere although you would Likely have to eat the Cost of a new cottage insurance is a Little different from House he because if you want coverage for things like and other buildings on the they must be specifically included in the he says you might be Able to insure the land against damage from Forest fires if you but Hes not aware of anybody actively marketing such a when it comes to theft Johnson warns against another trap people fall some people assume because their House policy covers theft of property while it is temporarily away from the principal they Are covered if something from Home is stolen while at the he that not the Case he household belongings Are Only covered outside the Home As Long As they were not stolen from a property owned by the Holder of the he while insurance is much needed making a claim costs you at least the deductible and makes you a less attractive Cus Tomer for the use Best materials the Manitoba department of natural resources offers a few tips to help prevent damage from when building a the department stay away from Cedar shakes or or at least treat them with fire Retar if i were building a i use them at retardant Only retards so said Peter fire prevention All Loose Brush and dead grass should be removed from under and around the cottage and at least five metres of open space should be be tween the cottage and any he a Large Green Lawn is something that moisture Rich As opposed to dry and he once the Brush is cleared from under the the open space should be screened or sheathed to prevent Brush from cluttering chimneys and attic openings should be and firewood should be piled up away from any natural resources has produced a brochure of fire prevention the brochure is available from the department or from local fire offi while the tips May help reduce Kono Pelny says nothing is you could do All this have a fire go through and still lose he retirement budget must reflect changing priorities by John Switzer most retired people live largely on their employer since few pensions Are indexed to this Means living on a fixed income that will slowly be eroded by not Only is there a constant squeeze Between your fixed income and continuing expenses but your capital base is Likely to be shrink in this you need a care fully structured budget that is regularly kept current to reflect Chang ing circumstances and this will include savings in retire ment to offset the inflationary until the end of the year when you reach 71 you can keep contributing to a registered retire ment savings rasps not Only build up retirement savings but defer be As flexible As possible for As Long As rather than using your resp funds to buy a fixed term consider a registered retirement income which you can convert to a fixed term annuity later if interest rates keep your lifestyle in retirement should be if you want to take a trip each year or join a country plan for on the plus expenses will be lower than during your working the mortgage is usually paid off by the time you your children have left Home and such expenses As car costs and the need for an expensive wardrobe Are the budget itself is straight for itemize All income sources and All to be on the Safe Side be conservative in estimating income be generous with keep in mind your need to make income tax usually since you will not have the continued advantage of having taxes fully deducted at be sure to include an emergency fund in your savings apart from drawing on savings and income How do your meet your needs if there is a shortfall the answer might be to buy a car less often then you Are used to if you have a to sell another answer might be the re verse which effectively allows you to take equity out of your the concept is that you arrange with a financial institution to receive Money so that you Are building up debt that is repaid when your Home is sold at your John Switzer is a senior manager with National Patrick Fellows widows wealth worrisome i really hate is when people like the widow t t of 77 write in and ask advice on How to save taxes on their some big moneymaking companies in Canada didst pay a Penny in income tax in 1989 and some people Are trying to do the same imagine having several Hundred thousands dollars Worth of gics and Bank to Gether with stocks and a Deb free Home and still be trying to save add my husband and i Are in our mid50s and Semi retired with a combined income of and no savings stocks or we have a Small Bank bal Ance and moderate Home with a Small on our income we had to pay the government in 1989 we live within our help our family if the need arises and enjoy doing Tell your wealthy widows to spend a Little and Stop Toronto the widow with Money May not enjoy the sense of perspective you have acquired in the school of exp in the Case you cite she indicated that looking after her financial affairs alone was some thing she was unaccustomed so Well forgive her a measure of a but your general observation is on firm the More Money people have the More they want for the More they to some extent its but theres a fear induced by the perpetual spotlight on its reasonable to think ahead about but it be an Many of those with the hoarding instinct Arent going to live to enjoy it meanwhile they sit on piles of Cash that could be put to better there Are kids with hungry charities and entrepreneurs needing a at the other end of the those who Are less better off owe it to themselves to learn How to Maxi Mize income and keep tax today High interest rates Are widely but you dont get top returns in simple savings a gics and term deposits pay better and Are highly popular with those who can lock their funds up for a few months or Why not go for the Best yields so As to make your income stretch Odd i have dual citizenship Cana and am seriously considering moving to Florida for eight months of the will i pay Canadian income tax since my pen Sions come from Canada if i do temporary work in both the and what happens to my income tax Ive tried to get through to the but All i get is Toronto Canada generally uses residency As a taxation base while the puts More stress on but hard and fast rules dont if you work in both you May be taxed in both its a matter to be sorted out Between Revenue Canada and the internal Revenue the latter has an office at the embassy in 60 Queen Telephone 613 we cant Promise you wont get a Odd in 1990 we moved from our principal residence to a Condo we tried to sell the but so rented How after a few months we Are not sure we Are ready for Condo living and Are thinking of moving what happens with the principal residence status of these properties if we return to the House and rent the Condo or sell it Toronto the simple answer is that the House can remain the principal Resi Dence and the Condo May produce a capital gain when disposed based on the difference Between its acquisition Cost and proceeds of disposition or deemed even though you left the you have the option of continuing to treat it As your principal residence for four you May of claim two principal Resi Dences at the same questions on Money and invest ment problems May be sent to your the free 300 Carlton r3c not every question can be swered but All will be considered for use in the ;