Winnipeg Free Press

Winnipeg Free Press (Newspaper) - April 29, 1990, Winnipeg, Manitoba Retirement Home Tours pressure free by Leonard Sloane times news service investigate before you invest has Long been a watch word on Wall but when it comes to buying a retirement particularly in a Distant state or the Purchase is All too often made site others travel to the area they Are interested in and see Only real estate but there is a Way to visit Poten tial retirement areas on special vacation Tours that Are free of the pressure of sales pitches and that allow visitors to talk to others who have settled there full time or for part of the in contrast to Standard vacation these packages Cater to those looking for a place to Settle permanently or seasonally after their working the sponsors have no financial connection to the various develop ments that Are unlike the junkets run by real estate compan ies which arrange free or Low Cost flights to the Homes they Hope to when Middle aged people go off to test retirement they often return As Uncertain As when they left said Arthur author of the new world of travel 1990 Prentice simply to look at a retirement area is not to ensure that you obtain relevant information about its suitability for retire George president of the National tour a Trade agrees that preview Tours can be 1 dont think anybody would do this unless they were really ready to make a he if the Price is its a Nice Little but Hal manager of the american association of retired persons travel offered this caution these May be one Way of exploring but this is before the fact and everything looks great in not sure that in a tour there is the Opportunity to get into the depth of a tour should be looked at with in the confines of what it is no More than a Brief Opportunity to look and ask some Good ques Sun Belt states one specialist in this National retirement takes groups to retirement cities in a number of Sun Belt states Arkansas and the lifestyle takes its clients to foreign coun tries where the living costs Are relatively Low Argentina and the idea is the same in both cases offer relaxed vacations in wimp leg april is a look at death and taxes by Scott Barnard places where retirees May want to spend the rest of their allow ing the vacationers to meet Resi dents of the area and experts who can provide useful executives of the two companies said they take special precautions to eliminate any possibility of a hard or even of any sell at during these firsthand we take people to desirable Liv ing areas that meet our said Jane director of life style explorations of they get a Cross Section of the lifestyle in new locations and they can return if they want for longer Janet president of National retirement concepts of Chi said we dont even come into Contact with a real salesperson and we take no its almost a Little bit difficult to buy if you want the retirement whose participants normally Range in age from 45 to usually include trips to nearby tourist attractions and but the meat and potatoes of these guided Tours is the closeup look at As Many As 10 communities in a Region popular for for National retire ments tour of Florida West coast recently took participants to the Westinghouse getaway commune Sun City Centre and Mill Pond among a lifestyle exploration trip that starts soon will include visits to suburbs of Buenos Aires where Many americans like san Isidro and san Fernan important parts of the Tours Are seminars with chamber of Commerce real estate agents and government tourists get a Chance to ask questions and make contacts for followup visits or for services the Tours typically Range from eight to 15 Days and their prices Are generally competitive with general vacation Tours in those in the United states the Cost including accommodations and some but excluding air fare ranges from to a depending on the season and the number of people in the to pay up or pay that is the financial question residential mortgage rates As of april 1990 should you pay up your resp or pay Down your Mort Gage my wife and i Are thinking about taking out a mortgage to buy a writes should we then pay off the mortgage year by year and contribute to or forget the rasps and pay off the mortgage faster that is one of the most frequently asked questions these the answer can vary and depends on both your current situation and your plans for the several computer programs have been developed to show which Choice makes More sense but you can get a reasonably Good Indi cation in a less structured a division of counsel has prepared a on Page anal Ysis which deals with this it provides four simple guidelines plus two detailed examples with calculations which illustrate what Hap pens when one follows the mortgage Paydown or the resp dire Trust is offering readers of this column a free copy of this they should write to Kath Leen marketing manag 36 Toronto suite m5c you can also answer the following questions to help you choose whether the mortgage Paydown or the resp approach would be better for 1 Are you and your partner in one of the two higher tax brackets now 2 can you earn a decent rate of return on your resp close to or perhaps even More than the Mort Mike Grenby Gage interest rate 3 will you leave your Money in the resp for a Long time 4 might you be in a lower or the same tax bracket when you take out your resp funds 5 Are you More Likely to make regular resp contributions than to have the discipline to keep aside savings to pay Down the mortgage 6 do you feel comfortable with debt the More yes answers you the More Likely it is you should choose the resp of you could also decide to contribute to an then use your tax refund to pay Down the and if the proposed resp changes go starting in 1991 you could pay Down the then make catchup resp contributions up to seven years lets take a closer look at some of the preceding the higher your tax bracket the More tax you will save when you contribute to an you could then also invest your tax Sav Ings to produce even More invest ment if you Are in the lowest tax with taxable income below about for the the tax savings of the resp approach diminish the relative rates of return Are if your mortgage is costing you 11 per cent and you can get at least that return on your resp youd lean toward the but if you have a mortgage and when you make your resp contribution the Best return you can get is Only around 10 per paying Down the mortgage might be better least in the Short the longer you leave your Money in an the More Money magic the tax free compounding can prod if you expect to be in a lower tax bracket when you withdraw your resp you increase the tax this would also apply if you contribute to a spousal resp and your spouse will be in a lower tax bracket when the funds come out than you Are when the funds go theories and computer project ions Are but you must face the realities of the Way you manage and save whichever route you make sure you will indeed be Able to follow a second Best approach that you stay with is better than a Best Choice you dont Many people pay off a mortgage because they feel better about get Ting out of debt even though the resp route might be More profit you should be aware of your feelings but also Check any costs involved so you decide Only after examining both the personal and financial Magazine lists to paid executives new York a the head of Mccaw cellular communications topped business weeks annual ranking of the highest paid chief executive officers with million us last the Magazine said Craig chairman and chief executive officer of the largest cellular phone company in the United earned that amount in bonuses and Stock the Magazine reported in its May 7 second was Steven co chair Man and ceo of time Warner who received million As co head of the Media the bulk of his earnings million was in Lon term compensation such As Stock the ranking differs considerably from one released earlier this week free seminars on Money management wednesday May charter House hotel 7 9 portfolio planning the right mix of guaranteed investments and growth funds in your thursday May 3 charter House hotel 7 9 retirement planning j creating maximum retirement income through Grifs and free door prize draw at a informed consumer seating is limited Call 788404o to Reserve your seat Rice Many Happy re uitts by Forbes that list ranked coca cola chief executive Roberto As with million in salary and other compensation last business week placed Goizueta listing his compensation at the Forbes list included Only cos from the magazines ranking of the 50 largest while business week surveyed 356 Public companies in its 40th annual Mccaw cellular was not among Forbes 50 largest compan Able mortgage finders Assiniboine credit Astra savings credit Bank of Bank of Nova Bison mortgage Calisse Populaire cambrian credit Canada Trust carpathia credit Central guaranty Cibic mortgage confederation Trust cooperative Trust counsel Crosstown credit Alchris mortgage for Saline Hansa credit holy spirit credit Hylyne credit Inland investors Laurentian Bank of London life insurance Mary Allison Mage services Montreal Trust mortgage National Bank of National North West North credit Union peace Hills Trust Presnor Trust of Progress Vera credit Union Royal Bank of Royal Sigmar mortgage Sun life the Mutual Toronto Dominion total mortgage last weeks mortgage rates were printed in error in fridays the rates listed Here Are current As of april source mpg real estate Board Winnipeg free press Money investments outlined Toronto up the newest Spring and summer catalogue on the Market has no Glossy pictures of clothing or its a catalogue for people shop Ping for tools not for fixing the but for investing Green line investor services has published the first research catalogue of its kind in listing some of North americas investment the broker said the 1990 Spring and summer Cata Logue lists a variety of products and one gives investors de tailed financial information about and others enable them to Call up Stock Market quotations on their personal computers or Access a data base that analyses the movement of says Margaret manager of marketing for Green the discount broker is a wholly owned subsidiary of the Toronto do minion year washable anytime full interest after 60 counsel Trust 250 Portage Avenue Winnipeg 204 9440021 toll free 18007820077 member Canada Deposit insurance corporation of All a persons tax re one of the most important is the one filed after death by the executor of the the or has a Good Deal of flexibility in handling a deceased affairs in ways that will minimize one tool to accomplish this is the deceased tax re turn in up to four the advantage of filing separate returns is that the deceased in come is spread Over More than one return and the personal tax credits can be claimed on each As a total tax will be Here Are the four returns the general the one that we All file every must normally be filed by the later of six months following death and april 30 of the following the final general return will report the deceased income from 1 to the Date of including dividends and death triggers gains and losses on capital property except that willed to the this must be included in the final return As Howe taxable capital gains Are reduced by the persons lifetime Cap ital gains to the extent that it was not used if the capital property is the Cou Ples principal it is exempt separately from capital gains d the right or things return can be filed up to a year after or 90 Days after the Date of assess ment of the final general this return is for the reporting of such items As dividends that were declared but unpaid at the time of death salaries and commissions and other amounts owing to the deceased for a pay period which ended prior to death and Bond Cou Pons that have matured but have not been d if the deceased received Trust a third return can be there is a fourth return for a person who had his own unincorporated business or was a member of a while capital property left directly to the surviving spouse or a spouse Trust automatically Rolls Over tax the executor May elect to have some or All of the property Transfer at fair Market this allows accrued losses to be realized which May be deducted against other in come in the deceased final registered retirement savings plan resp premiums of the if refunded directly to the surviving or indirectly through the if appropriate elections Are filed May be rolled Over tax free into the surviving spouses if the executor the estate can make a spousal resp contribution within 60 Days of the Date of this would reduce taxes while building up retirement income for the Scott Learnard is a chartered accountant is with Price tax trial drags into sixth year Toronto up Canadas Lon Gest running criminal Case is being played out in a courtroom devoid of spectators As the tax evasion trial pores Over immensely Complex financial the trial of Toronto financier Joseph Burnett is being held in new 30 Kilometres North of to because no courts were available in Toronto to accommodate the lengthy it began for 5y2 years Justice Patrick Hartt of the Ontario supreme court has listened to Evi Dence in a trial that was originally expected to take about one the courtroom set aside for the Case houses thousands of pages of documents included in the exhibits that have been entered into evidence so a lawyer and Multi millionaire is chair Man of Burnac the one of Canadas largest privately owned has extensive interests in real financial ser vices and the food Industry and is estimated to have assets Worth More than in the tax Burnett and Ruth Bern holdings which the prosecution says Burnett controls Are charged with evading taxes of million on million of undeclared income Between 1971 and Burnett and the company have pleaded not besides the complexity of the several factors have delayed its for three months of the year the courtroom is used for local criminal and for another two months the Case shuts Down for As the court Only sits for hours a Day to allow participants time to travel from Toronto and to allow lawyers time to prepare their ;