Winnipeg Free Press

Winnipeg Free Press (Newspaper) - January 21, 1991, Winnipeg, Manitoba Winnipeg free january 15 glitches in resp Law cited by financial there Are a few glitches in the new resp and pension Law which must be reme says Tom National president of the federation of Independent Deposit Bro the problem stems from the fact that the current years maximum allowable resp contribution for anyone is based on his or her previous years and Rice con tends that allowable contribution limits for certain categories of taxpayers should be based instead on a More current formula reflecting their present income he calf for a review of and appropriate amendments to the Law which took effect who Heads Rice financial group in Doest know whether the glitches were purposely incorporated or whether they were merely oversights in drafting of the for example d if you were jobless All last year and Are now self employed or working for a Compa you would be prohibited from making an resp contribution now because you had no qualifying income in d if you were a pension plan member last year with a company or the government and Are self employed this you will not be Able to contribute to the full resp contribution level for an individual since your allowable contribution will be reduced by the pension adjustment figure that will appear on the t4 slip from your previous d As a sole you had a poor year in 1990 and Are now doing booming you will not be Able to contribute very much to an resp this year despite having plenty of that because your allowable contribution this year is based on earnings from your poor business Cycle in in if business is poor again in you will qualify for a higher contribution based on your healthy income of but probably be unable to contribute As much As you would like since you now dont have much Money to As Ottawa should take legislative action on one other says Dennis president of annuity planners of to protect the investor with equities in his he feels there should be a Law stipulating that Mutual funds advertise their performances Only on Jan Maryt january and that the performance comparisons be Given at Points of five and 10 Cale Points out that some Mutual funds will advertise growth of 18 per cent from 1990 to yet will ignore the january january period because of a Stock Market downturn that sent the tse 300 composite Index from 4000 on to 3200 on even if the tse 300 were to shoot up again to 4000 by he says the in would have gained nothing Over two careers looking for a better Job youll find the widest Choice in careers every Winnipeg free press Home delivery 9570550 foreign asset limits raised by Kerry Learmont for press news lurking among the Many tax measures in the fed eral budget was a Surprise that won Praise from pension experts across the after years of finance minister Michael Wilson agreed to allow More pension Money to be invested outside pension funds including rasps were hit with a hefty tax penalty if More than 10 per cent of the investments were in foreign Many pension fund managers campaigned against the Wilsons budget increased the maximum to 12 per cent for the 1990 tax the level continues to increase two percentage Points each year until it reaches a new Maxi mum of 20 per Bill certificates the Canada Trust Asp 91 Day Bill certificate pays a rate that approximates the Bank of Canada 91 Day the current rate is subject to High rates Canada Trust Asp investment certificate rates on one to five year terms Are normally As High or higher than major Bank we invite Bonus you can earn an even higher rate on one to five year Asp investment certificates from january 1 to March were paying a Bonus on new and renewing certificates each year that you maintain a balance of or More in a Canada Trust personal savings or chequing account during the term of your bigger Bonus beginning january new and renewing Asp investment certificates of any amount Are paid a higher and higher rate based on the total value in your having All your Asp business at Canada Trust makes its easy to Transfer Well handle the Transfer Bonus from january 1 to March when you Transfer an Asp to youll receive an interest Bonus of for every transferred up to that equal to Bonus for one year on amounts up to Mutual funds a Canada Trust Asp can also include Bond and mortgage based Mutual these funds offer potential for higher returns Over the Long and play an important part in the financial retirement planning of thousands of instant tax receipt your tax receipt is issued when you make your Deposit not Days or weeks 90 no pay Loans Well lend you the Money to make your Asp Deposit right on the spot and with Only your signature if you use your tax refund to pay off your our 90 Days feature is interest theres no payment for 90 Friendly service the Canada Trust Asp has been Canadas most popular for Over two our reputation is built on very competitive Friendly service and the most knowledgeable staff Well be Happy to explain the increased Deposit limits for the 91 taxation year and other Asp tax we recognize that youre the reason we have a business open 8 to 8 for your we have great hours All year not just during most of the 339 Canada Trust branches Are open 8 to 8 monday to Friday and 9 to 5 fund investments Are made through it Mutual fund dealer a separate corporate entity which is a wholly owned subsidiary of Canada Mutual funds fluctuate in Market value and Arent Mutual funds Are offered by prospectus Only and is available at any Canada Trust Canada Trust lit of open 8 to 8 monday to Friday saturdays 9 to 5 Winnipeg Portage at Cavalier 9854570 Portage at fort Corydon at Wilton 9854400 Henderson at Oakland 9854550 Mcphillips North of Inkster 9854560 marys at reel 9854540 Corydon at Edge land 9854620 Brandon Rosser at 9th 7276459 open hours shown life insurance companies savings account Type rasps fixed term Deposit Canada life confederation life cooperators life great West life London life manufacturers life metropolitan life Prudential life Royal life Standard life Sun life minimum Deposit or monthly or monthly or monthly Loo or monthly or monthly or monthly or or monthly or Moni Italy or monthly interest rate 10 10 10 interest rate Jaran teed Ilia Bally daily daily t5aily Dally daily daily daily daily interest compounds quarterly monthly Jaily daily daily daily monthly annually termination or redemption none none none none withdrawal fee none none none none possible Market value adjustment plus fee none minimum investment washable washable washable washable 25 washable washable non washable washable washable washable washable interest rate guaranteed years 1 year 10 2 years 3 years 4 years 5 years 1 year 2 years 3 years 0 4 years year 4 years 5 years 1 year 2 years 3 years 4 years 5 years annually year 2 years 3 years 4 years 5 years year 2 years 3 years 4 years 5 years 1 year annually 2 years 3 years 4 years 5 years 1 year annually 2 years 3 years 4 years years 101 1 year 2 years 3 years 4 years 5 years year annually 2 years or at 3 years saving rate 4 years and meow 5 years crediting 1 year 2 years 3 years 4 years 5 years interest compounds annually annually annually Oral saving rate at time of crediting annually tt5373 annually annually or at saving rate at time of crediting Transfer a registration fees discounted to current or contract rates plus 1 be Ossi Bli Market value adjustment plus 1 of current interest Market value partial surrender 1 free per adjusted to Market adjusted to Market adjusted to Market none adjusted to Market adjusted to Market adjusted to Market partial surrender adjusted to Market our resp leases the Competition if youre looking for an avoid the Hon Kong Bank of Canada Guaran tees you rates higher than those set by Royal of National Bank of Canada Royal Trust and Montreal Trust on fixed term redeemable there Are no administrative or service and your entire Deposit is no matter what the by the Hon Kong Shanghai banking corporation one of the largest financial institutions in the so race in to Hon Kong Bank of Canada for your resp and you wont get left Hon Kong ban of Canada 240 9561632 ;