MAD HATER PAGE .6

Personal finance

In the interests of greed, avarice and _ future.financial ease, it is time for us to plan our RRSP contribution for 1980. In fact, if you have a self-ad- ministered plan, you are well aware of the need for constant surveillance, as stock market prices tend to advance. at this particular time of year with the massive infusion of new RRSP money in to the market.

For the 'normal' RRSP, i.e. fixed in- come type, you should act now for the 1980 tax year, the deadline being february 28, 1981. Remember that financial institutions have little time for any personal consultation the nearer the deadline.

I am aware of no significant changes that have occured in the RRSP rules. Your 1980 contribution to the Douglas Pension Plan is indicated on the final pay stub issued by the College in 1980. Below is a brief summary of the current RRSP rules. Good luck.

- CONTRIBUTION AMOUNT

Uo to 20% of earned income to $5,500 if you do not have a pension plan, or if you do, the maximum is the lesser of $3,500 or 20% of earned income, less your pension plan payments.

EARNED INCOME

Earned income includes net employment income, net rental income, super- annuation or pension benefits, alimony payments and retirement allowances and net business profits. It does not in- clude investment income.

SPOUSAL PLANS . The high income spouse can make ribution to the RRSP of the lower income spouse. The contribution limits des- cribed above apply to the contributor. The advantage of a spousal plan is that the tax deduction applies to the spouse with the higher tax rate while the ul- timate taxable benefits accrue to the spouse with the lower tax rate.

BORROWING Interest on RRSP loans is tax deductible except for spousal contributions.

acont=

WITHDR&S ALS

Withdrawals can be made at any time, but

are subject to tax in that taxation

year. RRSP's must be wound up at the

end of the year the beneficiary reaches

age 71. Tax vay be paid then, or the in-

vestor may:

1. transfer to an annuity payable for

_ life, or for the lives of both spouses,

2. purchase an annuity with payments ex- tending to age ninety, or age ninety of the spouse if the spouse is younger.

3. transfer the proceeds to a Registered Retirement Income Fund from which in- come is withdrawn over the remaining years of his or her spouse to age ninety.

. MURRAY LESLIE Business Division

FACULTY AND STAFF BASKETBALL If you enjoy the thrill of competition

’ and the roar of the crowd... go to a hockey

game. If on the other hand you want some laughs and a good workout, join the Douglas

, Thirty-Plus(*) basketball team in the Winslow Gym Thursday nights from 8:99 to

10:09 p.m.

Ne need lots of new players so come and bring your friends. Previous experience in this league is definitely not required. For more information call Bob Brown, New Westminster, local 211.

CONTINUED FROM PAGE 5 will keep your score on hand and you will not have to re-write this test again for the designated threshold testing.

Any of the preparatory reading work will make you less anxious, more able and more wise - all factors which should increase your achievement for the threshold requirement.

For any further test or course information, call one of our Reading/ Study Skills Consultants:

Sandra Carpenter - (S) Loc. 258 Sherry Ladbrook -(NW) Loc. 243 Tan McCaughey # (RY ioc. 4h