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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - February 19, 1975, Lethbridge, Alberta Consumers beware byLYNNEGORDON RRSP's mind-boggling If you haven't jumped an the Registered Retirement Savings Plan bandwagon, panic may be setting in. But don't let .the stepped-up advertising and the March 1 deadline push you into a foolish and emotional decision. If you haven't found time to get some sound advice on just the right plan for your particular needs, be careful. It is a very con- fusing area. Basically it is an excellent and unique way to help people save towards retirement. The contribution you make to an RRSP is deductable from your 1974 income tax and any interest or growth in that par- ticular RRSP is on a tax free basis. But you DO pay the tax when you withdraw your money the idea is you will withdraw when your income is lower. A consumer can invest up to 20 per cent of his income, not exceeding J4.000. If you are in a pension plan, these contributions are limited to a combined total of These are some of the basic characteristics but there are .significant differences between different RRSP's and everybody is in the race competing heavily for your investment dollar. You can go to a bank, a trust company, a credit union, a mutual fund salesman, your stockbroker and they all have "the perfect plan for you." But remember, they have a vested interest in selling their particular one. This "tax shelter" may be great. Everyone should be think- ing in some way of saving towards retirement, but an RRSP is not necessarily great for everyone. If you are in a relatively low income bracket, it may be wrong to go in over your head just to defer taxes today and hurt later. But if you are determined to take the plunge before you have time to consider all the angles, my best advice is to go to a bank or a trust company and put your money in one of their guaranteed RRSP funds. This allows you the most flexibility. Then when you have time to think it over, you may want to transfer or roll your money over to a more suitable plan. You can do this without paying a large termination or surrender fee. Now check out all the other systems where you are not un- der pressure. t There are advantages and disadvantages to all the plans. Mainly it depends on your income, your goals, your present investments and your emotional needs. If you don't like the ups and downs of the stock market, you may want a guaranteed fund. I! you want a bigger hedge against inflation, and are willing to take some risk, you might want some common stock based funds. A mortgage fund is a relatively new vehicle being used by RRSP. These too can be tricky because they fluctuate but they don't fluctuate as much as common based stock. They would probably fit halfway between a guaranteed fund and a common stock based fund. A self-administered fund is where you make your own investments assisted by a financial counselor. You can make a lot of money but you can also lose your shirt. And you might ask yourself whether you have the time or do you want the headaches of investing on your own. You might find it more profitable to .put that time in your own work. These are just a few of the plans open to you. I can only scratch the surface. But it does indicate how much thought you should give before you invest. If you can't get all the answers you want from someone you trust at a bank, trust company, in- surance company or brokerage firm, speak to your lawyer, ac- countant or pay a fee to a financial consultant. I Wtdnndiy, Ftbruary 19, 1975 THE LETHBRIDGE HERALD 35 In Co-operation With the Canada Winter Games, we will be giving away Chances at McKillop UCW elects executive Margaret Unrau has been elected president of the McKillop United Church Women for the coming year. Other officers include Joyce Anderson, honorary president; Nina Kloppenborg, past president; Grace Madill, first vice president; Pearl McKague, second vice president; Louise McArthur, recording secretary; Nine Kloppenborg, treasurer; Pearl McKague, press and publicity; Peggy Prato, program; Marjorie Cannon, citizenship and social action; Mary Cumming, World Outreach; Marlene Meyers, Christian and missionary education; Donna Reed, literature and com- munication; Ethel Underdahl, community and friendship; Hilda Lyckman, library. Unit leaders are Betty Forry, Freda North, Jessie Pinches, Edith Haszard and Bemice Kirchner. During the Canada Winter Games Get your Canada Winter Games Lottery Ticket I IfSU! With the minimum purchase of worth of Groceries, Meat or Bakery Items in our store. DON'T MISS YOUR CHANCE Copyright 1975, Toronto Sun Syndicate THE NEXT LIFE SKILLS COURSE is starting MONDAY, MARCH 10th LIFE SKILLS Is a successful course in applied problem-solving and cop- ing Skills, used APPROPRIATELY and RESPONSIBLY in the manage- ment of one's life. All Inquiries WELCOME at CANADIAN MENTAL HEALTH ASSOCIATION Phone 327-0100 Immigrant women have 'friends' OTTAWA (CP) Second generation immigrant women exploit new immigrants who are unfamiliar with Canadian law and do not speak English, says a UNESCO spokesman. Wanna Joy Hoy, program officer for women's status with UNESCO, said this week that Chinese immigrant women "wanting to work in the Vancouver area are being exploited by second- generation Chinese who know the laws and speak English." Employers, she said, force the women to report for work at 4 a.m., charge them 75 cents for a ride to work and an additional 75 cents to return in the evening. "These women receive to an hour while men re- ceive the minimum British Columbia wage of she told a Council of Women of Ot- tawa meeting. Establishing counselling services for immigrant women, is one of UNESCO's priorities in International Women's Year, she said. But, she added, money is available only to activate interest in the program, not for operating costs. Peaches tare Polish Dills Tomatoes OK 3 Ichiban Noodles Fields I H 8 .I89 Tang Orange Crystals 119 Pineapple Juice 2s1 O39 oo MMWlUHouMlMlint. 10oz Mushrooms u az Syrup uiikirjicuzoz Chili Con Came Bridge Mix 240 I09 Wax Paper Refills Fabric Softener CHUCK STEAKS Canada Grade A Ib. CHUCK ROASTS of BEEF CROSS RIB ROAST PRIME RIB ROAST LEG ROAST of PORK 85 ,129 Id. I -109 TOMATOES MrtlCN fc.'l GRAPES CHIfonHtlWEMpinr APPLES AVOCADOES 3l1op MCk WHITE BREAD 10 339 I W loaves W VANILLA SLICES CRUSTY ROLLS Dozen FIELDS STORES LTD. 316 6th St. South it, S Wl V WB RESERVE THE RIOHT TO LIMIT QUANTITIES J- i ;