Managed Money Reporter Newsletter
Editors: Carl Spiess & Allan McGlade
"The purpose of acquiring wealth is to enjoy life more." - Dr. Morton Shulman
Do we plan to be wealthy? It's an interesting question. Undoubtedly most of us want to be wealthy, but do we actively plan for it? So often we are too busy making a living - putting money away when we can, and hoping that by the time we get to the age of retirement we'll be able to do some of the things we've dreamed of - to actually plan for wealth. And yet long term planning is crucial in every area of our life if we are to achieve the things we really want. If the purpose of acquiring wealth is to enjoy life more, we should be actively planning, every day, to be wealthy. We should have a road map that we follow, that determines our investments, so that we eventually get to where we want to be.
Only you can determine what "wealthy" means to you. In his novel Texas, James Michener lists the various levels of wealth ranging from "comfortable" ($1 million to $20 million) all the way up to "Texas Rich" ($1 billion to $5 billion). Based on this scale, most of us would probably quite happily settle for being "comfortable"!
What are the strategies that can be used by everyone when it comes to planning for wealth?
Questions for Revenue Canada?
Try them at 1-800-668-7622!
Revenue Canada has announced an extension to the deadline for contributing to an RRSP to utilize PAR room to April 30, 1999.
PARs help to recover RRSP room particularly for individuals who terminate from a defined benefit pension plan prior to retirement. Pension Adjustments for defined benefit plans usually overstate the value of the pension earned to date and thus understate RRSP room. Younger, high income plan members have been acutely aware of this problem.
A PAR is calculated when membership in an RPP or DPSP ends and the amount received from the plan is less than the total pension adjustment (PA) and past service pension adjustment (PSPA) previously reported.
Beginning in 1999, PARs must be reported to Revenue Canada no later than 60 days after the end of the calendar year quarter in which the termination takes place.
Full details are on Revenue Canada's web page http://www.cra-arc.gc.ca/tx/rgstrd/papspapar-fefespfer/par-fer/menu-eng.html.
Are You Getting a Pension Adjustment Reversal (PAR) for 1998...
...but don't have the spare cash to take advantage of a RRSP contribution? Consider taking advantage of a Scotiabank RRSP loan at prime! Drop by your local Scotiabank to make the arrangements. Remember, the last day for a 1998 PAR contribution to your RRSP is April 30, 1999.
Vito Maida was removed from portfolio management responsibilities with Trimark. Vito was the lead manager for both Trimark Canadian and Trimark Select Canadian Growth funds. Senior portfolio manager Ian Hardacre will take over responsibilities as lead manager for the two funds. Trimark will also be looking to hire a second Portfolio Manager to join the Canadian Equity team
Spectrum United Mutual Funds announced that Kim Shannon has resigned from AMI Partners to move to Merrill Lynch Asset Management. Kim, formerly a partner at AMI, had been acting as the portfolio manager for the Spectrum United Canadian Investment Fund.
ScotiaMcLeod is a division of Scotia Capital Inc., member of CIPF.
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