1-877-423-2001 www.fernierealestate.com www.sellingfernie.com TODD FYFE [email protected] Personal Real Estate Corporation (250)423-8989 Professional Real Estate Investment Advice photos: ciaran griffin / comstock / thinkstock THE FREE PRESS Thursday, January 26, 2012 15 www.thefreepress.ca
2012 Money Management
Mar 01, 2016
Tips on being money wise; such as pointers about creating a personal budget, taxes and debit cards.
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1-877-423-2001 www.fernierealestate.com
www.sellingfernie.com
TODD FYFE
Personal Real Estate Corporation
(250)423-8989
Professional Real Estate Investment Advice
ph
oto
s:
cia
ra
n g
rif
fin
/ c
om
sto
ck
/ t
hin
ks
toc
k THE FREE PRESS Thursday, January 26, 2012 15www.thefreepress.ca
2012 TERRAIN
THE HONOUR ROLL.CHOOSE YOUR BEST-IN-CLASS.
CLIENT :DOCKET :
AD # : SIZE : FONTS : RESOLUTION : INSERTION DATE:
PUB : PROOF : DATE :
46 MPG HIGHWAY 6.1L/100KM HWY
9.2L/100KM CITY
2012 SIERRA 1500 25 MPG HIGHWAY 11.2L/100KM HWY | 15.9L/100KM CITYt
ON N
OW A
T YO
UR B
C GM
C DE
ALER
S. b
cgm
cdea
lers
.ca
1-80
0-GM
-DRI
VE. G
MC
is a
bra
nd o
f Gen
eral
Mot
ors
of C
anad
a. *
/††/
†/**
Offe
rs a
pply
to th
e pu
rcha
se o
f a 2
012
Terr
ain
FWD
(R7A
), 20
12 S
ierr
a EX
T 4W
D (1
SF) e
quip
ped
as d
escr
ibed
. Fre
ight
incl
uded
($1,
495)
. Lic
ense
, ins
uran
ce, r
egis
tratio
n,
PPSA
, adm
inis
tratio
n fe
es a
nd ta
xes
not i
nclu
ded.
Dea
lers
are
free
to s
et in
divi
dual
pric
es. O
ffer a
vaila
ble
to re
tail
cust
omer
s in
Can
ada.
See
Dea
ler f
or d
etai
ls. L
imite
d tim
e of
fers
whi
ch m
ay n
ot b
e co
mbi
ned
with
oth
er o
ffers
, and
are
sub
ject
to c
hang
e w
ithou
t not
ice.
Offe
rs a
pply
to q
ualifi
ed re
tail
cust
omer
s in
the
BC G
MC
Deal
er M
arke
ting
Asso
ciat
ion
area
onl
y. De
aler
ord
er o
r tra
de m
ay b
e re
quire
d. G
MCL
, Ally
Cre
dit o
r TD
Fina
ncin
g Se
rvic
es m
ay m
odify
, ext
end
or te
rmin
ate
this
offe
r in
who
le o
r in
part
at a
ny ti
me
with
out n
otic
e. C
ondi
tions
and
lim
itatio
ns a
pply.
See
GM
C de
aler
for d
etai
ls. ♦
$4,7
00/$
8,25
0 m
anuf
actu
rer t
o de
aler
del
iver
y cr
edit
avai
labl
e on
201
2 Ac
adia
FW
D/20
12 S
ierr
a EX
T 4W
D (ta
x ex
clus
ive)
for r
etai
l cus
tom
ers
only.
Oth
er c
ash
cred
its a
vaila
ble
on m
ost m
odel
s. S
ee y
our G
M d
eale
r for
det
ails
. ††0
% p
urch
ase
finan
cing
offe
red
on a
ppro
ved
cred
it by
Ally
Cre
dit f
or 6
0 m
onth
s on
new
or
dem
onst
rato
r 201
2 Te
rrai
n FW
D. R
ates
from
oth
er le
nder
s w
ill v
ary.
Dow
n pa
ymen
t, tra
de a
nd/o
r sec
urity
dep
osit
may
be
requ
ired.
Mon
thly
pay
men
t and
cos
t of b
orro
win
g w
ill v
ary
depe
ndin
g on
am
ount
bor
row
ed a
nd d
own
paym
ent/t
rade
. Exa
mpl
e: $
10,0
00 a
t 0%
APR
, the
mon
thly
pay
men
t is
$166
.67
for 6
0 m
onth
s. C
ost o
f bor
row
ing
is $
0, to
tal o
blig
atio
n is
$10
,000
.00.
Offe
r is
unco
nditi
onal
ly in
tere
st-f
ree.
Fre
ight
($1,
495)
incl
uded
. Lic
ense
, ins
uran
ce, r
egis
tratio
n, P
PSA,
app
licab
le ta
xes
and
fees
not
incl
uded
. Dea
lers
are
free
to s
et in
divi
dual
pric
es. O
ffers
app
ly to
qua
lified
reta
il cu
stom
ers
only.
Lim
ited
time
offe
r whi
ch m
ay n
ot b
e co
mbi
ned
with
cer
tain
oth
er o
ffers
. GM
CL m
ay m
odify
, ext
end
or te
rmin
ate
offe
rs in
who
le o
r in
part
at a
ny ti
me
with
out n
otic
e. C
ondi
tions
and
lim
itatio
ns a
pply.
See
dea
ler f
or d
etai
ls. †
Varia
ble
rate
fina
ncin
g fo
r 84
mon
ths
on 2
012
Sier
ra E
XT 4
WD
on a
ppro
ve c
redi
t. Bi
-Wee
kly
paym
ent a
nd v
aria
ble
rate
sho
wn
base
d on
cur
rent
Ally
Cre
dit p
rime
rate
and
is s
ubje
ct to
fluc
tuat
ion;
act
ual p
aym
ent a
mou
nts
will
var
y w
ith ra
te fl
uctu
atio
ns. E
xam
ple:
$10
,000
at 3
% fo
r 84
mon
ths,
the
mon
thly
pay
men
t is
$132
Cos
t of b
orro
win
g is
$1,
099,
tota
l obl
igat
ion
is $
11,0
99. D
own
paym
ent
and/
or tr
ade
may
be
requ
ired.
Mon
thly
pay
men
ts a
nd c
ost o
f bor
row
ing
will
als
o va
ry d
epen
ding
on
amou
nt b
orro
wed
and
dow
n pa
ymen
t/tra
de. B
iwee
kly
paym
ents
bas
ed o
n a
purc
hase
pric
e of
$29
,495
with
$1,
999
dow
n on
201
2 Si
erra
EXT
4W
D, e
quip
ped
as d
escr
ibed
. **C
redi
t val
id to
war
ds th
e pu
rcha
se
or le
ase
of a
n el
igib
le n
ew 2
011
or 2
012
mod
el y
ear C
hevr
olet
, GM
C, B
uick
or C
adill
ac v
ehic
le, e
xclu
ding
Che
vrol
et V
olt,
deliv
ered
bet
wee
n Ja
nuar
y 6t
h 20
12 a
nd A
pril
2nd
2012
. Cus
tom
ers
mus
t pre
sent
this
aut
horiz
atio
n le
tter a
t the
tim
e of
pur
chas
e or
leas
e. A
ll pr
oduc
ts a
re s
ubje
ct to
ava
ilabi
lity.
See
Deal
er fo
r elig
ibili
ty. O
nly
one
$1,0
00 B
onus
may
be
rede
emed
per
pur
chas
e/le
ase
vehi
cle.
Thi
s of
fer m
ay n
ot b
e re
deem
ed fo
r cas
h. T
he c
redi
t am
ount
is in
clus
ive
of a
ny a
pplic
able
taxe
s. A
s pa
rt of
the
trans
actio
n, d
eale
r may
requ
est d
ocum
enta
tion
and
will
con
tact
GM
to v
erify
elig
ibili
ty. T
he $
1,00
0 Bo
nus
is n
ot c
ompa
tible
with
the
Empl
oyee
New
Veh
icle
Pur
chas
e Pr
ogra
m o
r the
Sup
plie
r Pro
gram
New
Veh
icle
Pur
chas
e Pr
ogra
m. V
oid
whe
re p
rohi
bite
d by
law
. $1,
000
offe
r is
stac
kabl
e w
ith C
ardh
olde
r’s c
urre
nt G
M C
ard
Earn
ings
, sub
ject
to V
ehic
le R
edem
ptio
n Al
low
ance
s. F
or c
ompl
ete
GM C
ard
Prog
ram
Ru
les,
incl
udin
g cu
rren
t Red
empt
ion
Allo
wan
ces,
tran
sfer
abili
ty o
f Ear
ning
s, a
nd o
ther
app
licab
le re
stric
tions
for a
ll el
igib
le G
M v
ehic
les,
see
you
r GM
Dea
ler,
call
the
GM C
ard
Rede
mpt
ion
Cent
re a
t 1-8
88-4
46-6
232
or v
isit
TheG
MCa
rd.c
a. S
ubje
ct to
app
licab
le la
w, G
MCL
may
mod
ify o
r ter
min
ate
the
Prog
ram
in w
hole
or i
n pa
rt w
ith o
r with
out n
otic
e to
you
. Sub
ject
to V
ehic
le R
edem
ptio
n Al
low
ance
s. F
or c
ompl
ete
GM C
ard
Prog
ram
Rul
es, i
nclu
ding
cur
rent
Red
empt
ion
Allo
wan
ces,
tran
sfer
abili
ty o
f Ear
ning
s, a
nd o
ther
app
licab
le re
stric
tions
for a
ll el
igib
le G
M v
ehic
les,
see
you
r GM
Dea
ler,
call
the
GM
Card
Red
empt
ion
Cent
re a
t 1-8
88-4
46-6
232
or v
isit
TheG
MCa
rd.c
a. S
ubje
ct to
app
licab
le la
w, G
MCL
may
mod
ify o
r ter
min
ate
the
Prog
ram
in w
hole
or i
n pa
rt w
ith o
r with
out n
otic
e to
you
. Prim
ary
GM C
ardh
olde
rs m
ay tr
ansf
er th
e $1
,000
Bon
us to
the
follo
win
g el
igib
le Im
med
iate
Fam
ily m
embe
rs, w
ho
resi
de a
t the
Prim
ary
Card
hold
er’s
resi
denc
e: p
aren
ts, p
artn
er, s
pous
e, b
roth
er, s
iste
r, ch
ild, g
rand
child
and
gra
ndpa
rent
s in
clud
ing
pare
nts
of s
pous
e or
par
tner
. Pro
of o
f rel
atio
nshi
p an
d re
side
ncy
mus
t be
prov
ided
upo
n re
ques
t. Th
e $1
,000
Bon
us is
not
tran
sfer
able
to Im
med
iate
Fam
ily re
sidi
ng o
utsi
de
of th
e Pr
imar
y Ca
rdho
lder
s re
side
nce.
tBa
sed
on G
M Te
stin
g in
acc
orda
nce
with
app
rove
d Tr
ansp
ort C
anad
a te
st m
etho
ds. Y
our a
ctua
l fue
l con
sum
ptio
n m
ay v
ary.
Δ201
2 GM
C Te
rrai
n FW
D, e
quip
ped
with
sta
ndar
d 2.
4L E
COTE
C® I-
4 en
gine
. Fue
l con
sum
ptio
n ra
tings
bas
ed o
n Na
tura
l Res
ourc
es C
anad
a’s
2012
Fue
l Con
sum
ptio
n Gu
ide.
Your
act
ual f
uel c
onsu
mpt
ion
may
var
y. Co
mpe
titiv
e se
gmen
t bas
ed o
n W
ards
Auto
.com
’s 2
012
Mid
dle
Cros
s Ut
ility
Veh
icle
s Se
gmen
t, ex
clud
es o
ther
GM
mod
els.
^20
12 G
MC
Sier
ra 1
500,
equ
ippe
d w
ith a
vaila
ble
Vorte
cTM
5.3
L V8
eng
ine
and
6-sp
eed
auto
mat
ic tr
ansm
issi
on,
fuel
con
sum
ptio
n ra
tings
bas
ed o
n GM
test
ing
in a
ccor
danc
e w
ith a
ppro
ved
Tran
spor
t Can
ada
test
met
hods
. Com
petit
ive
fuel
con
sum
ptio
n ra
tings
bas
ed o
n W
ards
Auto
.com
201
2 La
rge
Pick
up s
egm
ent a
nd N
atur
al R
esou
rces
Can
ada’
s 20
11 F
uel C
onsu
mpt
ion
Guid
e. Yo
ur a
ctua
l fue
l con
sum
ptio
n m
ay v
ary.
Excl
udes
hyb
rids
and
othe
r GM
mod
els.
◊On
Star
ser
vice
s re
quire
veh
icle
ele
ctric
al s
yste
m (i
nclu
ding
bat
tery
) wire
less
ser
vice
and
GPS
sat
ellit
e si
gnal
s to
be
avai
labl
e an
d op
erat
ing
for f
eatu
res
to fu
nctio
n pr
oper
ly. O
nSta
r act
s as
a li
nk to
exi
stin
g em
erge
ncy
serv
ice
prov
ider
s. S
ubsc
riptio
n Se
rvic
e Ag
reem
ent
req
uir
ed.
Cal
l 1
-88
8-4
ON
STA
R (
1-8
88
-46
6-7
82
7)
or v
isit
on
star
.ca
for
On
Sta
r’s
Term
s an
d C
ond
itio
ns,
Pri
vacy
Pol
icy
and
det
ails
an
d s
yste
m l
imit
ati
ons.
Ad
dit
ion
al i
nfo
rma
tion
can
be
fou
nd
in
th
e O
nS
tar
Ow
ner
’s G
uid
e.
Sierra EXT SLT model shown with chrome accessory package
Terrain SLT-2 model shown WITH
PURCHASE FINANCING††
FOR UP TO 60 MONTHS0 % $29,795*
INCLUDES FREIGHT & PDI
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BEST-IN-CLASS FUEL EFFICIENCY∆
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• 6 speed automatic transmission• 17-inch aluminum wheels• Onstar® including 6 month subscription◊
• Stabilitrak® Electronic Stability Control
BEST-IN-CLASS 4X4 V8 FUEL EFFICIENCY^
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Note to Publication: PLEASE examine this material upon receipt. If it is deficient or does not comply with your requirements, contact: Chris Raedcher - Production Director 604-601-8573 Jon Shaw- Production Artist 604-601-8575
Production Artist: Art Director: Creative Director:
Production Director: Copywriter: Account Manager:
APPROVALS CLIENT :DOCKET :
AD # : SIZE : FONTS : RESOLUTION : INSERTION DATE:
PUB : PROOF : DATE :
GM SBCP0080 3034.10.MMW.2C 10” x 98LStratum Family, Helvetica Neue Family 220 dpi 2010.01.26 Fernie Free Press 12012.01.23
PLUS GM CARDHOLDERS GET AN ADDITIONAL $1,000 BONUS**
WE ARE PROFESSIONAL GRADEEXPERIENCE THE INNOVATION AT YOUR GMC DEALER TODAY.
K485 C
bcgmcdealers.caSCAN HERE
TO FIND YOURS
3034.10.MMW.2C.indd 1 12-01-23 11:42 AM
Call Coal Valley Motor Products at 250-423-9288, or visit us at 16 Manitou Road, Fernie. [License #9819]
Fernie Free Press
We live in a society where con-sumerism is actively encour-aged from every direction.
Paradoxically, but also unfortunately, our current economic system relies on this pattern of buying manufactured goods. With the draw to buy more and more stuff and with credit being more accessible than ever, it’s not sur-prising that an increasing number of households are struggling to make ends meet. Too often we let our feelings guide us in our personal finances. For the great major-
ity of us, our unlimited desires clash with our limited financial resources. For many people, creating even a simple budget is something they’ve never done or don’t know how to do. It is, however, the basis for anyone who wishes to recover their financial health.The creation of a personal budget could be compared to Maslow’s hierarchy of needs, which is divided into a hierarchi-cal order based on taking care of our basic needs first. The first budgeting need is just to get a money management sys-tem into place. There are plenty of online resources and computer programs to help with that. Next, comes the need to set up some working capital, equivalent to at least one month’s net income, which will allow for prompt payment of current accounts and credit card statements.The next thing to do is build an emergen-cy fund in case of unforeseen situations. Try and save the equivalent of one to two months’ net salary in investments that are easy to cash, such as savings bonds. It is only after this that any consumer debts should be tackled, and not vice versa.
Creating a personal budget
In a world where consumerism is encouraged, budgeting is the best way to attain financial independence.
Don’t throw them out!
People should keep all pertinent financial documents, receipts, and statements for as long as there is a
possibility that tax authorities could pro-pose an audit. Unless you want the fed-eral or provincial tax bureaus to do their own re-assessments without any sub-stantiating documents from your files, you should be able to supply all docu-mentation immediately upon request.
If these documents are digitalized, you must be able to print them at any time. If you can’t supply the required receipts or supporting documents, you could end up with a refusal of credit, changes to deductions that you had earlier claimed, or delay in the treatment of your current tax return.
Governments can issue an adjusted assessment to individuals in the three-year period following the date of the first notice of assessment for a given year. There is no time limit if a declaration was never filed or if there is suspicion of fraud. Self-employed people are required to keep all their documents and records for a period of six years. This time period also applies to all taxpayers who wish
to submit a request for supplementary deductions following the initial filing of an income tax return.
It is a grave mistake to not keep all the pertinent documents and receipts in your files under the pretext that you filed your returns electronically. Documents that need to be kept include T4s, which are proof of employment income, medi-cal expenses, contributions to registered retirement savings plans (RRSPs), ali-mony and child support statements, childcare costs, moving costs, charitable donations, and the like.
Keep your supporting documents for at least six years.
16 THE FREE PRESS, Thursday, January 26, 2012 www.thefreepress.ca
The idea of retirement is not the same for everyone. Maybe you plan to start a second career or work part time. Or maybe you look forward to volunteering or enjoying your favourite hobbies. But whatever your idea of retirement is, do it on your terms.
To help you do this, let’s sit down and talk. This will help us better understand what you want to do in retirement and develop the right retirement plan to help you get there.
Retirement: Live it on your terms.
Don’t wait. Call me today to get started on your retirement.
www.edwardjones.com Member – Canadian Investor Protection Fund
Roman S RybarFinancial Advisor.
P.O. Box 790596 2nd AvenueFernie, BC V0B 1M0250-423-3122
Are you the type of person who leaves documents and receipts lying around in a kitchen drawer or on top of a book-
shelf? If so, you might appreciate a few tips that will help you get organized as tax time approaches, usually much faster than we’d like. The end of the calendar year is a great occasion to sort and file all those statements and bits of paper. Don’t forget that the management of personal documents is an essential precursor to the management of personal finances. The docu-ments that you need to stay on top of include last year’s statement of income and investment incomes, receipts for charitable donations, pre-scriptions, health care consultations, professional services, expenses related to your work, docu-ments concerning public transportation, and the like. When it’s time to file your return in the spring, you won’t lose time searching for all these things.Store these papers in a box or legal size file that you can give to your accountant, if you have one. If you don’t have one, or would like to hire a tax-return service this year, start looking for one right now. A friend or family member who you trust might be able to refer you to one. When calling around to accountancy firms or tax filing services, be prepared to ask how much
they charge and whether they charge by the hour or a fixed amount. Find out what their creden-tials are and whether they have experience with individual tax returns. Ask, too, if their knowl-edge of tax law, tax exemptions, and deductions at source are up to date.
Get meticulous about tax time
Even in the age of gender equality, not much has changed concerning the
family wallet: most household budgets are still managed by and worried over by the woman of the house. According to a recent survey carried out by the company Financial Finesse, women worry more then men about not having enough money to maintain their household.
Of those questioned in the sur-vey, one woman in three suffered from high levels of stress regarding finances, the family budget, and providing for their children. Less than one man in five voiced such a level of concern. Three times more
women than men reported feeling a crushing level of stress regarding household finances. Indeed, in gen-eral, male respondents expressed that they felt particularly confident.
If the survey is to be believed, a great financial stereotype persists: half the women questioned believe that a man should have a higher salary than a woman. Nevertheless, personal income remains the sym-bol of liberty and personal affirma-tion within a couple. One woman in two felt that for a woman living with a male partner, her earnings were the way for her to enjoy a sense of independence. Only 43 percent of men thought that money represents independence for women.
Who does the budgeting in your home?
According to statistics that date from last June, the level of debt in Canadian households reached almost 150 percent
of available income. Your available income is your gross income, from which both fed-eral and provincial income taxes have been deducted. If you are one such indebted house-hold, here are a few reflections that might help you regulate your spending.
People often point fingers at credit cards as the major cause of their debt woes. But did you know that debit cards can also be instruments of debt? Practical and easy to use, debit cards allow us to pay with “cash” practically everywhere we go without having to carry around large sums of money. But there is a flipside to this coin: unlike when we have the visual of a quickly reducing stack of bills, debit card money flies out of our
bank accounts with barely any notice. Debit cards can trick us into thinking that we’re smart enough to dodge the high interest charges of credit cards, but they don’t protect us from the impulse to splurge on things we can’t cover with the bill-fold.
If you are a diehard fan of debit cards, try this experiment the next time you purchase an expensive item: prepare to pay with cash. Seeing all those bills leaving your wallet with your own eyes will give you a much clearer idea of the amount you’re about to spend. This simple experiment can be very convincing, especially for compulsive — or impulsive — buyers. Of course, debit cards can be indispensable tools on occasions when you don’t want to carry large amounts of cash. It all depends on how they are used.
Are debit cards getting us into debt?
You know what they say about death and taxes, so you’d better be prepared!
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Sparwood, Elkford since 1898
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THE FREE PRESS Thursday, January 26, 2012 17www.thefreepress.ca
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