RRSP deadline fast approaching

Government Services and Lands Minister Dianne Whalen reminds investors that the Registered Retirement Savings Plan (RRSP) deadline to receive a tax break in the 2003 tax year is fast approaching.

The deadline for making contributions that could effect your tax return is March 1, 2004.

The Consumer and Commercial Affairs Branch of the Department of Government Services and Lands suggests that investors take the time to find the right financial advisor.

"It�s important to find someone with whom you are comfortable in openly discussing your financial goals so you have an investment plan tailored specifically to you," Minister Whalen said.

Contributions to a Registered Retirement Savings Plan allow you to save for the future, while at the same time receiving a deduction on your income tax. RRSPs can be purchased at financial institutions, such as credit unions and banks, or through licensed financial advisors.

The Consumer and Commercial Affairs Branch offers the following tips when looking to invest:

• Define your financial goals and risk comfort level for your adviser.
• Know the tax implications of the amount of your contribution for that tax year.
• Understand the full range of investment products available, including Guaranteed Investment Certificates (GICs) and Mutual Funds.
• Familiarize yourself with advisor designations. Different designations indicate education levels and organization affiliations, and not all require adherence to a code of ethics.
• Call three or four different advisors before settling on one to find out their level of experience and the types of clients they serve.

Minister Whalen reminds investors that defining financial goals and finding the right advisor to help achieve those goals may be the best investment decision they ever make.

Media contact: Tracy Barron, Communications, (709) 729-4860 or (709) 690-6157

2004 02 10                                       11:05 a.m.