Having obtained its inter-national scheduledlicence from the United

States on April 23,Vancouver-based HMYAirways has finalized itssummer and fall schedule.The airline will commence its new servicebetween Vancouver and Los Angeles onJune 27 with nine flights each week. In addi-tion, HMY will now start its new daily ser-vice between Vancouver and Toronto on

June 16, increasing to 13 flights per week onJune 23 between the two cities.

“Adding Los Angeles service and havingfrequent flights between Vancouver and

Prior to Game 4 between the VancouverCanucks and Minnesota Wild, passengers,airport employees and members of the pub-

lic were invited to show their support for theCanucks hockey playoff drive at VancouverInternational Airport.

A series of events were held which included

an appearance from Fin, the Canucks’ OfficialMascot. A game of “parkade” hockey, where air-port employees demonstrated their hockey skillsincluded music and play-by-play to make theparkade feel like “The Garage”. Airport employ-ees were encouraged to come dressed as themost devoted fan for the fan-of-the day contest.

Prizes included an authentic, autographedTodd Bertuzzi jersey and two pairs of Canucktickets for the 2003/2004 season.

Airport visitors have showed their supportthroughout the playoffs by purchasing Canucksmerchandise at several airport retailers and by tak-ing advantage of unique game-day drink specials,meal specials and game-night viewing options.

Win or lose, it’s been a great playoffseason.

ConstructionContinues onNew UPSFacility Last month, the weather cooperated and more

than 70 concrete panels were erected for thenew 125,000 square-foot UPS Canada

Ltd. facility at Vancouver InternationalAirport. Full completion of UPS’s consoli-dated facility is projected for November2003.

UPS unveiled a “new look” in March that

includes the first redesign in more than 40 years ofthe company’s famous “shield” logo. UPS said the

change signifies the company’s expandingcapabilities into the three flows of trade –goods, information and funds.

With its expanded capabilities, UPS saysit “Synchronizes the World of Commerce”

for its customers.

* YVR is the international aeronautical designation for Vancouver International Airport.

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MAY 2003 • Your Airport Community Newspaper – Vancouver International Airport F R E E

SEE HMY AIRWAYS, CONTINUED ON PAGE 2

Canucks Official Mascot, Fin, and Summit Custom Brokers employees Jennifer Shulz and KarinOmilon at YVR Canucks Appreciation Day.

Canucks Appreciation DayPh

otos

: Cou

rtesy

Gar

y En

g

Before sunrise every year, airport employees andstudents of BCIT aviation programs gather totake part in the YVR FOD (Foreign Object

Debris) Walk. The FOD Walk is held as part of theYVR Safety Program and NAOSH (North AmericanOccupational Safety and Health) week.

This year, 140 airport employees and BCIT stu-dents volunteered to participate in the 11th annualevent, walking the apron and taxiways and picking

up FOD to raise awareness of the FOD hazard.“Each year we pick up less FOD, which is a sign

that our efforts are working,” said Arnie Jassmann,chairman of the YVR FOD Committee. “In the last10 years there has not been a recorded incidence ofFOD damage at YVR.”

In 2002, YVR won the award for the best FODprevention video at the National Aerospace FODPrevention Inc. annual convention.

FOD Hazard Diminished – Thanks to YVR and BCIT Volunteers

FOD volunteers at Templeton, prior to dispersing to south and north sides of the airport tocollect debris.

HMY Airways Announces NewService to Los Angeles and Toronto

Last month, Barry Marsden, chair-man and CEO of CascadeAerospace Inc. received an

Outstanding Achievement in AviationMaintenance, Repair and Overhaul(MRO) award at a special dinner heldin conjunction with MRO 2003, anindustry conference held in Ft.Lauderdale, FL. With the conferenceattended by more than 4,000 peoplein the aircraft MRO industry,Marsden was honoured among peersincluding many top executives frommajor airlines and aerospace compa-nies.

The award recognized Marsden’svision for building a state-of-the-art,

purpose-built aircraft maintenance,repair, overhaul and modificationfacility, which opened in Abbotsford,B.C. a little over two years ago. It hassince attracted clients like SouthwestAirlines (largest operator of Boeing737 aircraft in the world) andContinental Airlines (the fifth largestairline in the U.S.), as well as the twolargest aircraft leasing companies inthe world, among others. It wasthrough Marsden’s conviction anddetermination that the combination ofa well-designed facility and a skilledand motivated workforce came tofruition.

In accepting the award Marsden

said, “This award belongs to the morethan 500 talented and dedicated peo-ple in our growing Cascade family,and I am honoured to accept it ontheir behalf. I am very fortunate to besurrounded by an incredibly hard-working team of great people — andI am very proud of all of them.”

One of the founding principalsover 30 years ago of Conair, BarryMarsden is also the president andCEO of Conair. Conair is a world-leader in aerial fire control, and is asister company to Cascade.

Marsden began his aviation careerin 1954 with Skyway Air Services ofLangley, B.C., and following the for-mation of Conair in 1969, assumedsuccessive positions that culminatedin president and CEO in 1991.

He has been chairman and CEO ofCascade Aerospace since the affiliateorganization was formed in 2001.

Marsden’s dream for the aggressivepursuit of the third-party aircraft main-tenance and modification business

became possible with thestandards-setting Cascadefacility. It accommodateseight narrow-body aircraft atone time, and features cus-tom-designed fixed docks thatallow Cascade technicians towork in cells, where computerstations, equipment, tools,power, lights, air and consum-able parts are positioned foreach aircraft zone.Technology applications suchas a bar-coded time and mate-rials management system,vending machines that allo-cate consumables to each joband an automated deliverysystem help make the facilityefficient and different fromother MRO facilities. Sinceopening the doors to the newfacility, Cascade Aerospacehas grown to become one of the top 10MRO providers in North America andhas earned a reputation for delivering

quality services on time and on budget.Cascade Aerospace Inc. is a private-

ly owned Canadian company and cur-rently employs over 500 people.

2 • M A Y 2 0 0 3

YVR’S WEB SITE AT WWW.YVR.CA

Pardon: Permanently seals a criminalrecord and removes the obstaclesaffecting a person’s peace of mind,travel and employment opportunities.

Waiver: Allows persons with criminalrecords to legally enter the UnitedStates without risk of arrest, deporta-tion or property seizure.

To request a free information brochure,Call 604 685 7899 or toll free 1 800 661 5554

837 WEST HASTINGS STREET, SUITE 707, VANCOUVER V6C 3N6

www.pardonservicescanada.com For your peace of mind

Criminal Record?

Notice of Annual Public Meeting

The Board of Directors of Vancouver InternationalAirport Authority announces that the Annual PublicMeeting will be held to present the Airport Authority’s2002 Annual Report and audited FinancialStatements. The meeting is scheduled for:

Thursday, May 153:30 p.m.

International Terminal BuildingDepartures Level, East Concourse

Vancouver International AirportRichmond, BC

The 2002 Annual Report will also be available May 1 through our Web site: www.yvr.ca

Vancouver International Airport Authority is a commu-nity-based, not-for-profit organization that managesand operates Vancouver International Airport (YVR).

www.yvr.ca

Frank Jackman (left), editor-in-chief forAviation Week’s O&M magazine, and BarryMarsden, recipient of this year’s MROIndustry award.

Toronto demonstrates our strategyand commitment to grow our busi-ness through competitive pricing,excellent customer service and fre-quent flights to destinations that arepopular with Canadians in the sum-mer,” said Brent Statton, generalmanager of HMY Airways.

Last year, HMY Airways beganwinter charter service to Las Vegasand to a number of Mexican sundestinations, including Mazatlan,Puerto Vallarta and Cancun.HMY’s new summer and fall

schedule now includes Vancouver,Toronto, Los Angeles and LasVegas.

As an airline that focuses highlyon customer service, HMY Airwaysprovides unrestricted low fares, in-flight meals and entertainment,convenient departure times andcomfortable legroom.

HMY operates 197-seat Boeing757-200 aircraft which include 36Premium Economy seats with anupgraded level of service and morelegroom.

MRO Industry Award Awarded to Cascade Aerospace Chairman and CEO

Community Spirit Drives Golf for KidsSince 1992, YVR Golf for Kids has

brought together airport business-es, employees and the community

in support of children’s charities.On August 21, the 12th anniver-

sary event will continue to celebratethe spirit of giving and sense of com-munity.

“Get your team ready and startpractising your approach shots,” said

Wayne Duzita co-chair of the event.“This year’s directors have puttogether an outstanding event to chal-lenge golfers and reward generousauction participants.”

The golf event will again revolvearound an enjoyable day of golf withexciting hole-in-one prizes on eachpar 3.

However, the event only beginswith golf as other prizes donated froma myriad of corporate sponsors willbe awarded and auctioned later thatevening at the charity dinner and auc-tion at the Richmond Hotel. The galaevening event will feature specialguests, including Canucks generalmanager Brian Burke and several keyVancouver Canucks players.

Last year’s event raised $112,000for Canuck Place Spinoza BearProgram, James Gilmore Elementary,Vancouver Police and Girl Guides ofCanada.

Over the past 11 years, YVR Golffor Kids has raised more than$850,000 to support a wide range ofchildren’s foundations, organizationsand charities; event organizers hopeto surpass the $1 million mark thisyear.

For information about participat-ing in this year’s golf, gala dinnerauction, or for corporate sponsorshipopportunities, contact (604) 274-3175, fax (604) 277-1721. Web sitewww.yvrgolfforkids.com, e-mail yvr-golfforkids@shaw.ca.

HMY Airways, CONTINUED FROM PAGE 1

This is without a doubt the most challenging time inthe history of the aviation industry. The effects ofSeptember 11, war in Iraq, SARS, a struggling

U.S. economy and the filing for bankruptcy protec-tion by Air Canada and some U.S. airlines have cre-ated much uncertainty for travellers, airlines and air-ports.

We’ve experienced tough times before, however,and I am confident that this industry will rebound andsoar to new heights again. Why? The aviation indus-try is a key economic generator, and each and everyone of us depends on it in one way or another. Quitesimply, air travel is an essential part of our lives. Andover the past several decades, air transportation hasexperienced consistent, long-term growth worldwide,despite economic recessions and security issues, suchas the Gulf War in 1991.

How long will the recovery take? While the eco-nomic picture in the United States remains cloudy,there is some positive news. The war in Iraq was rel-atively short and decisive, and the worst of the SARSoutbreak appears to have passed. Here at home,WestJet is reporting its best ever advance summerbookings and the Vancouver-Alaska cruise shipindustry, though down from last year, remains robust.But in all likelihood, it could be two or three moreyears before we see passenger traffic at the levels weexperienced pre-September 11.

Another critical question is — what will the airline

industry look like two years from now? It is clear thatmajor airline restructuring is under way. The low-costcarriers continue to be profitable, while the tradition-al mainline carriers are struggling and adopting dif-ferent strategies to survive. Air Canada has createdlower cost carriers, Tango and Zip, and Delta andUnited are proposing similar brands. It is a safe betthat the growth of low-cost airlines will continue.

As for YVR, we’ve always taken the long-termview at the Airport Authority, and we’re mindful ofthe important role this airport plays in the provincialeconomy and in the communities it serves. We’refocusing our efforts on positioning YVR to takeadvantage of the opportunities that will arise as ourindustry recovers. Vancouver has a natural, geograph-ic advantage over other airports along the West Coastof North America — it’s the closest major airport toAsia. To strengthen our gateway position, we areactively pursuing the further liberalization ofCanada’s international air policy, which is currentlyleaving Canadian air carriers, airports and communi-ties at a significant competitive disadvantage.

We’re also mindful of the cost pressures faced byairlines, and although airport costs are only a smallportion of airlines’ costs — about four per cent — weare striving to keep them as low as possible.

By working together, government, airlines and air-ports can do much to help the aviation industry recov-er and prosper.

M A Y 2 0 0 3 • 3

Your Airport Community NewspaperMAY 2003 ISSUE • VOL. 10 • NO. 7

YVR SKYTALK, the official newspaper of the Vancouver International Airport, is published monthly by WestcoMarketing Ltd. for the more than 26,000 people who make up the airport community at YVR. No portion of this publi-

cation may be reproduced in whole or part without the written permission of the publisher.

VANCOUVER OFFICE:

Suite 306 - 5400 Airport Road South

Richmond, BC V7B 1B4

Tel (604) 736-6754 • Fax: (604) 736-6750

Email: jstewart@westerndriver.com

Printed on Recycled Stock using vegetable based inksPlease recycle this product.

Publisher: Patrick StewartAssociate Publisher: Joan Stewart

Editorial Liaison: Ralph EastmanEditorial Board: John Korenic, Heather Madden-Johns,

Ralph Eastman,Ali Hounsell, Kim Abrams, Erin Sills

Contributing Writers: Arnold Klappe, Phil Melnychuk, Jim Jorgenson

Creative / Production: James MartinPhotography: Jim Jorgenson

ASSOCIATIONOF AIRPORT

PUBLICATIONS

P.O. Agreement #1676261

PRESIDENT’S CORNERBy LARRY BERG, President and Chief Executive Officer

The Aviation Industry Will Soar Again

UpcomingEvents

London Air Services AddsChallenger 604 to its Fleet

May16th-June 3rdARTROPOLIS 2003May has been designated as“Visual Arts Month” in Vancouverby the office of Mayor LarryCampbell. “Artropolis” will be theprimary vehicle for celebratingvisual art in B.C., the importance ofvisual art as a primary voice of cul-tural expression and its importancein the economic life of the city andprovince. During the Artropolisexhibition, the work of 175 B.C.artists will be showcased in threecurated sections and a juried exhi-bition. CBC Broadcast Centre,downtown Vancouver. Call KrissBoggild (604) 872-4307 for moreinformation. E-mail info@artropo-lis.bc.ca

18thAVIATION WORLD MODEL SHOW 2003Seven categories: prop-driven mil-itary, jet-powered military, civil-ian/commercial, miscellaneousspacecraft & other flyingmachines, senior division, juniordivision (under 18), people’schoice. Model drop off May 17from 11:00 a.m. 105-6080 RussBaker Way, Richmond Call (604)718-7400 for more information

22ndRICHMOND CHAMBER OFCOMMERCE, BUSINESS AFTERBUSINESS TRADE SHOW. Co-spon-sored by British Columbia AviationCouncil and Vancouver Board ofTrade. Location to be announced.www.mychamber.ca

London Air Services (LAS), a sistercompany within the H.Y. LouieGroup, is expanding its fleet with the

addition of a new luxury jet. TheBombardier Challenger 604 is thefourth addition to the growing LASfleet that already includes two Learjet45 aircraft and another Challenger 604.

The purchase of the aircraft signi-fies the continued growth and successof London Air Services even at a timewhen the air travel industry is experi-encing hardships. Since beginningoperations in 1999, LAS has addedseveral aircraft to its fleet and contin-ues to expand its service route to theUK and Asia. To keep up withincreasing demands for charterflights, the company has also orderedtwo more Learjet 45 aircraft that aredue for delivery in 2004 and 2005.

“The Challenger enables us tooffer a unique long-haul service withefficient operating costs,” said WynnePowell, president, London AirServices. “Passengers just have toarrive at our executive terminal 20minutes before departure. They caneven adjust their flight time by callingour pilots directly who are availableon cell phones at all times. We flywhen you want to, so LAS eliminatesthe stress factor often associated withairports and scheduled airlines."

Much of LAS’s success can beattributed to its dedicated customerbase, comprised largely of business-

people in the forestry, oil, gas andmovie industries. LAS provides a pri-vate, customized, cost-effective exec-utive travel experience. Shorterboarding times, customized routes, nodelays or disruptions and on-boardbusiness facilities allow executives toconduct their business efficientlywhile traveling to their destination.

The aircraft features many high-tech amenities including digital satel-lite telephones, modem uplinks anddataports. Passengers can also relaxwith a gourmet meal and drink servedby a LAS flight attendant. After din-ner, catch up on some sleep on thefoldout divan bed, enjoy the latestDVD movie or score a hole in one onthe LAS in-flight putting green. Witha range of more than 7,500 kilome-ters, the Challenger can fly to mostU.S. or Canadian business centers inless than five hours and flies directlyto Britain and other global centerswith only one 30-minute stop.

Established in 1999, LAS operatesa private 24-hour, 7-day-a-week exec-utive travel service to cities acrossNorth America and is the only charterairline at Vancouver InternationalAirport to offer intercontinental travelfeaturing a wide body concept jet.The aircrafts are equipped with dou-ble-club seating, digital telephones,modem uplinks, dataports, and cater-ing services.

www.londonair.ca

Last month, Air Canada representa-tives met with of each of the unionsrepresenting employees at the

mainline carrier to provide anoverview of certain highlights of apreliminary business plan for arestructured airline, which is subjectto further development and approvalby Air Canada’s Board of Directorslater this month.Overview

A general overview was presentedof the overall revenue environmentfor the airline and the industry, whichcontinues to be under tremendouspressure and also served as a basis forthe request for immediate relief mea-sures pending negotiations of newlabour agreements.

Following on the impact of the warwith Iraq, SARS continues to have a sig-nificant impact, not only on Asian routesbut also on the airline’s entire networkand in particular its Toronto hub. In viewof the deteriorating revenue outlookgoing forward and other factors, thecompany’s financial advisors have esti-mated the aggregate improvementrequired to the company’s operatingresults on a consolidated basis to beapproximately $2.4 billion annually toensure a sustainably profitable andfinanceable entity. Restructing Plan

This is targeted to be achievedthrough the following revenue and

cost improvements in the restructur-ing plan:• Product Strategy - Reposition the

airline to provide a high frequen-cy/simplified product, offering cus-tomers enhanced value and service.

• Fleet - Re-gauge the fleet to supporta revised domestic/transborder net-work and revenue model; introducenew aircraft with 70 to 110 seatsusing competitive work rules andpay rates.

• Operating costs - Reduce operatingand financial costs to achieve sus-tained profitability and fund new,smaller gauge aircraft critical to theplan’s success. This will includelabour cost reductions, renegotia-

tion of operating leases to currentmarket rates and other cost reduc-tion initiatives in areas such asproduct distribution resulting fromtechnological advances.

• Liquidity - Adequate to repay, uponexit, any portion of the DIP loanfrom General Electric CapitalCanada Inc. and the CIBC/Aerogold facility, establish anappropriate level of liquidity uponemergence from CCAA and financethe fleet changes.

• Corporate Structure - Reorganizethe corporate structure to have eachbusiness unit be competitive andself-sustaining as stand-alone enti-ties and as a means of attracting

equity and debt financing.Pension Deficit

The presentation outlined arevised overall labour/managementcost saving requirement of $770 mil-lion (before benefits improvements)at the mainline carrier as an elementof the $2.4 billion annual improve-ment required to consolidated operat-ing results post-restructuring. Thisrepresents an increase over a previ-ously stated requirement of $650 mil-lion in cost savings as it reflects adeteriorated revenue environment andthe product and fleet modificationscontemplated in the new businessmodel.

The company also reviewed withthe unions the situation regarding thepension deficit and outlined its objec-tives including:• Reducing solvency deficits to a

manageable level,• Making employer contributions

more certain; thereby eliminatingvolatility, and

• Providing Plan members with pen-sion benefits greater than theywould receive in the event of pen-sion plan termination.

The Company also outlined at ahigh level some alternatives thatcould achieve these objectives,including:• Reducing the benefit formula and

maximum pensions by 10 per cent;• Increasing early retirement to age

60 with a reduction of four percent per year (vs. current three percent per year before age 55); and

• Changing the Final AverageEarnings from 36 months to 60months.This would improve the solvency

ratio by approximately 15 per centand would thereby reduce the solven-cy deficit. In addition, the companydiscussed as an option going forwarda defined contribution plan providing

4 • M A Y 2 0 0 3

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certainty of company contributions.Timelines

The following timelines were pro-posed to achieve cost reduction objec-tives:May 1: Discussion of immediate

relief measures with Air Canadaunions

May 5: Commencement of financialdue diligence; distribution of pre-sentation to Unions’ financialadvisors; start of labour negotia-tions at mainline

May 6: Presentation of RestructuringPlan highlights, discussion ofimmediate relief measures andstart of negotiations with Jazzunions

May 26: Target date for completionof labour negotiations

June 15: Deadline for ratification andexecution of Memorandums ofUnderstanding

June 30: Implementation of all

labour cost savings.“The overview of the elements of

our restructuring plan outlined todayto union representatives should beviewed as a basis to commence mean-ingful discussions with stakeholdersrather than as a final plan,” said CalinRovinescu, chief restructuring officer.“The increased labour/managementcost reduction target of $770 million(before benefits improvements) is areflection of both the current deterio-rated revenue environment and theconsequential reduction in capacitygoing forward. While some form ofsalary reductions will be required, inrecognition of the personal difficul-ties these impose on our employees,the company will focus on obtainingthe maximum cost savings throughwork rule changes and other produc-tivity enhancements. We are confi-dent the union leadership shares ourview that failure to restructure AirCanada is not an option,” he said.

Last month, aircraft maintenancestudents put their skills to the test atB.C. Institute of Technology’s

(BCIT) Aerospace and TechnologyCampus in Richmond.

The aircraft maintenance competi-tion was one of 31 contests held atthis year’s three-day BC SkillsCompetition and marked the first timethat aircraft maintenance was includ-ed in the event. BCIT students made aclean sweep of this new category:Brian Semple won Gold, JamesElliott took Silver, and Neil Myhrethe Bronze award.

The aircraft maintenance studentstested their sheet metal and electricalskills by building an instrumentpanel. BCIT aviation and aerospaceinstructor Richard Johnstone, chair-man of Skills Canada BC’s aircraftmaintenance competition said of the

competition, “It’s nice to showcaseour talents and recognize our youngpeople — up and coming engineers.”

Skills Canada BC has been operat-ing since 1994, with the primary focusbeing the coordination of regional andprovincial skills competitions. Thisyear, BCIT faculty members coordi-nated carpentry, mechanical CAD,plumbing and refrigeration contests atthe April 16, Vancouver Conventionand Exhibition Centre event.

Regional, provincial and nationalskills competitions provide valuableexperience to more than 40,000Canadian youth annually.

BCIT’s aerospace and technologycampus near Vancouver InternationalAirport is the largest English-speak-ing aerospace training centre inCanada.

Plan

Aircraft Maintenance Includedat BC Skills Competition

“We are confident the unionleadership shares our view thatfailure to restructure Air Canada isnot an option.”

Last month, Holland America kick-started the Vancouver cruise shipseason when its 1,380-passenger

ms Amsterdam madethe first cruise shipcall in Vancouver forthe 2003 season onApril 25. The 61,000-ton cruise ship isHolland America’sflagship in its 12-shipfleet. Built in 2000,the 780-foot-long,105.8-foot-wide msAmsterdam embarkedlater in the day on a four-day PacificNorthwest cruise.

Holland America operates sixships from Vancouver and is a leaderin Alaska cruising. Ninety-seven calls

will be made in Vancouver during the2003 season by Holland America toembark and disembark passengers

sailing to Alaska. The economicimpact is estimated at direct spendingof $90 million and includes passengerand crew spending, hiring of 200staff, port income, scheduled shipyard

repair and maintenance and local pro-visioning that includes everythingfrom dairy products and fish to flow-ers and piano tuning.

The winner of the 10th consecu-tive “Best Overall Cruise Value”award from the World Ocean &Cruise Liner Society (WOCLS), theHolland America Line offers the onlytrip cancellation program in theindustry that offers cash back for can-celling for any reason prior to 24hours before departure.

For more information, consult atravel agent, or call 1-877-SAIL-HAL(877-724-5425) or visit www.hollan-damerica.com.

6 • M A Y 2 0 0 3

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Holland America returns withseven vessels sailingVancouver’s waters with theAmsterdam, Maasdam,Ryndam, Statendam, Veendam,Volendam and Zaandam.

Princess Cruises fleet of six ves-sels include the Coral Princess,Dawn Princess, Island Princess,Pacific Princess and SunPrincess.

Royal Caribbean Internationalretrurns with the Legend of theSeas, Radiance of the Seas andVision of the Seas.

Celebrity Cruises is deployingthree ships this season: theInfinity, the Mercury and theSummit.

Carnival Cruises is deploying onevessel, the Carnival Spirit.

Norwegian Cruise Lines returnsagain this year with theNorwegian Sky, the NorwegianSun and the Norwegian Wind.

Radisson Seven Seas returnswith the Seven Seas Mariner.

American West Steamboat Co.arrives this year with theEmpressof the North.

Cruise West is bringing back theSpirit of Oceanus.

Crystal Cruises returns with theCrystal Harmony.

Hapag-Lloyd arrives with theEuropa.

Japan Cruise Line is deployingthe Pacific Venus.

Mitsui O.S.K. Lines returns withthe Nippon Maru.

Peace Boat Cruise Line arriveswith the Topaz.

ResidenSea visits the Port ofVancouver for the first time withthe World.

First Ship in Vancouver Kicks Off 2003 Cruise Season

2003 Vancouver Cruise Season Roster

M A Y 2 0 0 3 • 7

YVR’s New Satellite Facility to Improve Cruiseship Passenger ProcessStarting this month, a new Satellite

Facility (SF) infill will be openedat Vancouver International

Airport (YVR) to improve the arrivaland transfer process for cruiseshippassengers. The facility will bestaffed by Northwest, Alaska,Horizon and American Airlines.Additionally, Princess, RCCL,Celebrity and Holland Americacruiselines have agreed to workclosely with YVR and the airline car-riers to ensure proper separation ofpassengers and baggage from theVancouver Port to the infill.

If government approval is grantedto Air Canada for an “OnboardCheck-in” pilot program this summer,those passengers sailing on eitherRCCL or Celebrity cruise lines willbe able to use the infill for securityscreening and Federal InspectionService processing.

The new SF at YVR will operatefrom May 30 to mid-September to facil-itate cruise passengers who have pur-chased transfers from cruiselinesthrough YVR, direct from the port.Operating hours will coincide with peakpassenger hours between 9:00 a.m. and1:00 p.m. Friday through Monday.

With the cruise industry a leadingeconomic benefit to the BritishColumbia economy, the AirportAuthority’s SF is an initiative thatwill improve the cruise passengerprocesses at the airport. In addition,YVR has recently integrated carousel12/14 in the In Transit Pre-clearanceFacility. This will allow the U.S. bag-gage claim area to be utilized forcruise baggage staging

This year cruise students will behired during the summer to help withthe staging of baggage in the EastConcourse area.

The addition of the SF is meant toprovide a number of benefits to cruisepassenger going through YVR. Thesebenefits will include:• Expedited processing of passen-

gers;

• Unparalled customer service;• Elimination of added congestion at

the Transborder check-in area, andat US Immigration and Customspoint;

• Seamless transfer for passengers

from pier to airport;• Fewer lineups for travellers;• More time for passengers to enjoy

the new retail outlets that will beopening in the TransborderDepartures area of the airport.

After two decades of consecutivegrowth, Vancouver’s cruise busi-ness is projected to decline in

2003. This year, the Port ofVancouver will welcome 33 shipsfrom 16 cruise lines on an estimated305 sailings.

In 2002, Vancouver hosted 342sailings and 1,125,252 revenue pas-sengers.

“In addition to a changed travelindustry, we are experiencing increas-ingly tough competition from the Portof Seattle and other U.S. ports,” saidCaptain Gordon Houston VancouverPort Authority (VPA) president andCEO. “U.S. ports are actively fundinginfrastructure development that threat-ens both our cruise business and ourcargo business, present and future.”

Houston said the VPA is workingon new cruise initiatives and callingfor improvements to the CanadaMarine Act to facilitate future invest-ment.

“We believe the Port ofVancouver’s cruise sector is one of thebrightest opportunities for job creationand economic regeneration in B.C.today, but we cannot afford to take thecruise sector or other sectors for grant-ed,” Houston said. “We must overcomepresent-day challenges to prepare forfuture jobs and growth by advocatingchanges to the Canada Marine Act andby forging new initiatives.”

The VPA is part of a consortium ofcoastal communities and ports thathave come together to form the BCPorts and Destination Group (PDG).The PDG is developing a businessand marketing strategy to help diver-sify and enhance the province’s cruiseindustry by developing a ‘made-in-B.C.’ cruise vision.

“There is no question that thecruise industry has potential,”Houston said. “By 2020, we estimatethe cruise sector alone could grow byas much as 80 per cent. But nothing isguaranteed and the competition weface is fierce.”

The Port of Vancouver is ‘home-port’ to the Vancouver-Alaska cruise.According to an economic impactsurvey conducted by the North WestCruiseShip Association, each Alaska-bound cruise ship that passes throughthe Port of Vancouver generates 14local jobs and $1.5 million in localeconomic benefits.

The Port of Vancouver isCanada’s largest and most diversi-fied port, trading more than $29billion in goods with 90 tradingeconomies each year. Port activi-ties generate a total of 62,000 jobsand contribute $1.6 billion annual-ly to Canada’s GDP. Last year,62.8 million tones of cargo wereshipped through the Port ofVancouver.

Vancouver Cruise Ship Business FacingChallenges in 2003

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1128 Hamilton St, Vancouver604.899.6464

Hawkair Adds Destinations, Improves SchedulesHawkair has announced enhance-

ments to its flight schedules start-ing May 12, 2003. In partnership

with TK Air, Hawkair will be offeringthrough-fares from Masset toVancouver with a connection atDigby Island.

TK Air’s Cabin Class Twin EnginePiper Navajo will make the trip fromMasset to Digby Island in just 24minutes. Flights are timed to connectwith Hawkair’s Dash 8 service fromDigby to Vancouver, and both seg-ments can be purchased with a call toHawkair’s reservations office.

Overnighting the eight-seat air-

craft in Masset allows a 7:30 a.m.departure to connect with Hawkair’s8:30 a.m. flight to Vancouver.

A second flight meets the midday,and a third flight meets deplaningpassengers on Hawkair’s 7:00 p.m.arrival.

Residents of Prince Rupert andMasset can travel between thosetowns on their choice of up to threeflights daily.

Flights to Terrace are availableThursdays and Saturdays fromMasset or Prince Rupert, and flightsfrom Terrace to Masset are offeredevery Thursday and Sunday.

Hawkair staff will take care ofreservations and check-in. Call 1-866-429-5247 to book.

Hawkair and TK Air, neighboursat the Terrace-Kitimat Airport for 10years, are locally owned airlines withexperienced flight crew.Improved Scheduling

Hawkair has also announcedimprovements to its schedules inDawson Creek, Smithers and PrinceRupert. Residents of Dawson Creekand area requested a schedule allow-ing for a full business day inVancouver. Starting May 12, an 8:00a.m. departure and 5:45 p.m. returnwill be offered weekdays. Leisuretravellers will have a choice of twoflights southbound on Fridays andtwo flights back north on Sundays.

Residents of Smithers, in the heartof the Bulkley Valley and the businesscentre for surrounding industry,towns and villages, enjoyed a popularmidday flight tested last summer andfall. These midday flights will beoffered, starting May 12.

North coast residents will be pro-vided with a later morning departureon weekends, with the Saturday andSunday flight times moving from 8:30a.m. to 9:30 a.m., starting May 17.

Hawkair flies modern, 37-seat Dash8s from Vancouver’s south terminal tothe northern B.C. communities ofPrince Rupert (with connecting serviceto Masset, QCI), Terrace-Kitimat,Smithers and Dawson Creek.

8 • M A Y 2 0 0 3

BE SURE TO ASK FOR YOURYVR DISCOUNT!

With the Best!

YVR Airport Services Finalises Jamaican ContractThe Government of Jamaica and

MBJ airports Limited have signedall closing documentation for the

management and development of theSangster International Airport inMontego Bay, Jamaica. The formaltransfer of operations to MBJ AirportsLimited occurred on Saturday, April12, 2003.

The MBJ Airports consortiumincludes YVR Airport Services Ltd.(YVRAS), Agencias UniversalesS.A., Ashtrom Group Ltd., andDragados Concesiones deInfraestructuras S.A.

Under the 30-year contract thepartners will, among other things,expand the terminal building as wellas other related facilities in order toenhance the overall level of serviceprovided to customers at the airport.

Simultaneously, the financing forthe project was completed with theInternational Finance Corporation,

DVB Bank and First Caribbean Bankthrough an A – B loan structure.

“This transaction represents amajor milestone for our company andconfirms our commitment to airportdevelopment in the Caribbean basin,”said Frank O’Neill, president andchief executive officer for YVRAS.“We are particularly proud of achiev-ing a simultaneous financial and com-mercial close, requiring exceptionalcooperation between our consortium,the Government of Jamaica and oursenior lenders. Given the current stateof the airport and airline business, thestart of the concession term signals apositive outlook for Jamaica.”

YVRAS is owned by theVancouver International AirportAuthority and CDC Capital Partners.The company has contacts for 14 air-ports in five countries to provide man-agement, technical and advisory ser-vices. The subsidiary also provides

business planning, air terminal plan-ning and design, financial, retail, pro-ject management and training servicesfor airports around the world.

Frank O’Neill, president and CEO,Vancouver Airport Services Ltd.

Last month, the OAG Airline of theYear 2003 Awards took place at aglittering ceremony at the Park

Lane Hilton, London. The ceremonymarking the 21st anniversary of theawards was attended by number ofsenior figures from the aviationindustry.

In his keynote speech, Eddie Bell,chairman of OAG, praised theresilience of the industry in the faceof the conflict in Iraq and stressed theimportance of the aviation industryfor international trade. Commentingon the awards Bell said: “The OAGAirline of the Year Awards are anopportunity for us to publicly recog-nize and celebrate the highest stan-dards in the global air travel industry.

“OAG has been a friend and col-

league of the airlines for more than 70years. These awards, voted for by ourfrequent flyer customers, provide afitting opportunity for us to demon-strate our continuing support throughthese difficult times.”

It was an excellent year for theAsia Pacific region. In addition to theprestigious Airline of the Year title,Singapore Airlines took home anotherfive awards: Best International FirstClass, Best Economy/Coach Class,Best Trans-Atlantic Airline, BestAirline Based in Asia and BestEurope to Far East/AustralasiaAirline.

Air Canada was nominated in sixcategories: Best Airline Based inNorth America, Best Trans-AtlanticAirline, Best Executive/Business

Class, Best Economy/Coach Class,Best Frequent Flyer Program andBest Airline Web site. The airlinepicked up two awards; Best AirlineWeb site and, for the second consecu-tive year Best Frequent Flyer pro-gram.

Last year, Air Canada also pickedup the Best Airline Based in NorthAmerica Award, which was presented

to Midwest Airlines this year.Singapore’s Changi Airport

topped a very strong shortlist, whichincluded Dubai International,Amsterdam’s Schiphol and HongKong International, to take the title ofBest Airport for the eighth consecu-tive year.

In total 47 airlines and five air-ports competed for 19 regional and

global awards.OAG is the leading source of

flight schedule information, operatingthe world’s most comprehensive andup-to-date schedules database. It is anindependent company based in theUK and USA, with regional offices inAsia. Customers of OAG include air-lines, airports, business travellers andtravel organizers.`

Security Vigilance Rewarded

M A Y 2 0 0 3 • 9

RRSP-Eligible MIC Provides Investment Alternative AdvertorialBy Don Bergman

Don Bergman is founder, president and portfolio manager for ACIC, an MIC that has paid itsshareholders between 6% and 10% annually since 1998. For a free brochure call toll free 1-866-772-ACIC

(2242) or visit the Web site at www.ACICinvestor.ca.

When anyone in Canada sets out on an airline for avacation, business trip or for work, they can feel quiteconfident in arriving secure and safe. However, wheninvesting today many may not have that same sense ofconfidence.

Over the past while, the drop in value of many equityportfolios has rattled investors. Furthermore, it appearsunsettled stock prices, stagnant bond markets, and lowinterest rates, may continue for a while yet.

It now makes sense for investors, planning for or try-ing to enjoy retirement, to be asking for investmentalternatives with less volatility and a better return.Consequently, it may be worthwhile to consider a realestate investment that’s been around for 29 years.

It is a tax-free Mortgage Investment Corporation alsoknown as a MIC. The investment structure for an MICwas passed into federal law in 1973 under theResidential Mortgage Financing Act.

The MIC was heralded back then as an opportunityfor small investors to participate in the mortgage loanmarket. Yet, today surprisingly few have any knowledgeof this type of RRSP-eligible real estate investment.

The details of this investment structure are spelledout in Section 130.1 of the Income Tax of Canada. Theguidelines outlined in the act must be strictly followed orthe MIC risks losing its tax exempt status.

Briefly, an MIC is a pool of investors that lends

money for the purchase or renovation of single family,multi-unit residential and commercial real estate. AnMIC should not be confused with a Real EstateInvestment Trust nor is it a mortgage broker. There areno brokerage fees.

An MIC pays out 100% of its net income to its pre-ferred shareholders. These payments could be in theform of quarterly cash dividends. Investors can expect areturn of between 6% and 10% per annum.

An investment in a MIC can be made directly with amortgage investment company or through the trustee ofan RRSP.

Each MIC manages the tolerance to risk differently.The management style, investment philosophy andstrategy of an MIC should be closely scrutinized andclearly understood.

One indicator to look for is the return on investment.Remember the old adage, “the higher the return thehigher the risk.” Ask to see the company’s offeringmemorandum or prospectus before investing.

An MIC investment may not be for everyone. It’s nota get rich quick scheme. Liquidity, as with most realestate investments, can be difficult.

If you are retired or planning for retirement and wantto supplement your income with a reliable quarterly cashdividend on preferred shares backed by the equity in realestate, an MIC investment may be for you.

Air Canada Receives Awards at 2003 Airline of the Year Event

By Marcia Strang

Two plane watchers have beenpraised for alerting airport officialsafter they witnessed a man trying

to scale a security fence near the northrunway.

Dave Henley, the first to see theman gaining unlawful access to theairport Restricted Area, immediatelycontacted airport security.

Wilfred Tennisen, who was alsoin the area, contacted the Air TrafficControl tower after seeing the man.

Henley, Tennisen and air trafficcontrollers kept a watchful eye on theman until security staff arrived on thescene. The man had been cut bybarbed wire on the security fence, andwas taken to hospital for a psychiatricevaluation.

For their efforts, both Henley andTennisen received letters of commen-dation and a small reward to thankthem for looking out for everyone’ssecurity at Vancouver InternationalAirport.

Ed Huggett of Jet Eagle Transferwas also praised after he intercepted a

passenger who had accessed the ramparea by mistake. The passenger wasescorted back to his airline represen-tative after airport security confirmedhe was not a security risk. As part ofthe airport security reward program,Huggett also received a letter of com-mendation and a reward.

Ed Huggett of Jet Eagle Transfer wasthe recipient of a letter of commen-dation and reward for security vigi-lance at YVR.

Actor/Director Robert Redford's Learjet in foreground with Gulfstream G-4 taxi-ing in background at YVR south. Redford was visiting "Hollywood North" onfilm business in late April.

Visiting AircraftVisiting Aircraft

By Alison Grigg

Did you know that June is BikeMonth on the Lower Mainland?There are plenty of ways to cele-

brate cycling as a form of recreation,fitness activity and transportation righthere on Sea Island.

The first week of June brings theCommuter Challenge, a fun, friendlycompetition between workplaces thathighlights the benefits of reducingvehicle trips to the workplace andintroduces people to sustainable meth-ods of transportation. The goal is to getas many people as possible to use sus-tainable modes of transportation, suchas walking, bicycling, taking transit,and car/vanpooling. This includesencouraging people to switch fromusing single occupancy vehicles(SOVs), as well as celebrating thosewho choose sustainable transportationon a regular basis.

Increasing the use of sustainabletransportation makes our region morelivable by reducing traffic congestion,harmful vehicle emissions and improv-ing employee and public health.

The Airport Authority and FairmontVancouver Airport are just two compa-

nies on Sea Island that have traditional-ly participated in the CommuterChallenge. To register your company inthe Commuter Challenge, contact theLower Mainland’s coordinating body,Better Environmentally SoundTransportation at 604-669-2860.

Next, mark Sunday, June 8, on yourcalendar without delay. Celebrate BikeMonth by joining the City ofRichmond and the RichmondCommunity Cycling Committee on its

third annual “Island City, by Bike”tour. This cycling awareness event willfeature long (25 km) and short (12 km)routes, both of which will start and fin-ish at Sea Island School (corner ofMiller Road and Templeton Road).Participants can choose which groupto ride with, but the idea is to look for-ward to delighting in a slow-paced,scenic ride with the whole family. The

By Bernie Pawlik

Why maintain your car? Quite sim-ply, it saves you money in thelong run. While it may be tempt-

ing to put off maintenance to save afew dollars, especially when your carruns well, the apparent savings arefalse. A well-maintained car costs lessoverall because addressing its smallneeds a few times per year is muchcheaper than repairing the large com-ponents when they fail.

The goal with maintenance is tokeep your car in near-new condition.When a vehicle is kept in this state,there are several benefits: vehicle reli-ability, owner confidence and trust,along with enhanced resale value.

To realize these benefits, the mostfrequently required and least expen-sive maintenance service is to haveyour engine’s oil and filter changed.During this procedure, the rest ofyour car will usually receive someimportant, needed attention as mostshops will also check other fluid lev-els, tire pressures and lights.

Checking other fluids will ensurethat your engine will run at its propertemperature and other expensivecomponents, such as the transmis-sion, are being properly lubricated.Tires that are properly inflated willmaximize fuel economy and safety.Minor problems can be found andfixed before they turn into a majorexpense.

In future articles we will look atthe value of other maintenance ser-vices for your vehicle.

Bernie Pawlik is the owner ofPawlik’s Automotive, an established

automotive repair garage located withinthe airport community at 966 SW

Marine Drive (604) 327-7112.

10 • M A Y 2 0 0 3

Grant McDaniel(former YVR Air Canada employee)

New and Used Vehicle Sales and Leasing

RICHMONDTaking Orders Now on

the Redesigned 2004

Toyota Sienna

Coming Soon

Tel: (604) 273-3766Cell: (604) 868-5875At The Richmond Auto Mall

40-966 SW Marine Dr. (near Oak St.)604 327-7112

Looking for a different kind of auto repair shop?

Bernie PawlikOwner

We make your auto service experience better by.......• Treating you with honesty and integrity.• Dealing with your concerns

personally.• Doing quality work performed by skilled

technicians.• Dropping you off at your place of work.

Call us for Your Next Service... You'll be Glad You Did!

First-Time YVR Customers

10% Discount Parts & Service

WHEN: May 18WHERE: 6080 Russ Baker Way, Richmond, BCCATEGORIES:• Prop-driven military• Jet-powered military• Civilian/commercial• Miscellaneous spacecraft and other flying machines• Senior division• Junior division (under 18 years of age)• People’s choice

MODEL DROP-OFF:May 17, anytime or before 11:00 a.m. on May 18MODEL PICK-UP:After 5:00 p.m. on May 18 or anytime on May 20

PRIZES: All categories will receive a ribbon andgift certificate

OTHER EVENTS ON MAY 18:• Sale event. All models, accessories, and modeling

books will be 20% off. All other items (except maga-zines and electronics) will be 10% off.

• Children’s model-building workshop, pen to all kids12 years of age and under. Please see staff for detailsand pre-pay.

CONTEST RULES:• You may enter any number of models.• You must be the builder of any model that you enter

in the show.• No pre-painted or die-cast models.• Aviation World staff and their relatives may not be

eligible for a prize in any category.• All entries are anonymous until after final judging.• All prize awards are final.• Aviation World will make every effort to care for

models, but cannot take responsibility for damages tothem while on their premises.

Call (604) 718-7400 for additional information.Aviation World106-6080 Russ Baker WayRichmond, BCwww.aivationworld.ca

A N N O U N C E M E N T

Aviation World Model Show 2003 Celebrate National Bike Month on Sea Island

The Value of Proper Vehicle Maintenance

SEE BIKE MONTHCONTINUED ON PAGE 11

AUTO TALK

M A Y 2 0 0 3 • 11

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4 9 , 0 0 0 R E A D E R S E V E R Y M O N T H • $ 1 7 . 5 0 p e r c o l i n c hTel : 604 736-6754 • Fax: 604 736-6750 • E-mail : pstewart@westerndriver.com

AVIATOR’S BED &BREAKFAST

Closest B&B to VancouverAirport. Free pick-up

arranged. Rates: Single, $55. Tel: (604) 273-0646,

Toll Free: 1-888-537-9233,Fax: (604) 278-2156

www.bbcanada.com/2483.html

BRITISH COLUMBIA (PINANTAN LK).

LAKEFRONT HOUSE—PRIVATERURAL SETTING

29 kms from Kamloops, 3-bdrm. 2-bath house, 1/2 acre lot. Treedview of lake & mountains, swim-

ming, fishing, hiking, skiing,snowmobiling bird watching,

horseback riding. Children’s playarea, BBQ, microwave, dish-

washer, VCR/TV., sundeck, sauna& fireplace. Smoking/pets

allowed outside. $100/night;$500/wk. Taking 2003 bookings.

Maximum 7 persons. Tel: (604) 232-4652.

www.angelfire.com/linux/pinantanlake/

General/OperationsManager Wanted

Seair is a 20-year-old seaplane com-pany, based at Vancouver Airport(southside). Our business is associ-ated with aircraft chartering, sched-uled flights to the Gulf Islands andservicing of other seaplanes.

We are looking to expand our opera-tions and are seeking a qualified pro-fessional to fill the position ofGeneral/Operations Manager.

Experience in the seaplane industryis required. A knowledge of the B.C.coast as a seaplane pilot and/or abackground in travel sales would beconsidered an asset.

APPLY IN PERSON AT

SeairSeaplanes

4640 Inglis DriveRichmond, BC V7B 1W4

1993 GSXR 750. 30,000 kms.

Never crashed. A well-maintained

bike with custom paint, Low-Pro

signal lights, new chain, good tires

and brakes, and more. Have all

receipts. Oil changed every three

months.This bike runs as good as

it looks. Must sell. $6,500 obo.

(604) 228-0625

CHESTNUT TREECOTTAGE

Comfortable accommodation, withspecial discounts for airline per-

sonnel. Five minutes from airport,in Richmond. Free Pick-up to and

from airport. Phone Penny orRoss (604) 273-1198

E-mail: pshaff@intergate.bc.ca

Website www.bbcanada.com/2011.html

RECREATION PROP. FOR RENT

ACCOMMODATION FOR RENT

MOTORCYCLES FOR SALE

RECREATION PROPERTIESWATERFRONT CABIN • Leased Land

WEEKEND RETREAT OR INCOMEPROPERTY

Sunshine Coast location. Cedar exterior, finished in Ponderosa Pine interior

w/deck & aluminum shake roof. Sleeps6, has wood stove, electricity & gas

stove. Furnished, 10 years old. Seasonalrental income exceeds costs.

$48,950 o.b.o. (604) 228-0625.

BED & BREAKFAST HELP WANTED

MONEY MATTERS

Oakdale ManorBachelor $550; One-Bedroom $650.

Available immediately. For short- or long-term rental. Adult-oriented building.

Amenities include: full carpeting, bal-conies, storage/locker, secured under-ground parking, and coin laundry. Five

minutes to YVR; 10 minutes to RichmondCentre; 15 minutes to downtown

Vancouver; 20 minutes to UBC. Sorry, nopets. For details, contact property manag-

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Vancouver,BC V6P 3B4

Bike Month, CONTINUED FROM PAGE 7

How to Give Your Kids a Head Start towards UniversityBy Peter Kutney

If you’re hoping your children willpursue a higher education someday,get ready for a shock. When you

take everything into consideration, thetotal cost for a diploma, or degreecould be terrifying. In fact, the 1999-2000 student budget prepared by theCanadian Federation of Students allo-cates $9,260 for tuition, books, rentand food. Assuming inflation contin-ues at three per cent per year, a four-year undergraduate degree in 2015will cost more that $67,000.

Government cutbacks mean thatfewer loans are available, and withtuition costs constantly rising, compe-tition for them will be fierce. If thistrend continues, only the wealthy,those on scholarship and childrenwhose parents planned ahead will beable to afford a higher education.

How will you pay for your kid’s edu-cation? There are three choices: payafter, during or before they begin. Ifyou take out loans, you’ll pay after bypaying back the loan plus interest. Ifyou pay during, you’ll have to copewith the cost over a few years — notan easy proposition. This leaves oneprudent option: Be prepared, andbegin saving now.Tax-deferred RESP

One option to consider is aRegistered Educations Savings Plan(RESP). An RESP is a government-approved plan that permits earning tocompound on a tax-deferred basis.While there is no tax deduction for thecontributions, the tax deferral doesenable the student’s money to growquickly.

The big incentive, however, is theadditional grant money contributed tothe plan by the government. Thisgrant, called the “CESG”, is equal to 20per cent of the funds you put in, to amaximum of $400 per child per year.

When the money is withdrawn fromthe plan (at the discretion of the parentor other trustee), the income isrecorded on the student’s tax return.Since students usually do not earnmuch income, that means very littletax is payable

Other types of RESPs are availablewithout the same benefits. For exam-

ple, the scholarship trusts offered byseveral organizations in Canada maynot provide the same flexibility as a“self-directed” RESP from a mutualfund company or bank/trust company.The self-directed plans allow invest-ment in a broad range of equity andbond funds with variable contributionamounts. In addition, all the childrenin one family can be put under a singleplan — rather than a separate accountfor each child.

So, what do you do if the studentdoes not go to college or university?

First, there is the option of transfer-ring the fund to another full-time stu-dent, which is particularly attractive ifthe student happens to be a brother orsister of the original beneficiary.

If that option fails, then the parentmay roll the accumulated growth ofthe plan into their RRSP, provided con-tribution room exists.

A third option is for the RESP sub-scriber to withdraw the funds com-pletely, in which case he/she will paytax on the growth in the account (thecapital is returned without conse-quences). In this situation, the 20 percent federal grant must be repaid.

A maximum of $4,000 per year, perchild can be contributed to an RESP,with a lifetime limit of $42,000 perchild.

The most common question fromparents is: “How much do I need toput in an RESP?”

I suggest, as a rule of thumb, that$100 per month per child will be need-ed. That assumes a start date at ageone or two and continuing for 18 years— assuming a 10 per cent rate ofreturn, that will accumulate to over$60,000. It won’t pay for Harvard, butit will do well for most schools.

Does this seem complex?Personally, I find the RESP rules makea 747 flight ops manual appear simpleby comparison. So, it pays to consulta professional financial advisor to helpyou sort through the details.

Peter Kutney is a financial plannerwith Equinox Financial Group in

Burnaby. He can be reached at 604-438-1603 or at kutney@aebc.com.

short route will explore Sea Island andturn around at McDonald Beach Park,while the longer one will strike out toSteveston and reverse its course atGarry Point Park.

Plan to arrive at the school for thecomplimentary bike and helmet safetycheck being offered between 9:30 a.m.and 11:00 a.m., and the first 100 atten-dees will receive a safe-cycling sou-venir. The rides depart from the schoolparking lot shortly after 11:00 a.m. Thegroups will reconvene at the school

about one hour later to enjoy refresh-ments and a raffle prize draw.

Trained tour leaders will be con-ducting the rides, so all you need tobring, other than your bike, is your hel-met and a sense of humour (or adven-ture) in the off-chance that it rains. Yourattendance will demonstrate support forefforts to improve facilities for cyclistsand to enhance community livability.

If you would like more information,please contact Joan Caravan at the Cityof Richmond at 604-276-4035.