36 - Sunday, March 23, 1986 - North Shore News

Business _

From Page 32
business.

If you'll be renting the cottage
out back, just add up its total floor
space as a percentage of th- total
floor space of the cottage and your
house combined.

If you're renting out space on
your lot for recreational vehicles to
park on, use the same formula:
total area being used for parking
out of the total lot area.

ROOM RENTING

If you are renting out rooms in
your home instead, calculate this
percentage as the number of rooms
rented, out of the total number of
fooms in the home. Use your
discretion in determining whether a
room should be included if the

tourists must share it with your .

family.

Claiming depreciation, or a
“capital cost sllowance’? (CCA)
on your home should be ap-
proached with caution. This could
change the tax-free status of capi-
tal gains made on the future sale of
your ‘‘principal sesidence’’. (Then
again, the new ‘‘lifetime exemp-
tion’’ on capital gains could cover
any capital cost recapture.)

It might be an idea to consult a
tax expert for advice, should you
decide to deduct depreciation on
your home.

If, for some reason, your bed :

and breakfast doesn’t attract any

business, you will still be able to.

claim a ‘‘‘net loss’? against your
regular income. As a rule of
thumb, Revenue-Canada accepts as
a legitimate business expense
anything which might’ be
“reasonably expected” to produce
an income.

Now for the ‘most important
part. Choose a year end for your
new bed and breakfast.’ business

with care. The best year end will

probably fall right in the middle of
summer, — ~
Here’s why:

SUMMER BENEFITS

A bed and breakfast business
will make the bulk of its money
during the summer (Expo) months.
If you chose a year end that fell in

the middle of these months, the .

income you make this summer will
effectively be divided over two tax
years..

Money earned (and expenses in-
curred) in the 52 weeks before the
year end, will be declared on your
1986 income tax return. Money
earned in the second half of the
summer will be declared on your
1987 tax return, because your
business year end won't occur until
mid-1987.

The Certified General Accoun-
tants Association of British Col-
umbia will be presenting a special
one-hour program on Wed.,
March 26 from 7-8 p.m. on the
Knowledge Network, entitled How
to Prepare An Income Tax Return.

The 1985 individual income tax
form will be reviewed by Mr. Peter
Maturi, C.G.A. Knowledge Net-
work viewers can dial the studio
toll free from anywhere in the
Province for answers to related
questions concerning how to
prepare their tax returns.

the elegant patio cover
fr

patio roofs

We also build sunaecks

Demonstration By

Michael Judd

your voluntary participation is welcome in yroupfindividual sessions

m Eat. March 29.

enclosed
sundecks

aluminum or cedar

best prices in town - call for a free estimate today
Save 20% off materials till April 15/86
® 172 Riverside Drive N. Vancouver

SROPLCANA

EDGEMONT canrereuno |

CENTRE LTD.

EDGEMONT casrer eno

CENTRE LTD.

pha A!

North Vancouver:

: $28 par person. Frae lunch incl,
Preregistration cloves 4pm March

+" Poona for info:

Program also includes ® Aid & tips to meditators

and introduction to

* Autogenics © Zazen
® Visualization
© Stress control

0 me

* Psycho-synthesis
*® Therapeutic touch

929-6361 Centre.

#113-2419 Bellevue, West van:

A NNOUNCES

Their March lineup of
Carpet & Lino Specials

Special Purchase
Spe of factory returns (some Aha S 1 95

irregulars) retail values up to $29.95
sq.yd.

Specially priced at
* . LJ
Saxony (installed) $9950
40 oz. 10 pastel colours, %"* underlay sq.yd.
— minimum purchase 20 yds... .Specially priced + tax

Country Club Green, top quality,
retails at $29.95

Heavy — 100% wool, soft beige only, 33 7
connoisseur quality reg. $49.95. Specially priced sq.yd.

Artificial Turf | $4 495

Hardwood Fioorin
foam backed — self adhesive - g $999

Manufacturers clear-oul — top quality parquet

— see in-store display Starting at SQ. ft.

Lino Dept. | 99

In stock specials —- no wax lino specials .yd.
— from $14.95 sq.yd. to $29.95 sq.yd & up

EDGEMONT casper euro

CENTRE LTD.

1083 Roosevelt Cres., N. Van.
(2 biks behind the Avalon Hotel)

985-0114 985-0011

North Shore’s Flooring Specialist

Renae PHM UTT ne ff MY SAATRAGAA TAR IN

at INTERNA SONAL PLAZA HOTEL .

Holistic Therapy —

Ve