B4 - Wednesday, March 16, 1983 - North Shore News

i business

Forward
averaging

If you make a big gain on
the stock market, sell a
business or come into a lot of
cash in some other way, you
used to be able to purchase
an Income Averaging
Annuity contract to spread
out the tax on your windfall
over a number of years.

People with fluctuating
incomes could also apply the
General Averaging
provisions to offset the tax
burden of high = income
years.

The November 1981
federal budget proposals

eliminated both Income
Averaging Annuity contracts
and the General Averaging
provisions. They have been
replaced with a new cal-
culation called Forward
Averaging. Forward
Averaging applies to 1982
‘and subsequent taxation
years. It permits you to
spread eligible earnings from

ingh-—incomre ~~years ~ over

future years when you may
be in a lower tax bracket.

If you earn a lot of money
in one year only a few times
in your life, you may be
better off under this govern-

ment administered formula.

If you are a_ performer,
athlete or other type of
person who may make
plenty of money for only a
few years, it may cost you
more.

To qualify for Forward
Averaging, your net income
for the year must be at Teast
$1,000 greater than your
adjusted average net income
for the three immediately
preceding years. Your
adjusted average income
amount ts in the bottom right
hand corner of the iden-
ification section on page
one of your personalized
return

eet
WER mat AND CORPO
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ay,

DISPLAYING HER
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NEWS photo Stuart Davis

CHARTERED ACCOUNTANTS

Financial & tax planning advice
Personal income tax returns

#22 - 285 17th St. West Van
926-4371

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Five branches serving North Vancouver

Lonsdale Branch Lynn Valley Branch Martine Drive Branch
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986-4321 980-6556 986-1116

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985-822) 929-B111

agmememne

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