B6 - Sunday, March 27, 1983 - North Shore News NEWS photo Stuart Davis LEADING THE WAY in fuel efficient heating and cooling systems in the Pacific Northwest is a north shore firm Astralvan Industries. Pat Martin, pictured above, started the firm in 1981 and has seen sales increase despite a sagging housing economy. Garth Martin, in the background, is working on an outside gas and air heat exchanger, one of the components that make the system more efficient than conventional furnaces according to their builders. INCOME TAX TIPS Beware the nasty pink letter Before you mail your income tax return this year, make sure you have filled in all the lines that apply to you, checked off all the boxes required, completed the correct schedules and attached your receipts and information slips. Otherwise you could receive a pink letter from Revenue Canada, Taxation that means your tax return has been pulled from the regular processing cycle and will not continue on its way until you provide the missing information. The longer your return is out of the processing stream, the longer you will have to wait for your refund Although Revenue Canada, Taxation’s com puters can catch many errors and correct them on the spot, other types of (in foemation ean onty te provided by you Copies ot receipts for Repistered Retirement Savings Plan contributions, your 14 Statement of Income. The TFAL Statement of Family Allowance are required documents — that must be attached to your return before processing can be completed. Often people forget to check off boxes on schedules indicaung information that ts among the Hill and Friesen CHARTERED ACCOUNTANTS Financial & tax planning advice Personal income tax returns #22 - 285 17th St. West Van 926-4371 essential to processing their return. For example, people claiming the equivalent-to- married exemption, and completing Schedule 6, must be sure to indicate whether they maintained the home in which they supported their dependant. Last year about 600,000 taxpayers had to be con- tacted for this and other types of missing information, receipts or documentation. There are of course certain tax situations that canot be handled through the regular processing cycle For example, returns in which a bankruptcy has been declared are handled manualty by distmet tax office staff rather than through the Taxation Centres Most returns, however, do go through me formal processing cycle that takes about eight weeks for an error free return Phat cycle consists of five main stages sorting . WSSe SSENg processing . data labelling and af necessary corre ¢ thou Sorting is handled manually by clerks who put all receipts and documents in order to prepare lor assessing Returns with payments enclosed go to the cash section where payments Tax Tips Question: Age Exemption How much ts the age axomption allowed on the 1087 tncomo las Retum? Answor. The Age Exemption for 1962 is $2.270 if you were bom belore 1016 you may ciaim ft in addition to the basic personal oxem thon fegardiess ot your trcome th your spouse was Dorn betore 19 1B and had NO taxable income, you may transfer some of your spouse 1 age Gxemption to your own rotum Use the General Return and applicable Schedute that comes with Il For a tree CGA Tax Tips brochure call or visit PERRAULT, SMYTH & COMPANY Certiied Generat Accountants 1975 Lonsdale Avenue North Vane ouver BC V7M 2k3 887 8101 are removed, cheques are photographed and then immediately deposited in the bank. All returns. then proceed to the assessing section where they are again checked manually before the data processing stage. The tax computers verify all information, correct minor errors and indicate those returns that require further verification. Only when all information sub- mitted by the taxpayer has been vernfied and accepted by the computers, can assessment notices be CaS menescrl mn Vibe ot e lth ay! HEAL ESTATE Gf be want to tath to you NORTH VAN Chuck Traunweiser 985 9544 prepared and refunds sent. For most people the tax processing cycle ends with receipt of a refund cheque and notice of assessment about eight weeks after the tax return was submitted. But if you forget essential receipts or information, that refund cheque will be preceded by a pink letter that must be answered before processing continues. Keep Canada Beautiful... 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