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_ free uniforms or clothing... .

20 - Wednesday, April 17, 1985 - North Shore News

Business

WV businessman leads campaign

WEST VANCOUVER sesi-
dent, Jack Farley is to direct
Simon Fraser University's
‘Bridge to the Future Cam-
paign.”’

Farley, 51, is a chartered

MANY PEOPLE receive
perks or fringe benefits in ad-
dition to their wages,

Those perks may be
substantial. In some cases,

‘they may be. tax-free. In
‘ many cases, they attract addi-

tional tax.
How to tell the difference,
and minimize the tax?
Tax-free fringe benefits in-

-¢lude the employer's con-
‘tribution to a private health

services plan and contribu-
tions to a group term life in-
surance pclicy if coverage
does not exceed $25,000.

If your employer pays for
you to take .a professional
development ‘course, attend a -

. convention,:-or join an

athletic ‘or-social club for
“: business. purposes, the
' : benefit is tax-free. ;

. Paying you back: for the

‘cost. of moving your
' household effects is. also tax- _
- free, .as:.are employee .dis-

counts, subsidized meals, and

Where you ma

* ‘CLASSIFIED! *

ANSWERING SERVICE -

669-7973"

Fringe benefits can
cost at tax time

‘ of the cost of the car per

1

Operating component of the‘

-you a reasonable allowance

known across Canada for
applying his business
acumen to professional
Sports. He is a past president
of the B.C. Lions football
club, the Canadian Football
League and the league's
western conference, At pres-
ent, he remains as a member
of the B.C. Lions’ advisory
committee and is a trustee of
the B.C. Sports Hall of
Fame.

Foundation, Farley will or-
ganize a fund-raising pro-
gram directed to strengthen-
ing the university's leader-
ship position within British
Columbia and Canada.
Farley is particularly well

Fraser University’s first ma-
jor gifts campaign. Working
with SFU's vice-president of
development, Dr. Jack
Blaney, and members of the
Simon Fraser University

accountant and president of
the investment firm, Farley
Enterprises Ltd. of Van-
couver.

The “Bridge to the Future
Campaign"' will be Simon

An interest-free loan from benefit. Revenue Canada will

pay extra tax for company
your employer is a taxable prescribe the interest rate!

cars or employee. Joans.
However, with a little plann-
ing, taxes on these items can
be reduced or even
eliminated.

If you want to reduce or
eliminate tax on your
company-leased car, you
must keep accurate mileage
records, and distinguish bet-
ween business and personal
use.

You wili be taxed for the
use of the company car in —
two ways: on the basis of a
standby charge (two per cent .§

month, or two-thirds of the
monthly lease payments),
and secondly, on the

benefit. If you run up less
than 12,000 km a year for J
personal use, your costs will *
be reduced proportionately.
There is an- alternative
which can reduce the tax fur-,
ther: ask the company to pay .

‘<’Minimurn $5,000,
Interest paid at maturity.

for. the’ use of. your own car _
for business. 0200260

- the plan until it’s a perfect tailor made fit.

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687-1741

Until April 30, 1985, -you.can earn

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In 1982, he spearheaded a
successful, whirlwind cam-
paign to save the Simon
Fraser University football
team.

Last summer, he was ap-
pointed by the provincial
government to he uniiversi-
ty’s board of governors.

Born in. Kamloops, Farley
attended West Vancouver

High School and the Univer-
sity of British Columbia,

oe Mi .
Interest paid 2.

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