Get full benefits OST of our senior citizens and widowed property owners are aware of the provin- cial government’s program which allows them to defer their property taxes. By BERT WICKHAM The procedure is relatively simple: application is made at City Hall and, if approved, the provincial government will pay your taxes to the municipality against a first charge on your property in the amount of the taxes plus interest. Currently the rate of interest charged 1s 8%. The granting of this deferment is mot automatic. It will depend upon the amount of equity in your property” relative to other charges against it. The intent of this provision 16 quite Clear It is designed to benefit people whose circum stances might otherwise force them to give up their home By deferring taxes in this manner, they are able to con tinue fo hive in ther home without fear of being evicted for nonpayment of taxes Naturally, the government will recover the taxes plus in terest, when the property is old or on the death of the property owner Herein lies a snag for those property taking ad this plan to ag owners who ate vantage of cutmbulate catia money forun Video Recorders VHS & BETA THE LEADING BRANDS BUY WITH 4 CONFIDENCE YOU FINO 1T ADVE nen FOR LESS WE LL RE THE Dit FE RE NG Ai HOME FURNISHINGS Warehouse/Showroom, OPEN TO THE PUBLIC biks. behind the Avalon) at 1075 Roosevelt Cresa., N. 50-530 985-8738 vestment purposes. Although this is quite legitimate, it is against the spirit of the pro- gram and it is not always a particularly smart idea. As the interest charged against the deferred taxes is not the same as for an ordinary loan, it is not tax deductible. On the other hand, interest earn- ed on any investment will be taxable. If you were to earn as much as 12% before taxes, this could represent a_ net return to you of only 8% if you are in a 35% tax bracket. in this case, you break even. In a higher tax bracket you are the loser! If you are not getting your full interest income exemp- Gon, then your after lax gain would stull be modest. In the above case, assuming you are not already earning $1,000 a year of interest income, your maximum ‘‘profit’’ would be $40 a year for every $1,000 of taxes deferred. On the other hand, you would be building up a debt against your family home which would have to be faced when you sold your property. death, it would reduce the valu the property to your heirs. Furthermore, there is always the risk of an unfavourable investment producing a loss rather than a gain. Bert Wickham is one of B.C.’s foremost authorities on financial planning for retirement. This series of ar- ticles is designed to help you make the most of your in- come in retirement and keep your taxes to the legal minimum. ‘However, as these articles are of a general nature only, readers are ad- vised to check carefully before applying them to their personal situation. THE CORPORATION OF THE DISTRICT OF NORTH VANCOUVER NOTICE OF BOARD OF VARIANCE MEETING The folowing toad oft Afof eral Veadtleati en bial t4: so, West HO4 & ott a) Over r PTR be toot Oy bh O48 thee ANA beheare por sy colo ty Behar vt t4ben ba, will be That sday 1984 commencing at 830 am al the Cdiserertis, bead heat before the OO) Vootoeay th Miurrnicipadl Root the Vcthie crtpuett hm fyhat Pha towered Ath Hane oe Sy oN tdeovacd B7 - Wednesday, October 17, 1984 - North Shore News North Shore logging B.C.°S IMPORTANT forest industry may not be kicking but it's still alive. Even on the predominantly residential North Shore, you don't have to. look far to find evidence of the industry and its impact on employment and _ the economy. NEWS photo Stuart Davis NOTICE OF ELECTION THE CORPORATION OF THE DISTRICT OF WEST VANCOUVER AND SCHOOL DISTRICT NO. 45 (WEST VANCOUVER) PUBLIC NOTICE is given to the Electors of the District of West Vancouver, and of School District No. 45 (West Vancouver) that | re- quire the presence of the electors at the Council Chamber, Municipal Hall, West Vancouver, on MONDAY 1984 October 29 at 10:00 a.m. to elect: MAYOR: One, for a two-year term ALDERMAN: Three, each for a two-year term SCHOOL TRUSTEE: Three, each for a two-year term The Mode of Nomination of Candidates shall be as follows: Candidates shall be nominated in writing by 2 qualified electors of the municipality. The nomination paper shall be delivered to the Returning Officer at any time between the date of this notice and noon of the day of nomination. The nomination paper may be in form provided in the “Municipal Act’’, and shall state the name, residence and occupation of the person nominated in a manner sufficient to identify the candidate. The nomination paper shall be signed by the candidate In the event a poll is necessary THE POLL will be opened on SATURDAY 1984 NOVEMBER 17, BETWEEN 8:00 A.M. AND 8:00 P.M. at: Caulfield School, 4685 Kerth Road Collingwood School (formerly Glenmore School) 70 Morven Drive Eagle Harbour Community Centre 5575 Gleneagies School 6350 Manne Orive Hollyburn School 1329 Duchess Avenue Irwin Park School SS Haywood Avenue Legion Hall S80) 18th Presbylenian © hur ti Recreahon Centre Marine (rnve Sotree lt as Marine Drives POO) rad Sotreret Ridgeview School V50 Mather. Avenue Westcot School 760) Weste ot oad Vitlage Cotte ee TOG) Ceenitres Pdecod Loonie, (say tos (For the School Prostee fb hec tron: Corby) ADVANCE POLL will be held at the Municipal Hall THO) V7 th Sotreet West Vane ouvwer oo btiday 1aGd Noweibeer OU anid Tuesday Wednesday and Phat vchay Sa Noweriter 1 a and Uh. tron BO 30) arm 1a ty Oh gett tos A) Pecos, Wis Crepes TY toe abe te f fests thie MAL, pra ty oor pou Wereeg hay tot to) Petcon wha are ot er cr) cr er ee OY voting cary pawn thay oe ti) Pere, wha the. yiyt ager hy tote Sry ' Will treat toes caboles be catterracg ttiee prea of wtiad trvetlhy puerto , Poereect een Te eC JD ALLAN Returning Officer, for tote, Vistrict of West Vancouver and School District No 45 (hater toa Wet OM, VGA Coe Teter: