fl - Friday, February 27, 1987 - North Shore News

ACCORDING TO ACCOUNTANT
New fed tax changes

hard on small business

INCREASED monthly payments Mary Collins said the change will paycheques. ‘“‘They’re getting a
of government taxes and benefits help the government and cause lit- sort ol an interest-free loan from
deducted from employees could be de difficulty for smaller businesses the gosernment.”’

a hardship for smaller businesses, falling under the rules. Companies may have to pay the
said an accountant, commenting “Obviously it is going to help ‘‘one-tine cost of changing their
on the change announced in the our cash management problems,” accounting (procedures),'' she
recent federal budget. said Collins, noting the move will admitted. “I don’t think it’s going

“It is a real hardship for smaller net Ottawa an added $1.2 billion in to be significant.
business,"’ accountant Bill Gannon one-time revenue.
said Tuesday of the change that Now, she said, firms hold onto Collins said the changes are
will require many firms to remit funds they deduct from mid-month mainly aimed at large firms.
employees’ taxes and benefit pay-
ments to the government twice
monthly, instead of once monthly
as before.

Companies with a monthly
payment of less than $15,000 are
exempt and companies that pay
their employces only once a month
will still remit their payments mon-
thly.

When the changes come into ef-
fect Jan. 1, 1988, affected firms
will have to remit funds twice
monthly, possibly hampering deli-
cate cash flow, Gannon said. ‘, a

A common belief that the com- ay is ona! 4 r Li
pany has the deducted funds sitting a
in a bank account waiting to be
paid to the government is untrue, Ardagh Hunter Turner
he added. When it is time to pay . es
the government, most companies Barristers & Solicitors

take the money from their general #300-1401 Lonsdale Ave., North Vancouver
wand often, money for a mid- 986-4366 Free Initial Consultation

month remittance to the gov-
ernment usually “‘is not something
a lot of companies have,’’ he ex- R bhit W bbi t
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ing to have to find the extra money
somewhere. .
“They’ve either got to speed up
collection of their accounts receiv-
able or put off (paying) some of
: : . their suppliers. They could go ex-
. NEWS photo Stuart Davis | plain the situation to their banker
SULIE likes to have quiet romantic diswers and watks on the beach at | and ask to extend their line of
sunset, when not attending her accounting classes at Capilano College. | credit,’’ Gannon explained.
Capilano Conservative MP

My <. hy « Engi eS i
a ines uspension
WCB commits cash te cancer researc = Engines | * Suspens
THE V/ORKERS’ Compensation Board has awarded According to WCB chairman Jim Nielsen, the con- ad Br akes e Floor
$150,000 a year for the next five years to enable the tinued support of this research by the WCB will ° Exhaust Panels

Cancer Control Agency of. B.C. (CCABC) to continue benefit both industry and the community. ‘‘The board
its study of cancer in the workplace. is committed with the aim of substantially reducing
In 1982, the WCB sponsored the initial study to the risk of cancer in the workplace,’’ Nielsen says.
assess occupational cancer risks. The program now Dr. David Boyes, director of the CCABC, says he is
aims to identify occupational cancer risk factors and very pleased with the WUB's grant.
cancer-causing agents in the workplace. “It shows great responsibility on the board's part to
Dr. Pierre Band, responsible for heading the pro- continue its support. These funds are indispensible to
gram, says, ‘‘Our cancer in the workplace research is the continuation of our research. We hope the study
one of the leading programs in North America in- will result in a healthier working environment for the
vestigating occupational cancers.” people of our province.”’

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