“And let's say.the

Be ~ value of your house

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MIKE GRENBY’S MONEY TOON

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tee NEVER, ««. DOGOON,

. FT?’S TIME to invest your
“time ~~ for a guaranteed,

tax-free return.

“Perhaps things are tough and"

“-” you're simply trying to survive. Or

you're getting by but
-- would like to build up
the.bank balance a |

little. Investing time

ean really pay off.’
“Let's say you

ine spend 100 hours fix-
ing up your home.

“work increases the

‘and you receive an >
- extra $5,000 when
. you sell. Because you
“pay no income tax on
“the proceeds, in‘effect you have .
earned $50 an hour tax-free.
Go one step further. Fix up part

.. of your home so you can take ina -
*. boarder or a tenant. Not only have:
“you increased your home’s value™*

(again, a tax-free gain wien you
sell) but you can also generate

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INVEST Your,
BIG BUCKS /

~~

12 ‘is tax-free

immediate income. What that
means is that you can deduct relat-
ed and otherwise non-deductible
expenses, If the boarder/tenant
takes up 20% of the home’s space,
for example, deduct 20% of
expenses like the mortgage interest,
property taxes, insurance, hydro,
maintenance and so on. Learn how
to do your own repairs or other
tasks instead of paying for such ser-
vices.

. Otherwise, see if you can barter
work you enjoy for things you can’t
or don’t like to do. | advise a friend
about his income tax and other
financial affairs. In return, he helps
me with odd jobs around the house
which, even if I did attempt, would
take me endless and frustrating

hours.

It’s an informal arrangement; we
don’t keep track of the time. (If you

66 Fix. up part of your home so you
can take in a boarder or a tenant. Not
_only have you increased your home’s
value, but you can also generate’
immediate income. 99

do have a formal bartering system
or one involving expensive deals —
“[H straighten your daughter’s -
teeth if you rewire my house” —
Revenue Canada could tax you on
the value of the services.)

' Whenever you deal with a pro-

_ fessional — especially one who

charges by the hour — take dime to
prepare if you want to save money.

Lawyer Brenda McCourt spoke
recently to members of one of the
Canadian Bar Association's family
law sections. She included tips to
help clients reduce their legal fees.
Although she focus:d on marriage
breakups, many of tic tips apply
both to other matters and also to
dealings with other professionals.

For example:

* Write down a list of significant
background events. Collect relevant
documents, “Don’t make your
lawyer spend time trying to get”
this information, McCourt advises.

* Don't flood your lawyer with
phone calls. Again, “he or she must
charge-you for the time spent.” i
you have to phone, make notes
ahead of time to keep the call brief.
Otherwise, write a letter.

* Get advice carly to
tearn your rights,
responsibilities and
options, so you can
make realistic plans for
the future.

This might enable
you to work through
many matters on your
own, ‘

* Discuss fees and
your budget. Don’t start
a $10,000 course of
action if you can afford
only $f,000.

Mike Grenby is a North Shore-
based columnist and independent
financial adviser who works with
individuals; he will answer your
questions in this column as space
allows — write to him clo 2444
Haywood Avenue, West Vancouver,

B.C. V7V IY.

| NOTICE TO MOTORISTS
 SEA-TO-SKY HIGHWAY 99. |
PORTEAU BLUFFS SLOPE STABILIZATION

: _ TRAFFIC DELAYS

~The Ministry of Transportation and Highways advises that there will be 20 |
minute delays on the Sea to Sky Highway 99 at Porteau Bluffs, 25 km north of
Horseshoe Bay from April 18 to May 8. The delays are needed for slope
Stabilization work and will be in effect as follows:

Monday - Thursday

9:00 am - 4:00 pm
Friday

§:00 am - 12:00 noon

- Note: There will be no delays on Friday afternoons or weekends.

“The Ministry thanks motorists for their patience and cooperation.

Province of

British Columbia

Ministry of Transportation

and Highways

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