16 — Wednesday, August 19, 1998 - North Shore News

Cafe open
24 hours

From page 15

and I know everybody thar
comes in here. And TE can play
any CD I like.”

Her boss who also happens
to be the owner doesn’t mind,
and likes to extend that free-
dom to his customers as well.

Nick Ghashghai bought
the Bean There cafe nearly
three years ago with one
thought in mind: turning the
business around.

“Before the place was dead
and now it’s alive and every-
body knows each other,” said

Ghashghai.

The things that set the cate
apart from its many counter-
parts is its liberal (for the
nineties) smoking regulations
and keeping the doors open
24 hours a day. Although he is
careful to say he doesn’t
encourage burning the weed
on a regular basis, he doesn’t
discourage it cither.

“1 want everybody to be
free here,” he said. “Where
else are they going to go?”

All the rest...

The other businesses on the
street include (north to south)
Subway, Fortune Whee!
Chinese Restaurant, The
Meat Shop and Deli, Alsa
Sushi Restaurant and McGill's
Stationery.

Ltd.

Mortga .
Lene.

/ when the banks say “no”
/ when speed counts
/ low rates and fees

“Celebrating our 15th Anniversary.

; "Adam

Cail me for @ quote today.”

687-2020

Lender Broker fees may apply

wae SAAQ

~ reg. $519

while quantities fast

A superb larger BBQ with
drop down shelves and

cast iron grills.

¢ 50,900 STU
© Anti-flare ceramic
_ briquets

© Oven heat indicator

© Super 8 Dual
infinity burner

Limited 10 year
warranty

7 REGAL 4 ALSO SALE PRICED
Same as Regal 2 but with side burner.
See instore for details.

At Johnstone's we service everything we sei!

® check us out!

185' Pemberton Ave. N.Van 985-0234"
CLOSED SUNDAY & MONDAY

north shore news

<= BUSINESS
Document rental expenses

WHETHER you rent
out a room in your
home or have a portfo-
lio of investment prop-
erties, don’t lose out
when you claim losses.

KPMG, chartered accoan-
tants, recently devoted an
entire issue of its monthly tax
letter to defending chims for
rental losses. The smaller your
down payment, for example,
the more likely the rent won't
cover all expenses.

“Ifyou plan to deduct
losses from a rental property
against your other income,
you should be aware Revenue
Canada has been targeting

rental losses for reassessinent,”

KPMG told its clients.
“Revenue Canada is likely to
challenge your rental losses
claim if there is a personal cle-
ment involved in your rental

property — for example, if
you or onc of your relatives
hve there, or if you plan to
live there in the future.”

Let’s say you charge a rela-
tive half the fair market rent.
Revenue Canada might allow
you to deduct only half your
expenses — and perhaps not
claim a rental loss at all.

Or perhaps you rent out a
inome you eventually plan to
(rejoccupy. While it’s rented,
you spend money on extensive
repairs and maintenance —

and deduct these expenses, Hf
you are in the 40% tax brack-
et, this strategy could save you
$4,000 on a $10,000 repair
bill.

But will Revenue Canada
allow vour claim?

The key is to be busi-
nesslike about your rentals, to
show vou have an investment
“with a reasonable expectation
of profit.” Perhaps keep a
binder with the following
information:

@ Document the research you
do (or did) before buying and
renting out a place. If you
expect to lose moncy at first,
project when and how rental
income will exceed expenses.
Do you think this would con-
vince a Revenue Canada audi-
tor?

@ Note your research to
decide how much rent to
charge, and how you plan to

increase revenue and reduce
expenses.

® Keep all receipts. Separate
“repairs and maintenance”
expenses [fully deductible)
trom capital improvements
(generally only four to 20%
deductible), which can’t be
used to create or increase a
rental loss,

KPMG said you could still
overcome a Revenue Canada
challenge if you experience
losses due to factors beyond
your control rather than a lack
of care in choosing and oper-
ating your rental properties.

— Copyright 1998 Mike
Grenby .

Mike Grenby will answer
questions in this column as
space allows but cannot reply
personally. Contact him at PO.
Box 50029, South Slope R.PO.,
Burnaly, B.C. V5] 5G3; email

mike@grenby.com

GIFT WITH PURCHASE - STARTING MONDAY AUGUST 24TH ©
Send your kids off to school with a buddy this year. Chobee, Cashew, Ringo and Sniffy
are anxious to meet their new best friends. Just present your day’s receipts totalling $75 ©
or more from stores in the mall, to our Gift With Purchase Centre and receive one of
these adorable Russ Home Buddies. One gift per customer please, while quantities last.

Fi CAPILANO MALL

935 MARINE

DRIVE NORTH VANCOUVER FOR CUSTOMER SERVICE CALL 980-8561