“QUESTION: I operate a
“restaurant and- - fish

directly from the fisherman.
Am I required to deduct and
remit Unemployment In-
‘surance premiums on his
“behalf

ANSWER: A fisherman is
not insurable for any sale of
fish he sells directly to
restaurants. Therefore, no
employes. and employer
premiums are required.

QUESTION: Can 1 claim
fiuterest on money I
borrowed to: buy a boat*

ANSWER: You may claim
interest on money you
borrowed ‘to carn your
fishing income. This would
include interest on money
borrowed to buy a boat,
engine, or gear. However,
you may not claim interest
on moncy borrowed for your

personal use such as interest:

ona house or car loan.

QUESTION: I am a boat
owner. Can I claim the cost
of food for my crew while we
were at sea? .

ANSWER: Yes, provided
that your boat was at sea for
more than 24, hours per trip
and the cost of food was
decucted in calculating the

crew shares. However, you |

may not claim for food

purchased for you and your —
family.

Sharesmen may not claim
for food since the c of
food was deducted by the
boat owner in determining
the amount to be paid to
each sharesman,

QUESTION: On occasion,
fish are bought from boats

where boat expenses are mot
‘known antil the boat returns

Y

~ Insurance

to-home port. If the earnings: determine ‘the —fasarable

of each member are based
on the “net value of the
catch” how should I, as the

employer, handie this
situation?
ANSWER: Generally,

before you can determine -
the insurable carnings and
the premium deduction
required for members of a
crew, the declaration made
to you as the buyer must:
include boat expenses.

The Income Tax
Department recognizes the
problems created when the
boat expenses are not
available at the time the
catch is sold and under these
circumstances, the
Department is prepared to
accept reasonable estimates
- of boat expenses. .

QUESTION: I am a self-
employed fisherman
operating my own boat
without -help. Can I declare
my actual expenses to the
buyer of my fish or must he
use the 25 per cent assumed
operating costs?

.s

ANSWER: The 25 per’ cent
assumed operating cost must
be used. Umemployment
Regulattions
require that this amount

ust be deducted regardless
of the actual operating costs.

QUESTION: What t the
respomsibility of the fish
buyer where mo declaration
ia made?

ANSWER: Under these
circumstances, the buyer has
no responsibility. However,
some other person will mst
likely .be the “designated
employer”.

QUESTION: How does ome

n

earnings of. a fisherman's

helper who is paid on’.
share-of-the-catch bash?

ANSWER: The.
must declare to the buyer

the share_arrangement. The. ANSWER: -Pay as much as
amount paid or payable to

the helper in accordance

_with the share arrangement

is the’ amount on which a
premium for Unemployment
Insurance is required. This is
subject to the um and
maximum insurable earnings
for the pay period.

QUESTION: last year I
bought a mew boat for
$30,000 but the government
gave me a subsidy of $7,000.
Can I claim depreciation on
the full cost of the boat?

ANSWER: No, the subsidy
goust be used to reduce the
amount on which you may
claim depreciation (capital
cost allowance). In your
particular case, you would
base the deduction on your
net cost of $23,000.

QUESTION: Do Fishermen
dave to pay Canada Pension
(or Quebec Pension Pian)
contribations?

ANSWER:

If you were

between the ages of 18 and.

70 and earned = sufficient
income from fishing, . the
answer is yes.

QUESTION: Is the interest
on a loan eased to purchase

equipment § for fishing
dedactible?

ANSWER: Yes, provided
the equipment is to be used
to carn acif-employed in-
come.

da leigh lide
I was supposed to have

fisherman.

part of my tax paid hy the
end of the year, leaving a
smaller amount to be paid by
April 30. Now I find that I

balance at t that time. “If your
circumstances warrant, a
reasonable arrangement can
be made to pay the amount

copy of the T4F slip t to your |
District Taxation Office’
together with your name,
address, social insurance

owe & large amount. What over a period of time. number and a detailed’

can I do? statement of any expenses.
QUESTION: After| filed my paid to earn this income. If
return, I received a T4F slip you have not yet received

you can when filing your .

showing income I had

your Notice of Assessment

return or before. When y: forgotten about. What write to the Taxation Centre
receive your notice (of Ido? — serving your region. In the
assessment, telephone the future, before sending in
Colfection Section of y ANSWER: If you have your income tax return be
District Taxation Office if already received your Notice sure you have reported your

you are unable to*pay the

of Assessment then send a

income from all sources.

r

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vx Full basement

tr Fireplace

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Saturday and Sunday noon to 5

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