BusINESS | ave t: From page 71 “*You might even force a sale to produce tax-exempt capital gains,”’ Gunnell said. “For example, a wife could sell her half of the family home to her husband, then use the money he pays her to buy his stocks or other property. That would trigger capi- tal gains for him, which he would offset by claiming the capital gains exemption.”’ Or one spouse could sell an in- herited rental home or stocks, for example, to the other spouse — again, triggering a capital gain which could be eliminated by the capital gains exemption. © TRANSFERABLE TUITION. In the past, only students could deduct tuition expenses. Now, the tuition deduction has become a credit and if the student doesn’t need it to reduce taxable income to zero, a supporting person gets the tax break. You must have the ap- propriate receipt. . ® REVILE CNIL! Those two words rhyme; CNIL stands for cumulative net investment losses, which could return to haunt — and cost — you. When you have investment losses, you normally use them to reduce other income and so save tax. But those losses will now be totalled and tracked. So when you have a capital gain, the losses will reduce the tax-free part. Example: Your CNIL account Stands at $5,000 (that’s the total of investment losses over income since Jan. 1, 1988). You sell prop- erty and realize a $12,000 capital gain. This and next year. two- thirds of that gain —- $8,000 — is taxable. Assuming some of your capitai gains exemption remains, you must first reduce your taxable capital gain ($8,000) by the amount of your CNIL ($5,000) before apply- ing the exemption. That means only $3,000 is ex- empt and you must add the re- maining $5,000 to your income for the year. “To reduce your CNIL and so claim mere of your capital gain tax-free, you could declare com- pound initerest on an annual in- stead of tri-annual basis, increase net rental income by not claiming as much depreciation or if you have your own company, declare dividends,’’ Gunnell said. © ON THE ROAD AGAIN. After threatening terrible and complex changes to deducting car expenses, Ottawa relented. You may still deduct the business per- centage of car expenses. Only change: depreciation may not be claimed on more than $20,000 of the car’s value. Fitness centre moves From page 72 theatre and opera costume design; Melda Brunette, a seamstress and dressmaker with dance production experience; Jozn Harris, with ex- perience as an actress and artistic director; and Winnle Kelles, who has 20 years of performing, costume coordinating, design and sewing experience. For more information call 986- - 4886. Ran EMPIRE FITNESS Centre is mov- ing from its current location at 1325 East Keith Road in North Are you thinking of Investing In Canada Savings Bonds this year? Wood Gundy’s CSB ANSWERBOOK Vancouver to open a new fitness facility at 124 West Third as of January 1989. The new 16,000 sq. ft. health club will include a co-ed training facility, a women-only training fa- cility, racquetball, aerobics, saunas, steamrooms, whirlpool, day care, a massage therapist, an esthetician, sun spas and sports shop. Empire plans also include a car- dio-room equipped with the latest in cardio-training equipment. Empire has been offering per- sonalized fitness services on the North Shore since July 1983. SAFEWAY PRICE CHECK - TAKEN THURSDAY, OCT. 20/68 AT SUPERSTORE. 3025 LOUGHEED HIGHWAY, SUNWOOD SQUARE. Niagara Grange Juice 341 mL TIN SAVE-ON-FOODS PRICE IS UP TO: FINEST GRADE ‘A WHITE SAFEWAY'S PRICE | @ LUCERNE | PRICE: SAVE-ON-FOODS 88 PRICE IS UP TO: wee e. - . cian 73 - Wednesday, October 26, 1988 — North Shore News oe — nae ax: WE RESERVE THE RIGHT TO LIMIT QUANTITIES. Fiesta ice Gream ASSTD. _. 4t FLAVOURS PAIL SAVE-ON-FOODS PRICE ts UP TO: 200 ASSTD. FLAVOURS You DAIRYLAND SAVE-ON-FOODS PRICE iS UP TO: N/A has the answers to all you questions about Canada S Savings Bonds. Just call the number below. We'll RUSH YOU YOUR FREE COPY! But you'll have to act fast. Canada Savings Bond sales end soon. #21700 - 885 W.Georgit St Vancouver, B.C. VOC AES