B6 - Sunday, April 10, 1983 - North Shore News i business DON‘T HOLD YOUR BREATH Be prepared to wait eight weeks Although most people look forward to receiving their income tax refunds, wailing may not be so dif- ficult if you consider the time it takes Revenue Canada, Taxation to process a tax return. There are more than [5 million tax returns to process each Apni with about 80 per cent, or more than 11 million, claiming a refund. This year Revenue Canada’s Taxation centres will not be ready to start processing ta returns until March with the result that the computer will not accept tax returns until — “Although eks is the minimum time . ired tO process a tax rn, returns may be that time. Once returns are delayed because they are received it takes between incomplete or inaccurate. In eight and 12 weeks to check 1982, for example. the and process them so that the first refumds “will not be issued until late Ap eight to 12 for additional that most errors More for child tax credit With this year’s increase in child tax credit to $343 for each eligible child, low and moderate income families have more to gain than ever before by filling out their t returns correctly and = in- cluding ail the documents needed to apply for the credit. The $50 increase is in- tended to offset the smaller than usual rise in the family allowances payfhents which are up by six per cent. Families whose total net income ts $26,330 or less and whose children are eligible for the credit are reminded to read carefully the in- structions on Schedule 10 of their income tax returns so that the tax department can issue Cheques without delay. An eligible child is one born in 1965 or later (under 18) for whom you received a family allowance cheque in January 1983. Only the recipient of the family allowance may claim the tax credit. Since this is usually the mother, she is entitled to claim the credit. The other spouse, the father in most cases, must sign the Cer- ufication by Spouse on Schedule 10, even if he has no income. If you qualify for the child tax credit you must file an income tax return even if you have no income, complete Schedule 10 and include the TFAI = in- formation slip (Statement of Family Allowances, 1982 that you receive with your January family allowance cheque). The other copy of the TFAI must be included with the tax return of whichever parent claims the Receipts mean money Don't throw out your tax receipts when you send in your income tax retum Even af you have received your refund cheque and nouce of assessment, you may be asked for receipts when the tax department conducts programs = after filing season to double check tax returns Whether for an audit or a simple request for receipts, you must be able to back up your claims or risk losing valuable tax deductons Apnl JO may mark the end of the tax year for you, but tor Revenue Canada ot ois yust the beginning ah) Keep Canada ~ Beautiful FEES START AS LOW AS .... FOR YOUR 1982 TAX @ RETURN ALL WORK IS GUARANTEED!! CALL 985-0411 PAY LESS TAX 197Y Lonsdale Avo North Varn 100% CANADIAN OWNED | children as dependents. This year, more than ever, iC 1S to your credit to file your tax return carefully credit. 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LePAGE Vo Tramting is carted out Through instruc Gon by full time protes stotal acdue ators af ou: taawewnag ceatte an well as oddditheoeseat Deac teal feta traiung Oy the brane fh mangos Ve Mastrager ous ccd teerll Previn Merete bo asnant yoo, PAE te Pagein Canadas largest roal ootate co onnpansy rons dere ve Mes Prertsl cpoprartuntty te toe sac aountad At Prange on Oofferiig your Uist copagpretisnuty loferenterds T tress wet tte. Teal Ves yoo CALL TODAY NORTH VAN WEST VAN Chock Trautwerser fot) Norquay ‘9th’, 444A Go", 144) Department had to contact more than 600,000 taxpayers information before processing could be completed. The good news 1s are corrected in the taxpayer's if you are eligible for the child tax favour, the bad news 1s that) until then. the errors disrupt the While no one likes to want processing of these in- for a_ refund, the time complete returns, causing Revenue Canada _ spends refund delays. Because processing a (ax checking your tax return can be to your benefit. It not return can be time-) only ensures the consuming, you should allow mathematical accuracy of at least & to 12 weeks before your Unemployment —In- calling your distnct office to check on your refund. If you sent processing began in March you should not start counting surance premiums, pension plan contrnbutions or similar payments, it can also result in a larger refund thap you might have expected. your return before Deposits 10 Lonedate Beanch 1100 Lb onedale Ave 986 4321 Nu ¢ Minimum deposit $5,000 © Non redeemable deposits © Rates subject to change without notice 2% Paid annually ‘70 Annual yteld 10 51% Paid monthly Golden Service 55 Bonus Pan all members 5) years “4, and over add '4'h ta the. 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