BIS - Friday, April 13, 1984 - North Shore News Ga B.C. business Ss. The Taxman cometh TIS TIME to pay up again — in a sense — for a war that ended 66 years ago. Income tax was introduced originally by federal government to pay for World War |. But when politicians get onto what, to them, is ‘ta good thing’’ they are most reluctant to let go. So ois with tncome tax. This being April, 66 years after that war ended, you must file your income tax return by the end of the month We spoke to a number of North Shore accountants to get their advice regarding this annual ordeal Thevs agreed that there are uot many changes trom a vear ago but there are several areas where taxpayers should pay special attention CHILD CREDIT One fine point that ts otten overlooked is that the mother (or single father) must file a tax return in order to claim the Child Tax Credit, cau tions Brian Dougherty, Winstanley, & Dougherty, North Vancouver That is, it must be actually tiled, whether the mother has in- come oF not Dougherty also points out that the Emplovment Ex: pense Deduction is now up to 20 per cent (from 3% per cent) which means that a greater number of taxpayers will now pet the maximum deduction of $500 A reminder for students Your tuition fees must be over $1OQ in order to Claim them as a4 deduction And Dougherty CVUEY Tad paver that reminds trxvervone still BEES Standard $bo0 ONE Dt Boarb Wort bp APPROVE OE rm deduction for medical ex penses and charitable dona- tions this year Without receipts Next vear we all lose this simplitied deduction unless the fimance minister (whoever he she may be) gives us a break in a new budget betore next April CSB's Harses Hill. of Hill & Friesen. West Vancouver, gives a vers important up” for holders of Canada Sav- ings Bonds (CSBs) Series 32 to 38 inclusive Pay” par- ticular attention to this one because CSBs are widely held by Canadians as an invest- ment and some of the povernment s own printed in- structions concerning these bonds are inaccurate Most people are not aware that the difference between the interest if was originally stated would be paid on these bonds, and the interest ac tually paid, can be claimed as 4 capital gain and not in- terest (As we pornted oul in an earher column, all money iS not equal — and capital gains are not taxed as heavily as interest) The explanation wthat the government had to increase the original interest tate as veneral interest rates rose or people would have cashed in ther bonds to get a better rate elsewhere and the that legal Opimon tia 1s Al THt The Enmipe ss ear ticds Ita thie raya CP Hotels (4 “these increases are gains, not interest. For example, Series 32 was originally scheduled to yield or pay interest of approx. mately 7.6 per cent, but end- ed up actually paying about 12 per cent. The difference of 4 4 per cent 1s a capital gain, not interest. money talk capital Bill Ryan Check yvour CSBs_ If you hold any of the Sernes 32 to 3S inclusive, vOu can save yourself some tax dollars A phone call to the Bank of Canada will get you a brochure which will clartfy this matter and make sure you the date brochure! Hall fo the subject of transfering PCECEIN EG Most up to also Gipeets atrention eligible deductions from one spouse to another. Do the paper work carefully, he ad- vises, and it can be quite beneficial. CATCH Taxes have sull moved up, despite Finance Mbunister l alonde’s inference in the last federal budget that he was holding the line The “catch’> is that he did nothing to retract of eliminate tax increases which were announced way back in the 1981 budget Glen Tamasi, of Perrault, Smyth & Co., North Van- couver, rekind}jes our memory on this poffite He points to one step to the good, however, for the fami- ly wmch has child care ex- penses. The allowable ex- penses have been doubled to $2,000 for each eligible child and to $8,000 for a tamily. Tamas: points out there has also been a change with regard to Registered Home Ownership Savings Plans (RHOSPs) If you bought a new (previously unoccupied) house after April 20 in 1983, you may be able to take ad- vantage of a sizeable windtall reduction in your income lax in this return. This is the “top up” provision which allows you lo) raise your RHOSP tunds to the full $10,000 limit in’ one fell swoop - and nol pay tax on it. Investigate this one if vou have an RHOSP and or bought a new house last year — or plan to buy a new house this year Many able return taxpayers are quite tO prepare their own but if in) doubt, contact an accountant or a qualified tax expert. They offen can save yOu money MEDICAL TECHNOLOGIST Rehef Technologist forMICROBIOLOGY CSL T reqstration plus 2 years relevant expenence essential Apply to Recruitment Coordinator Burnaby Hospital 3935 Kincaid St., Burnaby, B.C. V5G 2X6 nal si GIVE BLOOD. GIVE LIFE! Burn victims and Red Cross are counting on you! 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