BUSINESS For maximum tax savings review recent returns LOOK BACK as well as ahead — and you couid easily save hundreds of tax dollars. Yhe April 30 filing deadline is getting close. You might be temp- ted to complete your return as quickly as possible (or give the job to somebody else), then heave a sigh of relief and forget about taxes until next year. “But that’s the worst thing you can do if you want to keep your tax bill as low as possible,”’ says Evelyn Jacks, author of Jacks on Tax Savings (McGraw-Hill, $15.95). Jacks said because tax reform — replacing many former deduc- tions with credits — is still so new, people should review their recent returns for something they might have missed. “For example, in the past, only the student could claim tuition fees,"’ she said. ‘“‘But since the © 1988 tax year, if the student’s in- come is so low that he or she pays no tax, then the tuition amount may be transferred to a support- ing spouse, parent or grandparent — and that person can claim a credit within certain limits.”’ A 19-year-old may also file a tax return to claim the federal sales tax credit, another item which might have been missed. “You can go back up to three years from the date of your assessment notice and ask Reve- nue Canada to reassess your return to include a_ missing claim,’’ Jacks said. So if the assessment notice for the 1987 tax year was June 13, 1988, you have until June 13, 1991, to ask Revenue Canada to go back to reassess the 1987 tax year. Note: your request must ac- tually be in Revenue Canada’s hands by the deadline date, so don’t leave this until the last minute. Jacks said people should also plan ahead. *‘For example, RRSP contributions now are based on the previous year’s earned income. Se if you are retired this year but worked last year, you will still be able to contribute to an RRSP for 1991 — based on your earned in- come in 1990,’’ Jacks said thousands of dollars Nichae! Grenby DOLLARS AND SENSE in overpaid taxes are sent to Rev- enue Canada each year because taxpayers miss: © Claiming child care expenses paid to relatives 18 years or older. © Claiming up to 15 days of tem- porary accommodation expenses while waiting to move into their new homes in a new city (because of a move to take up a new job). * Rolling over up to $6,000 of eli- gible pension income to a spousal RRSP (through 1994). * Claiming carrying charges (in-- terest) paid on a Canada Savings Bond purchase through the payroll plan at work. © Claiming medical expenses, in- cluding the premiums for private health plans. e Claiming a transfer of age, pen- sion and disability amounts from one spouse to another or, for the education amount and tuition fees, from the student to a sup- porting individual. ¢ Reducing net incomes of indi- viduals with RRSP and other deductions to (a) increase claims for child tax credits, federal sales tax credits, goods and services tax credit prepayment and non-refun- dable tax credits like medical ex- penses and charitable donations; and (b) minimize the clawback of family allowances or old age secu- rity income. © Claiming the $500 exemption on scholarship income received. Jacks suggests three separate sessions to prepare to file your tax return (save this list for next year if you have already done your 1990 return). (t) Gather the information you will need for your return (and other family members’ returns). Collect T4s, TSs, RRSP receipts and so on. Read through the tax guide to see if you need any other forms or schedules. (2) If other family members are filing returns, start with the lowest income earner and work up. Remember to transfer claims as allowed, to produce the lowest tax bill for the family. For example, in some cases one spouse can declare the dividends received by the other spouse, so more benefit can be derived from the dividend tax credit. (3) Proofread the return(s) to make sure you haven't missed any tax breaks. Check that all documentation is attached and that both the return and some of the forms are signed as required. Photocopy everything. If you owe tax but don’t have the money, at least file your return by April 30 to avoid late filing penalties. Contact Revenue Canada to «arrange a payment schedule. If you decide to have somebody else complete and file your return, look for an individual or company with the specialized qualifications and expertise you need, as well as a good reputation. Make sure the tax preparer of- fers a year-’round service, in case Revenue Canada challenges some- thing, asks for more information, decides to audit you, etc. Ask about both services and costs, and get an estimate. Ask what aappens if the preparer makes a mistake. Mike Grenby is a Vancouver- based columnist and independent personal financial adviser; he will answer your questions as space aliows in his column — write to him c/o North Shore News, 1139 Lonsdale Ave., North Vancouver V7M 2H4. Out of line in grocery line From page 44 Well, she ftooked like a ‘‘lady” until she opened her mouth. She didn’t look too poor to provide her own quarter, either. I got the pleasure of some sym- pathy from observers, a drenching walk back to the parking lot for another cart and the delighted teasing of my daughters -~ “That’s our Mom, can’t even hold onto a grocery cart,’’ BEST BUYS STONG’S: New Zealand top sirloin, boneless, $2.78 ib. (save by cutting small, thin portions for stir-fry or Stroganoff); Canada top round, $2.98 Ib. (stew or braise this): Cioverleaf pink salm- on, flats, $1.29 (buy two and make salmon loaf); Nabob coffee, $2.19; potatoes, bakers, 28¢ Ib.; celery, 28¢ Ib.; bananas, 48¢ Ib. BUY LOW: Boneless pork roast, $1.68 Ib.; Aussie lamb shoulder chops (dip in egg and cracker crumbs), $1.28 Ib.; baking potatoes, 10#, $1.79; cabbage, 44, 98¢; Granny Smith apples, 3#/ 98¢; Golden Grove apple juice, 1 L, 58¢. SAVE ON FOODS: Whole pork loin, $1.67 lb.; reg. ground beef, 54 chubs, 77¢ Ib.; celery, 28¢ Ib.; seedless green grapes, 88¢ ‘b.; Remember, they’ll match any other flyer price if they have the brand. Also, there's a $30 coupon in Sunday’s News for those buy- ing $200+ orders. SAFEWAY: Chuck roasts, $1.49 Ib. (make good pot roast but the better buy is:) port butt roast, $1.28 tb.; pork side ribs, $1.98 lb.; 1 kg. pkgs, asst. Bel Air frozen vegies, $1.98; Bel-Air frozen orange juice, 355’s, 99¢; cantaloupe, 66¢ lb.; Macleans toothpaste, 100 ml, 89¢ - stock up. Remember the five-week rule. LONSDALE QUAY MARKET: Longtiner Seafoods: Fresh bay scallops, $6.99 ib.; fresh whole spring salmon, 2-4 Ib. $3.99 Ib., 4-6 Ib. $4.99 Ib.; fresh spring salmon fillets, $6.99 Ib.; fresh spr- ing salmon steaks, $6.50 Ib.; fresh local prawns, $6.49 Ib. The Salm- on Shop: Yellow fin tuna, $6.97 Ib.; tuna marinated in lemon herb, $8.99 Ib.; green peeled and de- veined Tiger prawns, $13.99 Ib.; clam meat, $4.45 Ib.; halibut steaks, $5.95 Ib. Bulk Food Quay: natural Supreme raw almonds, 99¢/100 g.; best quaiity Belgian chocolate, $1.29/100 g.; best qua!-. ity Columbian coffee beans, $1.89/100 g. Neighborhood house offers dance classes NORTH SHORE Neighbourhood House (NSNH) is offering a varie- ty of dance programs for spring. Belly dancing classes are offered on Monday evenings from April 22 to June 17. The course is in- structed by Kaye Castleman who recently returned to the neighborhood house after a brief leave of absence. The beginners class is offered from 7:30 to 8:30 p.m. and the cost is $28. The intermediate class costs $35.56 and will meet from 6.45 t0 7:30 p.m. Latin and ballroom) cCaace classes are available on Tuesday evenings from April 16 to May 21 between 8:30 and 10 p.m. Both classes are instructed by Jil! Bailey and Company and cost $21. Participants can pre-register at NSNH located at 225 East 2nd St., North Vancouver. For more informaton call 987-8138. Wednesday, April 10, 1991 - North Shore News - 45 TYEAR TERM DEPOSIT 983-3773 Lonsdale Quay Next to Seabus North Vancouver 24 Hr. Quote Line 682-4636 EF Citizens Trust | MEMBER CANADA it RATE SUIJECT TO CHANGE DEPOSIT INSURANCE CORPORATION Interested in a Career in Caring? © If you are a caring person looking for a fulfilling career in the health field... *« If you wouid like to assist disabled people of all ages to live independently in the community ... Consider training for a career as a Personal Care Attendant for People with Disabilities This eight-month Certificate program starts in September 199]. Students spend 15 weeks in class and 15 weeks gaining practical experience in the field. Job prospects are excellent in: e Group Homes © Health Care Agencies © Private Homes e Recreation Centres and more Come to the information meeting on Wednesday, April 17 at 7 p.m. in room 4204, To find cut more, please call Healih Programs at 984-4947. CAPILANO COLLEGE 2055 Purcell Way © North Vancouver « B.C. SMALL BUSINESS OWNERSMANAGERS! The North Shore Community Business Development Program A proven, highly-successful program that has already helped more than 120 North Shore businesses to achieve greater profitabitity: e A 10-month program geared to increasing management skills, sales and profits. * Participants will take part in a series of business workshops, conducted by specialists in their fields. ® THEN ... PRACTICAL ‘on-site’ business counselling sessions following each workshop How to make your business a winner — © How to deal with money * How to be really effective in your marketing ¢ How to find, train and keep the right people .. AND MORE! Only 30 non-competing North Shore businesses will be accepted. Barry Goodwin Business Development Program Advisor Take advantage of this opportunity Call Barry Goodwin 666-7703 COMMITTED TO YOUR SUCCESS Federal Business Banque fédérale Development Bank de développement Canad?