B9 - Wednesday, March 23, 1983 - North Shore News

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Paying income tax by
quarterly instalments is an
obligation, not a choice, if
you meet all of the following
conditions.

First, your federal income
tax for last year was more
than $400. Second, your
estimated federal tax for the
current year ts more than
$400. And finally, tax is not
being deducted from at least
three quarters of your
current year’s net Income.

If you are among the
400,000 people who owe tax
instalments it 16 important to
calculate your payments
accurately and have them in
on time or face interest
payments in addition to the
tax owing. If you meet the
three conditions. quarterly
tax payments are due on or
before the last day of March,
June, September and
December.

Retired people who in the
past had their income tax
deducted from thew pay-
cheques, often fail to realize
that when they stop working
they must keep up their

“income tax payments four —

times a year or face interest
on the overdue amounts.
Widows and the self em-
ployed are two other groups
of taxpayers often surprised
by the instalment
requirement.

Instalment payments are

due on any income, whether
pension payments,
dividends, investments, sales
or commissions. Because tax
is due on income as it is
earned you cannot wait until
April 30 to settle your tax
account. While most em-
ployed people pay their tax
on a weekly-or monthly basis
through payroll deductions,
the instalment payments are
required only four times a
vear.

If you are one of those
who should pay tax by in-
stalment, the most common
way to. calculate your
quarterly payments is to base
them on your tax payable for
last year, dividing the total
by four. Another method for
calculating payments is to
estimate what your tax for
the current year will be,
again dividing by _
‘Taxpayers whose income has

Round the world by sail

The epic film of the
Whitebread Round, the
World Sailing Race, which

Ambidside-Tiddlycove Lions
Club and Cutty Sark, the ma-
jor film is considered one of

four. _

changed significantly, such
as people in their first year of
retirement, will find the
latter method more prac-
tical. But otherwise it's
generally better to base
payments on last year’s tax,
since an estimate for the
coming year could result in
an interest charge if the
estimate is low.

Instalment Guides to help
you calculate your in-
stalment payments = are
available at all district
taxation offices.
should be made on or before
the end of March, June,

Payments.

September, and December.
You should then calculate
your actual tax for the year
on or before the April 30th
deadline, paying any amount
sul owing after the in-
stalment payments and tax
withheld at source. Of
course, 1f you have overpaid
your tax you will be eligible
for a refund.

Payments can be made at
any branch of a Canadian
chartered bank, Caisse
populaire or aredit union, or
sent to the appropriate
taxation centre as indicated
in your Instalment Guide.

will be shown at the West
Van Masonic hall, 1763
Bellevue, West Van = on
March 30, has a different
phone number for ticket
ordering than was shown in
our Sunday News.

The correct number to
call for tickets is 922-2841.

Sponsored by the

Hill and Friesen
CHARTERED ACCOUNTANTS

Financial & tax planning advice
Personal income tax returns

#22 -285 17th St. West Van
926-4371

FEES START AS
LOW AS...

ALL WORK IS GUARANTEED!!

the classics of the sea.

The 15 yachts and crew
members started off from
Portsmouth, England in 1977
and circumnavigated the
world before returning to the
same harbor.

The film will be shown at 7
pm with tickets at $10 per
person.

North Shore
Community
Credit Union

* Minimum deposit $5,000. * Non redeemable deposits
* Rates subject to change without notice

12%

Paid annually

7o

Annual yield 10 51%,

Paid monthly

Golden
Service
55 Bonus

For all members (6) years
and over add oa Bota the.

Cotes, shew abenve

Tax instalments obligation, not choice _

RECONDITIONED CLEARANCE
A.B. DICK 675 (2 only)

MINOLTA 1114 (5 only)

_, FEATURE! ‘
SHIRA VIDEO SYSTEM
COME AND SEE THE NEW
TOSHIBA & BECOME ELIGIBLE

FOR A COMPLETE VIDEO
SYSTEM

DRAW TO BE HELD
MAY 31/83

‘On. DISPLAY am OUR SHOWROOM

Five branches serving North Vancouver

Lonedale Branch
1100 Lonadate Ave
986-4321

Village Branch

CALL 985-0411

PAY LESS TAX
1979 Lonsdale Ave North Van

Lynam Valley Branch Martine Drive Branch
1247 Rose Road 1080 Marine Ds
980-6556 986-1116

Dollar Branch

STEELHEAD

Business Products
1087 CHURCHILL NV.

3131 Edgemont Blvd 399 Dollarton ttwy North
985-8221 929-8111

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100°: CANADIAN OWNED 980-7565