@ business Tax tips for small business By THE INSTITUTE OF CHARTERED ACCOUNTANTS OF BRITISH COLUMBIA Every good story should dave a hero and a villain. In this case the hero is the smart businessman willing to _risk hard-earned money i return for the chance of a profit. The villain of course is Revenue Canada, your silent partner, who sits with one hand in your pocket waiting to take a cut if your business succeeds, but not offering fails. The basic combined federal and British Columbia tax on a cerporation ts 52 per cent. This 52 per cent corporate tax rate may be reduced by 23% if your company is eligible for the small business deduction. The small business deduction is only available _ to Canadian controlled private corporations carrying on active business in Canada. A _ private company which is SO per cent owned by Canadian residents would qualify. The maximum amount of income eligible for the small . business deduction is $150,000. The November 1981 “budget proposed to increase that limit to $200,000. A company. however, will not be eligible for the small business deduction if its accumulated taxable income since 1971 has reached $750,000. The November 1981 budget also proposed to increase this to $1 000,000 Your corporation may also be eligible for a tax reduchon of up to 6 por cent if aC engages in manufac- turning or = processing ac- tvities Ten per cent or more of gross revenue must be from manufeeturing or processing im order to qualify Farming, fishing. logging and construction are excluded If your Corporation is also cligible for the small business deducthon the manufacturing and processing credit will be iimited to a maximum of S$ PRESENTS GRAND Pi FEB 17 28 952 GRANVILLE 685-8471 PARKING AT REAR 2 YR OLO STEINWAY 7 FT per cent of gross revenue. The exact amount of the tax reduction is determined by a complex formula. However, a cCorporanon that qualifies as a “small manufacturer” under the Income Tax Act may be ohgrbte for the entire benefit of the manufacturing and processing credit in addition to the small business deduction A small manufacturer a Cor poration whose business income for the year does not exceed $50,000. The November 1981 budget proposed to increase this to $200 OOO Your corporate tax cate could range from 18% to 52% depending on whether you qualify far both une TOM LEE MUSIC CO. O SPECTACULAR PETROF 58 POLISHED EBONY SATIN EBONY REG $11,695 SATIN waunuT eae STVLE $21,950°° now $9,500°° __ NOW $5,995°° BOSENDORFER $$ | NEW STEINWAY WHITE 57 58 68 75 57 6 YAMAHA G-2.) SPECIALLY PRICED REDUCED FOR REDUCED FOR THIS SALE _ _THIS SALE _THIS SALE _ PETROF 5'3 YAMAHA 53 G1) ONE ONLY —BOSENDORFER POLISHED EBONY REG $10.305 UPRIGHT GRAND REG $17 030 REG $10,295 now $8,195 now $8,995°° RETMIS SALE [ TRADES WELCOME — BANK FINANCING AVAILABLE ] TOM LEE MUSIC — AUTHORIZED DEALER FOR THE WORLO'S FINEST, STEINWAY & SONS BOSENDORFER, PETROF YAMAHA AND THE ALL NEW TECHNICS smalt business deduction and the manufacturing and processing credit, or only one of the deductions or neither The tax laws governing corporations are complex In the current) economic Climate, getting the most from your tax deductions could mean the difference between success or failure If you are not sure what déductions your company 15 eligible for, seck the advice of a professional tax advisor Keep Canada Beautiful ... Pitch-in OPEN DAILY 9-5 50 THUR & FRI Tit 9:00 SUNDAYS 1-5-00 STEINBACK5 2 NEWS photo Terry RAIL TRAFFIC IS vital to the nation’s economy and Pioneer Terminal is just one of the major centres on the North Shore BS - Wednesday, February 16, 1983 - North Shore News COMMUNICATION IS OUR BUSINESS We offer courteous, convenient, effi- cient, telephone answering, direct dial paging, Telex, and a special service for doctors. Get the professional] help you need from Wes-Tel. THE CORPORATION OF THE DISTRICT OF NORTH VANCOUVER “KIRKSTONE PLACE’ NORTH VANCOUVER The Corporation of the District of North Vancouver is inviting sealed Tenders for the sale of the freehold of twenty-four small single-family residential tots, described as Lots 115 to 138 inclusive, of District Lots 2008 and 2022, Pian 17748, situated on Kirkstone Place in the Lynn Valley area on the following basis: One group of four lots, two groups of six lots and one group of eight lots. - initial acceptance of a bid(s) would be conditional upon the successful bidder(s) submitting plans by April 11th, 1983 for the proposed development(s), for consideration by the Advisory Design Panel and approval by Council to ensure the suitability and mutual compatability in the treatment of tots and buildings. Details on the lots, conditions of sale and the pro- cedure for submitting tenders may be obtained from the tand Department at 355 West Queens Road (Telephone No. 987-7131). The final date of the submission of Tenders is 11:00 am. on the 10th day of March, 1983. ss FIVE YEAR TERM | subject to change ‘ Inflation isn’t the only thing eating away at your money. It seems everyone wants a piece of your cake. So bite back with a National Trust RRSP. 1. Short Term Deposit. bam a high, guaranteed rate of interest for 3 months or 6 months No fees 2. Guaranteed Deposit. fam a high rate of interest: guaranteed for the term you choose 1 to 5 years No fees 3. Monthly Compound Interest Fund) Pam interest «ale ulated on the minimum monthly balance and compounded monthly for fast growth No tees Or choose our bquity bund ora Self Directed Plan The deadline for 1982 contributions is March 1, 1983. Come in soon and let's (alk about your RRSP. ' Cd ba Os bon ated nt STO) Peart Se PUP 4 Pde retraces St OMmD KY 8) OM ANNI West Nate ss Poach Kooy at Seok PO ay Barrrvades Bec rt wont Matt ar Le) aNKS Na lional Trust. ge a Ved oes National Draust You can bank on aus