B18 - Wedmesday, April 13, 1983 - North Shore News

@ business

Don't neglect the tax
implications of your
separation or divorce.
Making noa-deductible
payments to a former spouse
can be a costly way of ending
the relationship.

If your marriage has been
legally dissolved and a
formal agreement signed
stating that one party will
receive alimony payment,
Revenue Canada will allow
the payer to deduct the
payments from taxable
income. A verbal agreement
to pay alimony or child

does not stand up
with Revenue Canada.
Generally, payments made
prior to a written agreement
coming into effect are not
deductible.

implications
of divorce

support payments are
deductble.

If the children are living
with you and you are
receiving alimony = and
support payments, you may
claim them as dependents. If
you receive alimony or
support payments from your
spouse, you must report
them as income.

The spouse who retains
custody of the children may
claim any one child as an
equivalent to married
exemption. The tax act
recognizes that one person
must play the role of both
father and mother, and gives
you an income tax deduction
accordingly. That means you
may deduct the amount you
would normally have been
entitled to for your absent

In the year of separation,
only one parent may claim a

in a lump sum amount.__.chiJd as an equivalent to

However, lump sum

payments made to clear up

writing, the additional
payments will not be

In the year of separation,

a person may claim cither
the normal personal
deduction allowed for a
and chnidren, or

clam the alimony and
maintenance payments
made during the = year,
whinchever 1s to your ad-
vantage. After the ycar in
which the separation took
place, only alimony and

thing.

A TERRIFIC
TEAM

You and Wespage II — to-
gether you can cover a lot of
territory. Wespage Il is the
person-to-person paging sys-
tem that enables you to
receive direct messages. Not
from some middleman, not in
beeps and bazzes, but in
clear, concise words spoken
by the person who is calling
you. You and Wespage I

together you won't miss a

Keep in touch with Wes- Tel.

wes(inrer 980-3611

married exemption. Other
children may be claimed by
both parents since they were
dependent upon each
partner at some time dunng
the year.

Be careful when making
alimony payments to a
spouse who is not a resident
of Canada. The amount a
spouse receives will be
reduced by a 25%
withholding tax. The tax
may be reduced by treaty or
by having the spouse file a
Canadian tax return.

\ Credit

anne x : ty
WESPAGE nf

An open Jetter to all constituents of the West
Vancouver/Howe Sound riding:

am deeply concerned. Deeply concerned that your riding receives
. the experienced and mature representation it deserves.

It is for this reason ve committed to put my name forward for the Social
Credit nomination in the West Vancouver/Howe Sound riding.

With children having graduated or currently attending school in the West
Vancouver District; as a land owner in the constituency; and with six years
of service as a Conservative Member of Parliament for Buraby/Rich-
mond/Delta, | am the right person to represent the riding.

| want to see a continuation of the experienced representation the West
Vancouver/Howe Sound constituency is used to. | want to see that exper-
ienced representation comes from an outspoken advocate of the free

enterprise system; a supporter of Premier Bill Bennett's program of
restraint.

I want to be your representative in Victoria.

Respecttully,

ph ery att

John Reynolds

For EXPERIENCED,
RESPONSIBLE
REPRESENTATION SUPPORT
JOHN REYNOLDS
IN HiS QUEST FOR THE
SOCIAL CREDIT NOMINATION
FOR WEST VANCOUVER/
HOWE SOUND,

APRIL 14, 7:00 P.M.
Sentinel High School
1250 Chartwell
West Vancouver, B.C.

FOR INFORMATION CALL:
687-5968 OR 980-8019