of British Columbia

.- What a nuisance inicome
_ taxes are! Not only do:.we~

have to pay them but, to add:

‘insult to injury, they also”
‘make us calculate them —
choose your own: ‘poison so to”
speak...

Although ‘completing our
own tax returns’ may. be «a:
nuisance, it- is. the’. only.
reasonable system- of ‘efffic-
iently collecting taxes in. this :
country.

Under .our self-assessing ;

‘system of. collecting taxes;
éach taxpayer is required +

‘calculate his taxes and file an ~
‘appropriate. ‘income : ‘tax’ ret-*.

urn. Our: income tax ‘laws.
require .that taxpayers. keep.
records which are’ adequate ..
to determine the. amount of”
income taxes so payable. i

. ° However, that is not ‘the.
end of the matter; the tax
collectors are entitled to
disagree with your caicula- .
tion of taxes and can reassess

if they believe your income 4. a

tax return: is. incorrect.

“It is important. to under-. q
stand that:if a dispute arises, | §
in most instances it is-up to

- the taxpayer to prove that the

Department of National: Rev-:

enue is incorrect.

Where. ‘adequate. ‘reboras |
do not exist, the Department. |
of National Revenue _ may..

;
“Teepe
+ 4

a
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re
en

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exceeding six. ‘months, a

| $1 49

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case in. such circumstatices.

LO”.

“Moreover, ‘every: person _
who fails to keep books and.

‘records is guilty of an offense ©

_and--in “addition: to. any
penalty ‘otherwise “provided...

:.€an be liable on conviction to-
e] fine’ of not less than’ $200--

and ‘not: “exceeding. $10,000,
or to both ‘fine and i imprison-
.ment. for a.“ ‘term’. “not.

The * taxation: of” “capital”

‘gains, which commenced in |
4972, ‘has’ resulted in- ihe’:

“necessity. of keeping extra --
records for - ‘many taxpayers: :

In: addition: to’ the “records...
> which: were: ‘required before
tax reform, taxpayérs- who”
:own capital property ‘should
keep’ “adequate, ‘cost records ..
as well as any™ information
‘available: to‘ substantiate the -
_market value of the property

on valuation day.

; This information is is partic-
ularly important: for real
estate as’ iti is a. - difficult task -

“Lens Sale:

‘

wo

Feb. only |
; TRY: THEM AND: =<

vo
oy

found ‘ Hot

“Home Furnishings

od “Wii Valtay

oll hynny Veallay oad.

Top quality: enses. a
Professionally fitted] ‘||
| with guar nteed -

® untp eh Wk in

to
estate, especially ifthe V-day
-valuation. is - being made! |

-. which the property is used,
and i income derived from: the:

‘place ‘a value on real:

many years after 1971.

The best method of estab-_
" lishing a V-day value for real.
estate.is to have a’ qualified _

__, appraisal. In any event, the .
taxpayer | should keep doc- - |

-uments containing property. -

“tax” assessments, legal des-
‘*eription, insurance coverage, |

date and cost: of. ‘purchase,
: cost. .of improvements, the :
- type of business, if any; for

Unemployment : . Insurance.
| Commission — ‘and “sales, ‘tax:

me at Broadway) *

@ thewicdny ‘

984. 9588

1 firitane an

“mission from .other govern- ~
: ment ‘agencies,’ such as the -.

‘Vancouver.

Oe Ne gw a he gay ene

| REC. C.BOOMS. Free Estimates a HOMES f
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call collect

: “ty - . b
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dishwasher? These and other renov: fons: can be . )
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of,
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t
ac * Rew re
ea sates

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fhat you see!
ig wh it you S =e

: “Ladies bonanza specials -

ot ‘evening dresses 20% off. raincoats 1.00

| skirts 45¢ sweaters 45¢° 5 _
dresses. 85¢- 2: children’s: clothes 2o%ett

| wedding. dresses 20% off. reer Ae.

_ dressing g gowns 1.00-

‘coats 85¢ 7

te mackinaws 75¢.— sport ‘Jackets’ 456° |

 suits85¢ pants 45é
. ‘sport shirts BOE: = dress shirts 10¢

a ear on specks

"bedspreads 20%. off: ” water proofing 20% off
blankets. 20% off | “moth proofing 20% ‘off:
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