48 -— Wednesday, November 23, 1988 - North Shore News

BUSINESS

INTERNATIONAL FINANCIAL CENTRE .C. business, tax acts in effect

MEL COUVELIER, Minister of Finance and Corporate Relations, recently announced that the Inter- natioral Financial Business (Tax Refund) Act and the International Financial Business Act were pro- claimed effective Oct.31, 1988 and regulations for the two Acts were enacted recently.

Proclamation of the Acts and accompanying regulations mark the transition from development to operation for the international fi- nancial centre initiative.

Corporations interested in establishing an international fi- nancial business in Vancouver can now appl, for registration and licensing under the two Acts.

The regulations, developed

through extensive consultation with interested parties, will allow poteniial users to evaluate the benefits of establishing an interna- tional financial business.

In addition to the regulations, interpretation bulletins and ad- vance rulings of the Ministry of Finance and Corporate Relations will help streamline the operation of the Acts.

Couvelier said that considerable interest in this legislation has been expressed by financial institutions around the world.

Four corporations Royal Trust, Canadian Imperial Bank of Commerce, Canadian Western Bank, and Nesbitt Thomson Deacon Inc. — have publicly in- dicated their intention to establish

Get a receipt

From page 47 tered charities (two-thirds of these have a religious affiliation).

“You might contact United Wey for the names of organizations in- volved in social welfare,’’ Connell said. Hospitals, educational in- stitutions, the library, churches, community organizations and sim- ilar bodies would also have the names of charitable groups.

When you do give money, be Sure to get a receipt. And when you pay your own expenses while doing volunteer work, get a receipt from the charitable organization

equal to those expenses.

Under the new rules, which go into effect for 1988, you get a tax credit of about 26 per cent of your first $250 of donations and about 45 per cent of any additional amount, So you might consider making two years’ contributions in one year to get the higher tax cred- it. And one spouse may claim what both give.

Donations are generally limited to 20 per cent of your net income and excess contributions may be carried forward five years.

Greet More is only valid tor delivery within Canada, until fanuary 31, 199. However, Greet More stamps can be uscd on ordinary envelopes by simply adding the amount of skanps needed to make up the correct postage rate.

an international financial business in Vancouver, while others have privately expressed interest. Promotion of the international financial business initiative is being spearheaded by John Jansen, Minister of International Business and Immigration, and Dr. Michael

A. Goldberg, chairman of IFC Vancouver, a private sector socie- ty.

Corporations registered under the Tax Refund Act are eligible for a 100 per cent refund of provincial corporate income tax paid on prof- its earned from international fi-

nancial activities. As well, employees of registered corpora- tions are eligible for tax conces- sions.

The IFB Act establishes a regu- latory environment for corpora- tions conducting international fi- nancial business from Vancouver.

if you can find a better Term Life insurance Policy, take it. After ail, it’s your money. And your life.

When you need a fast, accurate. compelitive quote on a term policy, incredible help is now a phone call

away. Shop as many as 65 competing

Life Insurance Companies in minutes with Canavan’s computer quotation

system. See the huge price variables that exist and know you've got yourse

The Best Policy

#1400-400 Burrard St., Vancouver, A Division of Leslie J. Can

the best term coverage for tne best price. Smile as you spend. bank, or invest the difference. Call today.

CANAVAN

i INSURANCE QUOTATIONS

for the Best Price

B.C. Phone: 643-1717 Fax: 643-1760 avan insurance Services Ltd.

Greet More is a great way to send your Christmas love. It ensures smooth proces- sing of your greeting cards, at reduced cost. Here’s how it works:

Buy Greet More cards wherever you buy vour Christmas cards. The boxed sets are marked with the Greet More symbol and con- tain the special envelopes you'll need.

Buy Greet More stamps in booklets of 10 at all postal outlets. They cost 32¢ cach, 5¢ less than regular postage, Fa saving of 50¢ per bookleu

Addressing Greet More envelopes.

y Start with vour Coded return address. Then address the envelope, inserting the correct pestal code to the left gag we Z of the pre-printed code box. Then trans- fer this postal code to the code box by blocking in the appropriate letters and numbers.

Attach aGreet ee More stamp in the upper right corner. Seal the envelope and mail before December 12th for out-of-town and December 14th for I-OU?.

CANADA POST CORPORATION

Our commitment: better service for you.