18 - Wednesday, February 22, 1989 - North Shore News

BUSINESS

71989 RETURNS

p availabie for

finding tax solutions

WHERE DO you turn for help with your income tax?

TAX GUIDE. As Revenue Canada’s ads say, ‘‘Follow the Guide."’ Look over the tax return and schedules. Skim the guide, marking sections that apply to you. Be sure to read the yellow highlighted sections and the boxed Tax Tips, again marking the rele- vant ones.

Some parts of the guide are still incomprehensible to almost everybody but the person who wrote them. Siill, I see improve- ments overall each year. Investing an hour or so getting to know the rest of the guide could pay off.

TAX DEPARTMENT. The in- quiries personnel at Revenue Canada Taxation’s 38 district of- ficts have been trained to provide any information you need to help you file your return. Of course, they could lean toward the department’s rather than the tax- payer’s side when it comes to in- terpreting the rules.

Prepare your question to get the most accurate information quickly.

“Taxpayers often don’t know how to convey what they are look- ing for,’’ said Harm Dhillon, public affairs officer. ‘‘“You know that child thing I get...’ could refer to a number of things.

“Try to be specific — perhaps even writing out your question ahead of time, because that’s what the inquiries personnel do when people call in. If you can, refer to the part of the tax return or guide that is puzzling you.”’

When you get an answer, ack for a reference: a section of the In- come Tax Act, or an Information Circular or Interpretation Bulletin, for example. You can refer to the act at your local library; Revenue

will send out circulars and bulletins.

If you have problems — like getting several different answers to the same question — ask to speak to a supervisor.

TAX BGOKS. Some of the ma- jor accounting firms still produce free booklets. But even if you pay for a ‘thaw to save tax’ publica-

if you currentiy have an RRSP, or are thinking about opening one, do you know what the limitations and benefits are for income tax purposes?

Find out from the income tax specialists at H&R Block. We could save you time and money on your tax return. Let us show you how the RRSP could benefit you in your tax situation.

OF THERE'S EVER A TIME FOR ie eel

IT'S NO

1754 Lonsdale — 984-4288 232 Lonsdale — 985-7483 Lynn Valley Centre — 984.6412 Also located in Sears Capuano. and Bay Park Royal

tion, a single tip could easily save you hundreds, if not thousands of dollars.

This year's version of The Ca- nadian Price Waterhouse Personal Tax Advisor (Seal; $5.95), How to Reduce the Tax You Pay, by Deloitte Haskins & Sells (Key Porter; $9.95) and The Canadian Personal Tax Planning Guide, by Thorne Ernst & Whinney (De Boo; $9.95) are just three of the books available. Preparing Your Income Tax Re*nrns, by Arthur Andersen

doliars and sense

: Mike Grenby

& Co. (CCH Canadian; $14.95) is a much more detailed, yet still easy to understand, guide.

And then (he said modestly), there's the 10th edition of Mike Grenby’s Tax Tips (Self-Counsel; $7.95), which sold 10,000 copies is the first six weeks of this year and has just gone into a second prin- ting. It also contains a new section on personal financial planning.

TAX EXPERTS. Whether or net you do any of the above research yourself, you might con- sider dealing with an accountant or other personal financial adviser who specializes in income tax.

This person should provide tax planning advice as well as offer tax return preparation. Once your af- fairs have been put on track, you might then be able to manage on

your own. But whenever you do need further help, you will always have this tax adviser available, somebody who has your facts and figures on file.

Depending on the complexity of your situation, your tax savings could far exceed your cost for this help. If nothing else, you will have bought peace of mind.

Finally, remember that ‘‘none of this is binding, not even the tax guide itself,’’ said Revenue Canada’s Dhillon. ‘‘Only the In- come Tax Act provides the final authority, and much of what it says is subject to interpretation by the courts.””

In other words, don't spend your refund until you actually get the cheque. Even then, you could subsequently be reassessed and have some deductions or credits disallowed.

If that happens, you could always consider challenging Reve- nue Canada. So keep all your documentation and tax planning details.

Many happy returns!

Based locally, Mike Grenby writes a money column which ap- Pears in newspapers across Canada. Although he also works as an independent financial ad- viser, Mike will resjond to readers’ questions and story ideas through the paper.

Write to Mike Grenby, Money Columnist, North Shore News, £139 Lonsdale, North Vancouver V7M 2H4, Mike cannot reply in- dividually, but will answer as many

of your letters as possible in his .

column.

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