READ if CAREFULLY

'S7 tax gu wealth of infor

PICTURE THIS: I’m sitting in bed on a Sunday morning, quietly perusing Your 1987 General Tax Guide.

My wife Mandy, who has pretty well given up on my _ reading habits, nudges me.

“Your cereal is getting soggy,’” she said. ‘‘Can’t the tax guide wait until after breakfast?’

(We take turns getting each other breakfast in bed on the weekends. After all, it's one of the

few remaining non-taxable barter

transactions.)

‘‘Y've omever. seen Revenue Canada provide so much useful! in- formation,’’ I said.

“The tax guide this year is full of heipful hints most people will actuatly be able to understand.

“For example, look at these two

show any capital gains or losses in 1987 — even if you don't have to pay any tax for the year. Other- wise, you might lose part of the capital gains deduction.

© If you have pension income, carefully read the rules about the $1,000 pension income deduction. Rolling over money into a regis- tered retirement savings plan could

affect this claim. Or if you missed 7

this deduction becaus= you had no private pension income last year, see if you can create such pension income for 1988 through an annui- ty or registered retirement income fund.

elf you were single last year,

dollars

: and sense

dozen. ta: 1 - in yellow~so nobody can: miss

them: There are also’ charts,” ex- - amples:and commonly. asked’ ques-

tions with their answers."’ So before. you fi le-your own: tax “sreturnor compile. information. for. '

- somebody else to do'the job, I-re-.

ally ‘ encourage you to Study ‘the . guide (although it doesn’t have to. .. be in bed on a Sunday morning).

Even. if-you.glance only at the: | :

» Tax. Tips, you -will learn (and I have: elaborated: on some of these

“" points):°

oy ® You should’ file as soon. ‘as possible if you have a refund com-

“Ying. Interest is paid only from: ‘May

Sy or when you file — whichever i is

os later. And after three years, “you will no longer be able. to get ‘your

refund:

a) Consider declaring compound

_ interest you have not receives” so ‘you-can take full advantage of the $1,000 ‘investment. income deduc- tion — for 1987 is the last year you

may claim this deduction. @ The tax department doesn’t

care whose name. is.on- bank ac-.-

counts and. other. investments. . (What matters is who produced the “capital. So usually, the lower-

-{ncome spouse or partner should. #@. have been doing the investing while "

the higher-income person paid the bills. :

Lcensing as requised by jaw heic Sy the Manutactuers Lut Est 1887

x tips, neatly. highlighted ‘

° Be sure you file a ‘tax return to f

e offers

tation

written from the taxpayer’s point of view — for example, plain English books like Mike Grenby's Tax Tips (he said modestly), published by Self-Counse! Press and available from local book stores for $6.95, and the excellent reference, Preparing Your Income Tax Returns, by Arthur Andersen & Co., published by CCH Cana- dian at $12.95. ~

Finally, to’ make filing your return less taxing, take a dry run first.

Put aside schedules you don't need, Pencil in as many blanks as you can — drawing a line through spaces and areas that don’t apply.

Write down questions that occur to you and note any missing slips or other information.

Then, when you have all these ‘details, sit down again to complete the job. This time around, everything will look more familiar — and you will have a_ better chance to’ Save every tax dollar pessible. :

Many happy returns!

Do you have.a financial or con- sumer question for Mike? Or a story you think should be in his column? . Please: write’ to’. Mike Grenby, ‘North Shore News, 1139 Lonsdale .Ave.,: North Vancouver, B.C. V7M2H4, Mike cannot reply

you might be able to claim the individually. but. will answer as

equivalent-to-married . exemption . for a dependent -—- and that’s a worthwhile $3,700. 05,

' @ If your married: ‘exemption is educed or wiped out because your _ Spouse‘has some. dividend: income,

many .of your letters as possible through the North Shore News.

Remember -- include your _ Phone’ ‘number: ie case Mike needs to contact you.

you ee it bees declare those, ev get the off

“more tax. : ve Review the transferable deduc- tions?. education; - - pension, invest-

ments’ disability “and age. If the:

“person entitled, to. claim: them

-:deesn’t, need’ some or all of them.

to reduce taxable income. to zero, the deduction(s) could be transfer- red tO, a spouse: or sometimes ‘another supporting person.

~ @ Even if you had no income in 1987, you: must file a, return to claim the federal sales and/or child tax credit. © ..-

While the. tax guide really does tell you more this year, remember this.information is still. presented from Revenue Canada's side of the counter.

To pay as little tax as legally. “possible, buy or. borrow . books

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Spirit Motivation

Character Growth

Ame students can reach surpfising heights with intensive | and caring guidance, well-motivated peers and a desire . for personal growth. .

; A prominent independent schoo! for day boys and boarders, St.George's enjoys a reputation as a school for gende-

. men, sportsmen and scholars. It provides i inspiration, excellent

instruction and a sound athletic program to suit a wide range of talents. In student selection, we look for a sense of brother- hood, character, good will and personal motivation. ;

- The School has outstanding facilities and an exceptional teaching faculty; it provides both the environment and the en- couragement essential to academic and personal achievement.

Our participation in the Advance Placement Program ; indicates the quality of our scholarship; several students have gained immediate access to second-year standings at Harvard and M.1.T. For the majority of our students however, our programs while challenging are realistic and reachable.

Your son in all probability has the necessary skills; we invite you to make application.

Scholarships and General Entrance Exams First sitting will be held on February 27th, 1988. Open to boys currently enrolled in grades 6,7 and 8, award criteria for Foundation Scholarships include evaluation of entrance. and scholarship examinations, academic standing, qualities of character and special skills. Other scholarships are not primarily based on academic ability.

A descriptive brochure and application forms are available by telephone: for grades 2-7 call (604) 224-4361; for grades 812 call (604) 224-1304 or by written request from:

The Headmaster

St. George's School

4175 West 29th Avenue Vancouver, British Columbia Canada V6S 1V6

SS

Please apply before February 20,1988

JORK - North Shore News