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HomeMy WebLinkAboutThe Huron Expositor, 1973-02-08, Page 55. A. father's executors can file for him two tax statements in the year of his • death one covering normal income and ex- penses and one coverineffright0 and things" which Includes non- basic herd cattle, farm prodnce and other Items that would; if sold, be considered fixable in- come."' The same personal exemptions can be claimed on both returns. This point is often missed, 6. "Rights and things" can pass income tax free to a bene- ficiary on the understanding that he will pay tax when he In turn, disposes of them. This is very` important as far as livestock farmers are concerned, particu- larly if the farm assets include a considerable amount of non- basic herd livestock and quota. Retiring farmers may have to remain active partn,ers for longer periods than they otherwise might like in 'order to take advantage of this. Machinery and buildings purchased after January 1, 1972 must be depreciated under Part XI (declining balance). This means that if machinery is sold by a father to a son- after Able date it must be switched to Part XI. However, the changeover price should be fair market value rather than book v:ilue. 8. All partnership ,depre- ciable assets must be depreciat- ediay the partnership rather than by the individual partners. How- ever, if a partner owns cer- tain depreciable assets and uses them to make income for the partnership, he may claim capi- tal coat allowances on them as an individual. •• 9. If a 'true partnership is formedr assets such as „non- pasiq. herd cattle can be "rolled 103" -the partnership at any value up to fair market value, By this we mean that a father with $30,000. worth of cattle and $10,000. worth of quota could form a partnership with his son and roll these assets in at no value and thus escape income tax at the time. That would come later. 10. Capital Gains as far as farmers are concerned will not be much of a problem for 2 or 3 years since only increases in value since January 1, 1972 are considered. These will be a big problem ten years hence. The main thing to keep in mind at the moment is not to, transfer real estate to family members for less than it is worth. C apital C ost Allowance Should you switch all assets to declinging balance method? No! Don't let some income tax filing service talk you into switching all of your machinery and buildings, that are now on straight line depreciation (Part XVII) over to declining balance method (Part XI). It may be cheaper for them - but it could be very expensive for you. There is no recapture of depreciation for equipment on straight line depreciation. Anything you receive over and above book value is money in your pocket - tax free at that. You start WL__ialitySeed DIVIDEND ORDER YOUR SEED GRAIN AND GRASS SEED- Before the Rush SEAEORTH FARMERS Phone 527-0770 foniliy.:1 depreciating the new equipment on the declinging balance method at the new price' Education Deduction An education deduction of $50 Is allowed for each month in 1972 during which a student WWI in full-time attendance at univer- Bali or college. The months in which the 'school term started and finished are Winded. This deduction may be claimed by the student and/or a supporting in- dividual. Reference to this de- duction does ,not show on the tax forms and could easily be missed. District Taxation Office Zenith 04000 It's toll free. I phoned and talked to a very-pleasant young lady. And she knew the answers! Here's hoping you have as much luck. Advance Logan meetings Due to the Rural Municipal Convention being held in Hamil- ton, the regular monthly meet- ing of Logan Township Council was advanced to Friday with all members present and the Reeve presiding. , Three Tenders were received for the ,,crushing and hauling of 20,000 cu. yds. of gravel and the tender of L. Meehan Construction for $1.14 per cu. yd. was accepted subject to approval of the Ministry of Transportation and Communications, this being the lowest of the three tenders. The road construction for 1973 was discussed and it was decided to do Con. 12 - 13, west of Highway #23. A by-law setting salaries and rates for 1973 was passed. Mrs. Jean A. Reaney was appointed Deputy Clerk-Treas. General accounts totalling $4,997.60 and road accounts amounting to $4,425.42 were or- dered paid. Eighty percent of Canada's blind population see a little. Ac- cording to Mrs. J. T.-Patterson, National President, the Canadian Council or, to Blind, the new' ratio is due k to- more accurate reporting through computerized programming and advances in the science of eye medicine. In a special interview for White Cane Week, sponsored by the CCH and The Canadian National Institute for the Blind, Mrs. Patterson, totally blind her- self, showed her concern , for partially sighted Canadians "who have trouble reading menus-, find- ing numbers on a street and reading small print. They are often too shy to ask for help, and strangers don't realize they need it." Some see with less than half an eye, the other part being blocked off, while others have an opaque area in the centre of their eye and must look around it. Some people can read a sign Across the street and bang into a.,L garbage can directly in front of them. On. a cloudy day the traffic lights glow brightly and some partially sighted pitople cross the.,:street without any trouble. On a sunny day the same person can scarcely see the lights beside him. Someone with heavy glasses may be partially sighted and need visual help, They do not always carry a white cane even though they can. Legal blindness includes a visual range up to the large "E" on the doctor's chart. • ,!Protect your sight," Mrs. Patterson added; quoting the thought for 1973 White Cane Week. "Glaucoma still strikes without pain in people over 30 but can be arrested U diagnosed early. Cataracts are being re- moved most successfully now and the Eye Bank is providing fresh material for sight restoring sur- gery." "Always remember this," she said, ',your eyes must last a lifetime. Look out for your eyes because they look out for yowl" ost blind pe have some sigi iit THe 'HURON, :IIIXPO 10011 INAPORTH ONT, AIL '10.: SFICIAL — FLAVOR-CRISP — SOUTHERN FRIED CHICKEN — Pressure Fried — Juicy 'n Tender — FRENCH FRIES it COLE SLAW 3 PIECES CHICKEN Every Tues. Take out order only from 4pm to 10pm WONG'S GRILL PHONE 527-0920 FILTER QUEEN AC CTROLIJ COMET REGINA TIMENE-CA N CYLINDER and Having difficulty cleaning y'our:',carpet WELL THEN, SEE Electro-Deluxe Upright atuu. by calling, Orv, phone 482-9574 202 Rattenbury St. East CUNT() 7:30 Temperatures Rising 8:00 Mary Tyler Moore Show " 8:30 Flip Wilson Show 9:30 Front page Challenge 10:00 Nature of Things 10:30 Man Alive 11:00 The National News 11:20 P.M. 11:45 Theatre: "Tarzan Esca- pes" - ,YohnnyWeismuller & Maureen O'Sullivan. WEDNESDAY, FEB. 14,1973 8:00 Ontario Schools 8:45 Mr. Dressup 9:15 Ontario Schools 10:30 Friendly Giant 10:45 Chez Helene 11:00 Sesame Street 12:00 Cartoons 12:30 News 12:45 Movie: "Love Story" Stuart Granger & Mar7 garet Lockwood. 2:20 Fashions In Sewing 2:30 Dick Berryman 3:00 Talce.30 3:30 Edge bf Night 4:00 Family Court 4:30 Drop-In 5:00 My Three Sons 5:30 Let's Make A Deal 6:00 Pierre Berton 6:30 FYI 7:00-,Emergency 8:00 This Land 8:30 Man At The Top 9:30 NF BPresents: "The Sloane Affair" 10:30 Adieu Alouette 11:00 The National News 11:20 P.M. 11:45 Movie - "The Black Rose" Tyrone PoVier SA Cecile Aubry. THURSDAY,FEBRUARY 15,1973 8:00 Ontario Schools 8:45 Mr. Dressup 9:15 Ontario Schools 10:00 Canadian Schools 10:30 Friendly Giant 10:45 Chez Helene 11:00 Sesame Street 12:00 Cartoons 12:30 News 12:45 Movie: "China Clip:er' Humphrey Bogart & Pat Brien. 2:20 Fashions In Sewing 2:30 Shirley Taylor 3:00 Take 30 3:30 Edge of Night 4:00 Family Court 4:30 Drop-In 5:00 My Three Sons 5:30 Reach For The Top 6:00 Pierre Berton 6:30 FYI 7:00 Midweek Magazine ' 7:30 The Bob Newhart Show 8:00 Carol Burnett Show 9:00 Movie: "The Party" Peter Sellers & Claudine Longet. 11:00 The National News 11:20 P.M. 11:45 Movie: "Ten North Fre- derick" Gary Cooper & Diane Varsi. FRIDAY, FEBRUARY 16, 1973 8:00 Ontario Schools 8:45 Mr. Dressup 9:15 Ontario Schools 10:30 Friendly Giant 10:45 Chez Helene , 11:00 Sesame Street 12:00 Cartoons 12:30 News 12:45 Movie: "On The Fiddle" Sean Connery &' Alfie Lynch 2:20 Fashions In Sewing 2:30 Market Place 3:00 Take 30 3:30 Edge of Night 4:00 Family Court 4:30 Drop-In 5:00 My Three Sons 5:30 Let's Make A Deal 6:.0b Pierre Berton 6:30 FYI 7:00 The Odd Couple 7:30 Sanford & Soh 8:00 M*A*S*1-1 8:30 All In The Family. 9:00 Tommy Hunter Show 10:00 Hawaii Five-0 11:00 The National News 11:20 P.M. 11:45 Movie: "A Stitch In Time" Norman Wisdom & Edward Chapman. TUESDAY, FEB. 13 at 8:00 P.M. HERE'S YOUR CHANCE TO DISCUSS "T" RAIL & DIRECT AXLE RIMS FOR YOUR TRACTOR COMPANY REPRESENTATIVES WILL BE ON HAND FILMS OF ON THE FARM DEMONSTRATIONS FREE REFRESHMENTS Nome tux, and -the farm BY J.J Hagerty Ontario Ministry of Agriculture and Food Income tax filing is a once a year job. Keeping records is a. daily job. Planning the growth of family farms and transferring assets is becoming a regular management job. Transferring Property Between Generations: • 1, Farm children work on the home farm and should be paid by cheque. Children should have their own bank account. They can buy their own clothes etc. from this account. 2. Better farm records are required when two families are working together. Where money changed hands by gift or other- wise, keep good records. 3. No t new basic herds may be formed and existing herds may be decreased but not in- creased. Farmers-who are pay- ing a small amount of Income Tax should not usually phase out their basic herd. Those paying a . sizeable amount of tax likely should. A dollar saved now is worth two dollars saved ten years hence. 4. Where a son is gradually buying a herd of cattle from his father, a demand note is a ik most useful tool. Father adds to his income statement and son adds to his expense statement when money is paid or forgiven.- Buy a small portion at a time in most cases. This is one me- thod of averaging not often con- sidered. CFPL TV listings SATURDAY, FEBRUARY 10,1973 8:30 Maigrichon et Gras Double 9:00 The Littlest Hobo 9:30 The Hilarious House Of Frightenstein 10:30 professor Moffett's Science Workshop 11:00 Live & Laugh 12:00 Reach For The Top 12:30 Horst Koehler Show • 1:00 The Outdoor Sportsman 1:30 Mr. Chips 2:00 Canadian College Sports 4:00 CBC Curling 5:00 Bugs Bunny/Road Runner 6:00 Adam 12 6:30 FYI 7:00 Maude 7:30 On The Buses • 8:00 Hockey Night in Canada 10:30 Countrytime 11:00 The National News 11:15 provincial Affairs 11:20 P.M. 11:45 Movie "The Presi- dent's Analyst" -James Coburn & Godfrey Cam- bridge. SUNDAY, FEBRUARY 11, 1973 8:30 Ontario Schools 10:30 Quelle Famille 11:00 Hymn Sing 11:30 Jimior Talent Hour 12:30 Family Finder • 1:00 Roy Jewell Farm Show 1:30 Country Canada 2:00 What's New in The Act -Changes in Income Tax Act 3:00 Under Attack 4:00 A Time To Remember 4:30 Medical Explorers 5:00 Music To See , 5:30 Wonderful World of Disney 6:30 Act Fast 7:00 The Beachcombers 7:30 Black Beauty 8:00 Julie Andrews Hour 9:00 Sunday At Nine L0:00 Weekend, L1:00 The National News .1:15 Nation's Business .1:20 P.M. .1:45 Under Attack MONDAY, FEBRUARY 12,1973 8:00 Ontario Schools 8:45 Mr. Dressup 9:15 Ontario Schools O ,0:30 Friendly Giant 9:45 Chet Helene 1:00 Sesame Street 2:00 Cartoons 2:30 News At Noon with Darrel' Janz 2:45 Movie: "The Long Hot Summer" Paul Neiwman & Joanne Woodward. 2:20 Fashions In Sewing 2:30 Dick Berryman 3:00 Take 30 3:30 Edge of Night 4:00 Family Court 4:30 Drop-In 5:00 My Three Sons 6:30 Let's Make A Deal 6:00 Pierre Berton 6:30 Fy 6:30 FYI 7:00 Gunsmoke 8:00 Partridge Family 8:30 Cannon 9:30 Carnivals ill 1:00 The National News 1:20 P.M. 1:45 Horror Classics: "The Black Cat" - Basil Rath- bone & Nigel Bruce. 7UESDAY FEBRUARY 13, 1973 8:00 Ontario Schools 8:45 Mr. Dressup 9:15 Ontario Schools 0:00 Canadian Schools 0:30 Friendly Giant 0:45 Chez Helen 1:00 Sesame Street 2:00 Cartoons 2:30 News 2:45 Movie: "Operation Double Cross' Marisa Mell & Jean Marais. - 2:20 Fashions In Sewing 2:30 Dick Berryman 3:00 Take 30 3:30 Edge of Night 1:00 Family Court 1:30 Drop-In 5:00 My Three Sons $:30 Going Places 3:00 Pierre Berton,. .:30 FYI ':00 The New Dick Van Dyke Show SEAFORTH MEAT . MARKET Top Quality BEEF SIDE OF. BEEF CUT and WRAPPED 9 4 lb Plus lc a lb. for Quick Freezing. 527-0040 $319.95 $219.95 EL9xA FURNITURg ,AUTO-MATIC WASHER LT680 — Front Load 12-lb. Tumble Action Weigh to Save Lid Variable Watei• Level Soak Setting 111111111111111,111,110011111.1 OLD TIME• VALUES - LATEST FEATURES Westinghouse APPLIANCE • TV • STEREO on= RT144 REFRIGERATOR 13.8 Cu. ft., Frost Free, Half Shelves, Butter Conditioner, Meat Keeper Egg Bucket DE680 MATCHING DELUXE - HEAVY DUTY DRYER $369.95 "63° RANGE Completely Automatic '• 2 — $"„ Burners 2 — 6” Burners No Turn Speed Broil 60-Min. Minute Minder- Lift off Door for Cleaning $29.95 * Three temperature • selections plus "Auto Dry" for per- manent press fabrics * Cross Vane Tumbling and Balanced Air Flow combine for per- fect even drying. * Auto-Call signal lets you know when cycle is complete.