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HomeMy WebLinkAboutThe Exeter Times-Advocate, 1975-01-09, Page 22WI) H L .10 beautitul panels from which to chaos .- all tl rastical ly reduced En NM For a limited time only, you can save $1.00 per sheet on one of our most popular panels COURTYARD MAHOGANY From our famous evans collection Two beautiful species. VICTORIAN ELM PIO fox SAVE $1.00 per sheet NOW on EVANS' beautiful Reg $5.99 NOW ..•••=mmor And look at this! Your Choice Reg. $6.99 And here are three more beauties from our EVANS - Collection. .hoer,, RANCH PLANK LIGHT OAKand DARKOAK, Reg. $7.89 WUERTH SHOES LTD Main St. Exeter Don't Miss The Savings On Footwear For The Entire Family NO EXCHANOE OR REFUND ON SALE. ITEMS 1 Oth Anniversary There's A DISCOUNT DAVE'S HOME CENTRE IN YOUR AREA k STORE HOURS REGULAR HOURS: Monday thru Friday front 8:06 am to 5:30 pm; Saturday till 4:00 pm 736.2151 68/.2401 235.1422 524.8321 235.2374 736.2221 396.3403 733.2341 /44.61T1 AMHERSTBURG COMBER EXETER GODERICH GRAND BEND HARROW KINCARDINE KINDSVILLE KITCHENER 549 Fa irwayRd, South OWEN SOUND 376.3181 RIDGETOWN 674.5465 SOUTHHAMPTON 797.3145 THEDFORD 296.409i WEST LORNE 768,1520 WINDSOR WEST 500 Front Rd, LaSalle 734.1221 WINDSOR EAST New Hwy, 2 Tecumseh Bypass 7274001 KITCHENER, WINDSOR EAST, WINDSOR WEST THURS: & FRIDAY TILL 9 SATURDAYS TILL 5:30 ALL PANELS ARE FULL 4' x 8' SIZE ALL PRICES ARE CASH AND CARRY. DELIVERY EXTRA - , 1 t !' 111111 ' 111$11441Amil44041481111ML1444llike)4113;lifit'w,m6 ,„ A DIVISION OF ' LUMBER CO. LTD. There's a DISCOUNT DAVES HOME CENTRE.. in Your Area! Ontario tax credits for fediral forms SAVE NOW during. DISCOUNT DAVE'S GIGANTIC chain-wide BY JACK RIDDEL.t. M.P.P. We are once again on the threshold of a new year and I would like to take this op- portunity to extend to you my very best wishes for a happy and Prosperous Year. It is also that time of year when we have to square ac- counts with the Tax Department and because of the numerous enquiries I have received I thought a few explanatory notes on the Ontario Tax Credit System would be in order. The Ontario Tax Credit System which incorporates the Property Tax Credit, the Sales Tax Credit and the Pensioner Tax Credit will provide tax credit benefits in excess of $375 million for the 1974 taxation year and will distribute these benefits among Ontario residents on a broad and equitable basis, To ensure that the benefits of these credits are distributed to those most in need of tax relief, the total tax credit entitlement is reduced by 2 percent of taxable income. Thus the amount of tax credit available to any taxpayer depends on family cir- cumstances, age, income and the property tax or rent he or she pays, subject to an overall maximum of $500. Pensioners may be eligible for all three tax credits. The Ontario Tax Credit System is part of the personal income tax system administered by the Federal Government. In order to obtain the various tax credits you must fill out the special purple coloured tax credit form included with the income tax schedules and file it and an income tax return, even if you have no taxable income. The tax credits will be applied to reduce any outstanding liability for income tax, Canada Pension Plan and unemployment insurance contributions. Where the value of Ontario's tax credits • . UNIEM404MMANTATAMMEM 1;17011TI 11,11AllT7 t•$. /^. 3111334 varcurrt iN 41111 liATIOAAt ,r 4rtuA;;'IMIUR PlIV131,17EXIC; Custom Slaughtering and Processing To Individual Requirements Cattle and Hogs ore Government Inspected in our Modern Abattoir for Your Protection, • Specializing in Hickory Smoked Hams and Bacon SLAUGHTERING ON MONDAY ONLY All Processing Guaranteed LOCKERS FOR RENT By Month or Year EXETER FROZEN FOODS Phone 235-0400 exceeds these liabilities, the Department of National Revenue will send out one refund, dleque Which will include whatever Federal refunds are payable and the tax credits paid on behalf of Ontario. To be eligible to participate in the Ontario Tax Credit System, the claimant must be a resident of Ontario on the last day Of the taxation year, If he was not an Ontario resident on that date, he is not eligible, Thus anyone who. moved out of Ontario to another part of Canada during 1973 is net eligible for any tax credits unless he moved back to Ontario on or before December 31, 1973. Where, on Deeember 31 an individual is temporarily absent from Ontario, he may be con- sidered an Ontario resident on the last day of the taxation year, unless he files an income tax return as a resident of another province at the end of the taxation year. For individuals who left Ontario and Canada during the taxation year, the last day of the taxation year is the day on which they ceased to reside in Ontario and their eligibility for tax credits must be determined as of that date. No individual under age 16 on December 31, 1973 is eligible to claim any tax credit. Other criteria for eligibility relate specifically to the individual tax credits. Property Tax Credit — The Ontario Property Tax Credit may be claimed by all individuals resident in Ontario on December 31, 1974, except per- sons under age sixteen at the end of 1974, and persons under age 21 at the end of 1974 who live at home and are claimed as a dependent. The property tax credit must be claimed by the spouse having the higher taxable income. Only the property, tax or rent paid in respect of your principal residence may , he -included in determining occupancy cost. Property tax or rent paid in respect of a second residence or cottage may not be included in occupancy cost. The property tax credit for- mula for 1974 is the lesser of $180 or occupancy cost, plus 10 per- cent of occupancy cost. For hOineewners, :occhpancy . cost .1,i property tax paid in` 1974. For tboSe who rent, oc4iparipy cost is gp kers* ,§erle1 /2it. pnid in 1974. ..and nursing Students —living'" in "prescribed" student residences, occupancy cost is $25.00. Residents of institutions operated under the Homes for the Aged and Rest Homes Act, the Homes for Special Care Act, the Nursing Homes Act and The Charitable Institutions Act are ineligible to, claim as occupancy cost'.aay pprflop of payments madttp these institutions if such instutional do. net pay property tax, Where such institutions do pay property tax, residents may include• as rent for the purpose of calculating, occupancy cost, paymentS actually madeover and above amounts subsidized under health care programs. Individuals occupying public housing, units or senior citizens' housing units (such as the low rental housing owned or operated by the Ontario Housing Cor- poration are eligible for the Property Tax Credit using the rent they actually pay in calculating their occupancy cost, A roomer is eligible to calculate his occupancy cost based upon, the rent he pays for his room, which is his principal residence, A Principal Taxpayer who paid PrePertY tax or rent for a farm property which includes his principal residence may be eligible to calculate occupancy cost and claim a Property Tax Credit. Rent or property tax paid in respect of farm land that is separately assessed for municipal tax purposes from the land on which the principal residence is located, must be excluded in the calculation 'of occupancy cost. The total rent or property tax paid for farm land, farm buildings, and residence assessed together for municipal tax purposes, may be included in calculating occupancy cost. If there is more than one residence on the farm, the owner or renter must exclude from the calculation of occupancy cost all property tax or rent applying to the other residences. A farm owner or tenant is not required to reduce the calculation of occupancy cost by any amount of property tax claimed as a deduction from income for income tax purposes, or any amount paid to him under the Ontario Farm Tax Reduction Program. Sales Tax Credit — Most Ontario reesidents who file an income tax return are eligible to claim this tax credit except persons under the age of 16 at the end of 1974 and persons claimed as a dependent for in- come tax purposes by any other, person in Ontario. The Sales Tax Credit Formula for 1974 is the same as 1973, that is, 1 percent of personal exemp- tions. The Sales Tax Credit may be claimed in the income tax return filed for a deceased person with respect to the part of the year that he was alive. The surviving spciuse may claim a separate Sales Tax Credit if he or she was not claimed as a dependant on the income tax return filed for the deceased in that year. Pensioner Tax Credit — The Ontario Pensioner Tax Credit may be claimed by in- dividuals resident in Ontario on December 31, 1974, who are age 65 or over at the,, end of 4974, exeefif fot 'a Married eoUple, both cif Whom ate age 65 or, over at the end of that year living in the "4417 0.0006; eply.the spouse With the 'higher 'takable income is entitled to claim this credit. Where both spouses are 65 or over and neither spouse has a taxable income, the Pensioner Tax Credit must be claimed by the same spouse, who is claiming the Property Tax Credit, except when no Property Tax Credit is being claimed, in which case either spouse, but not both, may elaini, the Pensioner Tax Credit. The Ontario Ministry of ReVende is preparing a booklet which will explain the Ontario Credit System in greater deail than I have been able to do here. This booklet "The Ontario Tax Credit Guide" will be available January 15; 1975 from: Ontario Tax Credit System, Ministry of Revenue, 801 Bay Street, 10th Floor, Toronto, Ontario, M7A 1X8. Written enquiries should also be directed to this address, Residents in Ontario may call the Ministry of Revenue's in- formation centre free of charge by asking the operator to connect you with Zenith 8-2000.