Times-Advocate, 1978-02-16, Page 8Times-Advocate, February 16, 1978
Tax credits
By JACK RIDDELL
MPP Huron-Middlesex
Already a number of peo
ple have asked me for infor
mation about filing income
tax returns and Ontario's
Provincial Tax Credit
System, designed to make
taxation more equitable
The property, sales and
pensioner tax credits are in
tended to improve the
fairness of the provincial
and municipal tax systems,
by relating these tax credits
to the individual’s ability to
pay taxes. The Political Con
tribution Tax Credit is
designed to encourage
greater public participation
in the democratic process.
Ontario's Tax Credit
System is administered as
part of the Federal
Government's personal in
come tax system, and the
only method of obtaining the
various credits is to com
plete the special pale purple
coloured credit form (TIC
(Ont.)) which is included
with the income tax
schedules. Even if there is.
in fact, no taxable income,
this form must be filed with
the Federal Government.
In the event that a tax
payer has an outstanding
liability for Income Tax.
Canada Pension Plan or
Unemployment Insurance
contributions, the Tax
Credits will be applied to
reduce this liability.
Otherwise, the Federal
Department of National
Revenue will send out a re
fund cheque which will in
clude the Tax Credits paid
by the Province as well as
any Federal Refund which
may be payable.
To be eligible for the Tax
Credits, you must be over 16
years of age and a resident
of Ontario on the last day of
the taxation year.* If
someone is temporarily out
of the Province* on
December 31. he or she may
still be considered a resi
dent. providing a tax return
is not filed as a resident of
another Province.
Individuals who left On
tario and Canada during the
taxation year must consider
the last day of their taxation
year as the day on which
they ceased to live in On
tario. and their eligibility
for tax credit purposes is
determined as of the date.
In an effort to make sure
that the benefits of the Tax
Credit System are most
helpful to those in the
greatest need of assistance,
the total Tax Credit entitle
ment is reduced by 2% of the
taxable income, which
means that the amount of
credit available to any tax
payer depends upon family
circumstances, age, income
and the property tax or rent
which is paid, subject to an
overall maximum of $500,
AND the Political Contribu
tion Tax Credit, subject to a
maximum of $500.
For the 1977 taxation year,
Ontario residents with a tax-
able income of $1,680 or less
are considered to have a
“nil" taxable income for
purposes of calculating their
tax credits. In such cases,
the two per cent of taxable
income offset against
Property, Sales and Pen
sioner tax credits, does not
apply.
Property Tax Credit
This should be claimed by
the spouse having the higher
taxable income, is in respect
of the principal residence
only, and is the lesser of $180
or occupancy cost (plus
10%). For homeowners, oc
cupancy cost is property tax
paid in 1977, and for those
who rent accommodation it
is 20% of the total rent paid
in 1977. College, university
and nursing students living
in “prescribed” student
residences may claim oc
cupancy cost of $25.00. No
one under the age of 16 at the
end of the year may claim
this credit. People under the
age of 21, living at home and
claimed as‘dependants are
also ineligible.
POKER RUN — Gerry Hern shows his hand while wife Dorothy writes down results at the snowmobile poker run checkpoint
Sunday during the K-W Winter Carnival. Photo by Paul Bedford
Pick church
at Saintsbyry event
e
Intended 1m
By MRS. HEBER DAVIS
Cottage service was held
at the home of Mr. & Mrs
Hugh Davis, Sunday. Rev
Mary Mills was in elnrge
Following the short ser
vice the Vestry meeting
was held. Rev. Mills read her
report and asked Gate
Wennerstrom to be
Warden. Tom Kooy
elected peoples warden. Lay
delegate Mr. Tom Kooy and
Mrs. Joan Greenlee fom
Board of Management
members were selected by
Rev, Mills and four were
elected.
. The ACW, Guild. Sunday
School and Church reports
were read and adopted. New
storm windows and screens
were installed the past year
on the Parish hall. The
budget was paid in full and
all commitments met.
Personals
Robert Tindall attended
the Farm Show in Toronto
Wednesday attending the
horse pull and sale.
Mr. & Mrs. Leslie
her
was
J< J Vtrel;
Gm uiev enjoyed several
days ski dining in the
Kiiirai dui!' area. They
oed house Monday.
lh»m HnJdien Kim. Pam
and su-am spent the holiday
with Jb» n giandparents Mr.
x Mr . Ken Fafon.
Mi ft Mrs. Maurice
Marl’ovald, Grand Bend,
Mrs Hebei Davis and Mrs.
Raymond Greenlee, Exeter
w»ie ircTid guests with Mr.
ft Mis hrl Greenlee.
Mr & Mrs. Uarry Greenlee
weie Saturday guests with
li lends, Mr ft Mrs. Greg
Sadler. Sylvan.
Mr. ft Mrs. Howard
(’latke. Shipka were Sunday
guests with Mr ft Mrs. Bob
Tindall.
Mi ft Mrs.Heber Davis
were Wednesday guests with
Mr ft Mrs. Bi'l Garrett,
London and Sunday dinner
guests with Mr ft Mrs. Hugh
Davis.
Miss .Jean Barker joined
the high school at Arva
students in a bus trip to
Collingwood to ski Tuesday.
Feb. 21 and Mar. 7
For prior information call 271-5650 or write 1036
Ontario Street, Stratford
Ontario Political
Contribution Tax Credit
If you require financing to start, modernize or
expand your business and are unable to
obtain it elsewhere on reasonable terms and
conditions or if. you are interested in the
FBDB management services of counselling
and training or wish information on
government programs available for your
business, talk to our representative.
JOHN MACKENZIE
one of our representatives
will be at
Les Pines Hotel, EXETER
on the 1st and 3rd Tuesdays of each month
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Sales Tax Credit
This credit is 1% of Per
sonal Exemptions for In
come Tax purposes, and
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Pensioner Tax Credit
This $110 Tax Credit may
be claimed by everyone over
65 years of age and resident
in Ontario on December
31st, 1977, but in the case of
a married couple, both over
65 at the end of the taxation
year, and living in the same
principal residence, only the
spouse with the higher tax
able income is eligible.
BESlin
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DECORATE]
FEDERAL
BUSINESS
DEVELOPMENT BANK
To obtain this Tax Credit,
you list your Total Ontario
Political Contributions for
the taxation year of 1977 and
official receipts must be at
tached. Remember that the
total allowable credit max
imum is $500, and this is
reached when total
allowable contributions in
the year amount to $1,150.
You may claim 75% of the
first $100 of total con
tributions, 50% of the next
$450 of total contributions,
and 33 1/3% of total con
tributions in excess of $550.
For the 1977 taxation year,
the Political Contribution
Tax Credit may be claimed
by either the contributor or
the contributor’s spouse. In
other words, official
receipts for political con
tributions are now
transferable between
spouses. However, a single
contribution for which one
official receipt is issued can
not be divided between the
spouses. It must be claimed
entirely by one spouse or the ,
other.
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