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HomeMy WebLinkAboutThe Brussels Post, 1976-03-24, Page 7When you save energy you save money. This is what Ontario is doing to help you save. Your Ontario Government's goal, by 1980, is to reduce by one-third the growth rate of energy consumption in the province: To achieve that, eleven Ministries of your Government are working together in the. Ontario Energy Management Program. The Program'has two objectives — to find ways to help you cut your own energy bill,And to findyvays of using your province's energy more efficiently. Right noW, the Program consists of 70 working projects, including: • testing ways to reduce fuel consumption in automobiles and farm operations; • improving the heating and cooling - systems in government buildings (which has already cut some energy bills by as much as 20%); • finding ways to improve residential natural gas and oil furnace efficiency; constructing and testing a totally solar-heated home; • reclaiming waste materials to produce energy; , • sending an "Energy Bus" throughout Ontario to do on-the-spot analyses for, industry (so far, annual energy cost savings averaging 20% have been identified). Practical suggestions on ways you can save energy and money are available from your Ontario Government and from energy-supplying companies. For more information, write to: Energy 'Management Program Ontario Ministry of Energy 12th Floor 56. Wellesley Street West Toronto, Ontario M7A 2B7 MiniStry of Energy DenniS Timbrell, Minister InsiNgiatir= ProVince. of Ontario Davis,William Premier J. THE BRUSSELS' POST, MARCH Mi t .1976 ids, De ax questions-who reports what? t•• Q, My husband and I separated two. Who must report Family will be claiming a personal must report the amount of Family rtion of total payments received of your 1975 Tax Guide provided are, multiply the amount of Q. My wife and I have a joint from the sale of this type of property, Q. What happens if I sell my home at a price greater than it cost me? A m I going to be taxed on any, profit or gain that. I make? A. Ordinarily no. If a taxpayer uses his • home only as his principal residence, that home together with up to an acre of surrounding land, if the land contributes to • the sue and bank account. The money that my enjoyment of the home, will be wife pays into the bank account is exempt from capital gains tax. from her earnings as a Q. What do you mean by the stenographer. The T5 slip is term principal residence? made out in our joint names. Do I A. A principal residence will L declare the income on my tax generally be considered as any return or does my wife declare it type of structure owned by the on her tax return, or should we taxpayer and ordinarily inhabited divide - the interest income, by him. This could include-a declaring half of it on each of our ' mobile home, housebdat, or a condominium. Q. My wife claims personal exemptions for two of our children and I claim the other tudents inimum age up The Honourable Bette Stephen- n, M.D., Minister of Labour, s announced minimum wage tes that will become effective arch 15, for young students and rtain employees in the 'hospi: lity industry. A minimum wage of $2.15 per ur will be required for students ho are less than 18 years old., is rate may be paid only if the udent works less than 28 hours r week during the school year is employed during a school ation. In other circumstances, ese young students must ceive the'general minimum age of $2.65, effective March th, 1976. At the same time, a separate inimum rate will be established r workers who serve alcoholic verages directly to customers, ests, members or patrons in emises licensed under The quor Licence Act of Ontario, 75. The minimum wage that ay be paid in this work will be .50 per hour. The rate is set wet than the general minimum age in recognition of the bstantial tip income received by ch workers. urkey ingo ancelled he last of the Turkey Bingoes eduled had to be cancelled cause of bad weather ditions. This left the BtusSels gion with twelve turkeys 'on eir hands, They, solved the oblem giving folks another' due to win them by selling kets on a raffle. Holders of the lucky tickets re as folloWs: No. 1 Turkey; am Smith. No. 2. Turkey, H ld McCalluni. NO. 3. Turkey, q Taylor. No, 4. Turkey, Pat Itz. No. S Turkey, Ernie Back. 6 Turkey, Ross Duncan: No. Turkey, Sharon Stephenson., 8 Turkey, H arold McCallum 9 Turkey Florence Webb, NO: Turkey, Lloyd Appleby. NO. 11 rktY1 bereenRfitledge, NO, 12 tkeY, Gordon. Nichol. r child on whose behalf both of A. Both of you - each parent emption for that year. Which of children which he or she has ents as income? claimed as dependants.' For A. Each of you must report a additional details, refer to Item 7 the year. To determine your with your income tax return. ur exemption for the child by e total of payments received in e year and divide the product by e total of personal exemptions aimed for the ch ild by you and ur husband. The balance must reported by your husband. Q. I live in a trailer. Can this be coins are referred to as listed Massed as a principal residence? personal property. Gains on the A. Yes. Any type of structure disposition of these assets when at you own and ordinarily sold for more than $1,000 are habit may qualify as a principal subject to the capital gains provision. Losses are subject to a -special calculation. They may be deducted only from gains made Allowance received for the s must report allowance pay- sidence. Q. Last year a relative died and his will left me several ousand dollars. Is this money I 1975 and I obtained custody of Allowance payments? inherited taxable as income? A. No Money inherited is not- subject to income tax. However, if there were investments involved, any investment, income received or credited after you inherited the money would be taxable as partof your income. , Q. I understand there are special rules regarding the acquisition and sale of certain works of art. Could you explain these rules briefly? A. Yes. Works of art such as prints, etchings, drawings, paintings , and sculpture, jewellery, rare folios, manu- scripts and books, stamps and returns? A. If you and your wife deposit an equal , amount of your respective earnings, then the interest is earned equally. If one of you deposits more than the other, then that person should report a larger share of the interest. Q. When fill .ng my tax return, should interest be declared in the year it is earned or the year received? A. You may report interest as income either when you become entitled to receive it, or when you actually receive it, but you must follow the same method regularly from year to year. Q. What is general averaging? A. This is a complex tax calculation that is automatically computed, if applicable, for all taxpayers when the return is assessed. 'If your 1975 taxable income is substantially increased over prior years' taxable incomes,' general averaging will usually be applied. When general averaging is applied your taxes will always be reduced, never increased.