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HomeMy WebLinkAboutThe Citizen, 1994-11-23, Page 1917 ■r arm OMAFRA to host farm tax seminar THE CITIZEN, WEDNESDAY, NOVEMBER 23,1994. PAGE 19. Brussels Livestock report Light run of pigs at sale By Brian Hall Business Management Advisor Huron County The Ontario Ministry of Agricul­ ture, Food and Rural Affairs is offering a Farm Tax Seminar for farm families. The seminar will be held Thursday, Dec. 1, in the OMAFRA seminar room, Clinton beginning at 12:30 p.m. John S. McNeilly, chartered accountant, Exeter will be presenting farm tax principles that will help farmers in year end tax planning strategies. The registration fee for the seminar is $7. Preregistration is required. Cash basis accounting has allowed fanners much flexibility in farm income reporting and tax planning. John will discuss some strategies in addition to making Huron Crop & Soil meeting, December 8 By Brian Hall Business Management Advisor Huron County The Huron Soil & Crop Improve­ ment Association invites all producers to their annual meeting and banquet on Thursday, Dec. 8, at the Stanley Township Commun­ ity Centre, Varna. Tickets are available through soil and crop directors or the OMAFRA office in Clinton. Alan McCallum, Soil and Crop Advisor, OMAFRA will present highlights from soil and crop on- Producers in insurance prog, got first interim, overpayment Ontario com, seed com, popping com and spring wheat producers enrolled in the Market Revenue Insurance Program for the 1993 crop year were overpaid in the first interim payment released in November 1993. The overpayments are as follows: com and seed com $0.1278/bu; popping corn $0.0023/lb; and, spring wheat $0.1164/bu. The National Gross Revenue Insurance Program (GRIP) administration sets guidelines for the Market Revenue Program and also sets and revises payment levels. The GRIP administration recognizes the fact that over­ payments can happen, and under the federal-provincial agreement, provinces must recover such over­ payments. In this case, the over-payment will be recovered by deducting it from the final 1993 payment for winter wheat, spring grains, and white beans, as well as the 1994 crop year first interim payments for all commodities under the Market Revenue Program. If the above adjustments do not fully cover the amount of over-payment, affected producers will receive invoices for the outstanding balance. "Since Ontario introduced the Market Program in 1991 this is the first time that an overpayment has occurred. Correcting this situation by deducting the overpaid amount from future payments not only minimizes the potential adverse presentations on personal, partner­ ship, and corporation taxation; tax treatment of specific farm income and expense items; utilizing farm inventory provisions; claiming capital cost allowance, and farm losses. In addition, an update on GST, NISA and the $100,000 capital gains exemption, which ends this year, will be discussed. It is recommended that you begin thinking about this matter now. Don't leave tax planning until your accountant is busy filing income tax. Attending this seminar will help you understand some basic tax principles in order that you may discuss and understand these with your accountant. Remember, good tax planning means not having to say you are sorry! farm trials and results from the Ontario Cereal Performance Trials. Producers will also receive a copy of the Huron and Perth corn and soybean variety trials. This year's guest speaker will be Lome Hepworth, President, Cana­ dian Agra Corporation. George Thompson, program representative for the Environmental Farm Plan, will provide an update and answer producer questions. For further information or tickets, contact your soil and crop director or the OMAFRA office in Clinton. effects on producers' cash flow, but also protects the integrity of the Market Revenue Program," said Greg Brown, director of Ontario Ministry of Agriculture, Food and Rural Affairs' crop insurance and stabilization branch. "Each producer's account will be looked at individually and each producer will receive a letter and account statement which will explain exactly how he or she will be affected," said Mr. Brown. "The letter and account statements will be mailed to all enrolled producers in early December," Mr. Brown added. The over-payment was a result of a strong rally in commodity prices in late 1993 and early 1994. These rallies were fuelled by significant revisions to the 1993 U.S. crop estimates. As a result, the sum of the 1993 crop year annual market prices and the first interim payments was greater than the support level for the affected commodities. Thanks to the electors of West Wawanosh I shall do my best. Doug Miller Sales at Brussels Livestock for the week ending Nov. 18 were: fed cattle, 668; cows, 280; veal calves, 162; sheep and goats, 83; Stockers, 1,951; and pigs, light run. The market at Brussels Livestock saw fed steers and heifers selling on a steady trade. Cows traded $1 - $2 higher. Veal were selling $2 - $3 higher. Lambs sold on a strong active trade. Friday saw stockers selling steady. There were 462 steers on offer selling from $88 to $94 to the high of $106. Four steers consigned by Murray Smith, Dublin, averaging 1,235 lbs. sold for an average of $101.56 with sales to $106. Thirteen steers consigned by Don Culbert, Dungannon, averaging 1,405 lbs. sold for an average of $92.54 with sales to $102.75. Forty-one steers consigned by Jim Howatt, Londesborough, averaging 1,336 lbs. sold for an average of $96.07 with sales to $100.35. Twelve steers consigned by Johnston Farms, Bluevale, averag­ ing 1,302 lbs. sold for an average of $91.38 with sales to $99. Two steers consigned by Normangrove Farms, Wingham, averaging 1,335 lbs. sold for an average of $91.30 with sales to $97. Fourteen steers consigned by Jerry Kuntz, Formosa, averaging 1,399 lbs. sold for an average of $93.55 with sales to $95.25. Thirteen steers consigned by Schmidt Brook Farms Inc., Woodstock, averaging 1,441 lbs. sold for an average of $87.78 with sales to $95.25. Thirty-seven steers consigned by Cunningham Farms, Brussels 4-H learns different wood types The second meeting of the Brussels II woodworking club was held on Nov. 11 at the home of Wilma Rammeloo. The meeting opened with the 4-H pledge and 16 members answered the roll call by naming three wooden items they had seen or used in their homes. After some discussion about a name for the club they went to Leo and Corry Sanders' home. Leo showed some different kinds of wood and what they might be used for. He also explained about the grain in wood. He showed how the band saw, scroll saw, wood lathe, table saw and joiner worked. Some members had a chance to try the scroll saw. Leo then gave some hints about the bird house that members will be making. Next, Corry showed some of her work. She does wood chipping, and makes some very beautiful things. It is slow work. After thanking Leo and Corry with a small gift, members returned to Wilma's to finish the meeting. They were all given a small wooden apple to sand and bring to Lucan, averaging 1,455 lbs. sold for an average of $90.76 with sales to $93.50. Thirteen steers consigned by Carlyle Thomson, Parkhill, averaging 1,409 lbs. sold for an average of $90.62 with sales to $93.35. There were 188 heifers on offer selling from $88 to $94 to the high of $95.25. Five heifers consigned by Warren Weppler, Clifford, averaging 1,199 lbs. sold for an average of $89.31 with sales to $95.25. Five heifers consigned by Robt. Peel, Drayton, averaging 1,136 lbs. sold for an average of $89.98 with sales to $93.60. Fifteen heifers consigned by Maurice Coe, Shelburne, averaging 1,175 lbs. sold for an average of $89.77 with sales to $93.50. Seven heifers consigned by Ron Jackson, Stratford, averaging 1,045 lbs. sold for an average of $90.61 with sales to $93.50. Ten heifers consigned by Gordon Dougherty, Goderich, averaging 1,209 lbs. sold for an average of $87.18 with sales to $92. Four heifers consigned by Gordon Mann, Wroxeter, averaging 1,168 lbs. sold for an average of $88.07 with sales to $91.50. Three heifers consigned by Wallace Lewis, Holstein, averaging 990 lbs. sold for an average of $89.65 with sales to $90.25. There were 280 cows on offer selling from $46 to $62 to the high of $77. One cow consigned by Keith Van Camp, Brussels, weighing 1,365 lbs. sold for $77. Three cows consigned by Shaver Beef Farms, Newton, averaging 1,008 lbs. sold for an average of $66.43 with sales to $71.25. One the next meeting. They closed the meeting with the 4-H motto and refreshments. - YOUR LOCAL­ COMMUNITY CREDIT UNION TO SHOP YOUR COMMUNITY! CALL YOURJ J Qi EZ D EZ EZ ★ CREDIT UNION * I 11 EZ EZ FOR DETAILS' 'O A C FOR SIX MONTHS 'LIMITED TIME OFFER ’NONMEMBERS MAY APPLY FOR MEMBERSHIP • PEOPLE HELPING PEOPLE • - GODERICH - 39 St. David St. 524-8366 BRUSSELS LIVESTOCK Division of Gamble & Rogers Ltd. UPCOMING SALES TUESDAYS THURSDAYS FRIDAYS BRUSSELS 887-6461 cow consigned by Gelora Farms, Walkerton, weighing 1,735 lbs. sold for $65. There were 162 veal on offer selling from $88.50 to $107 to the high of $126. Seven veal consigned by Ducharme Farms Ltd., Zurich, averaging 719 lbs. sold for an average of $106.65 with sales to $126. Two veal consigned by Wayne Hoegy, Dublin, averaging 650 lbs. sold for an average of $115.13 with sales to $123. Eleven veal consigned by Allan McKin­ non, Shallow Lake, averaging 595 lbs. sold for an average of $99.94 with sales to $119.50. Lambs: 50 - 79 lbs., sold $142 to $181; 80 - 94 lbs., $131 to $145; and over 95 lbs., $ 118 to $ 128. Sheep sold $47 to $59. Goats sold $49 to $99. Stockers: steers, 400 - 499 lbs., sold $99 to $130; 500 - 599 lbs., $104 to $120.25; 600 - 699 lbs., $95 to $118.25; 700 - 799 lbs., $94 to $109; and 800 lbs. and over, $88.75 to $109.50. Heifers, 300 - 399 lbs., sold $108 to $131; 400 - 499 lbs., $106.25 to $125; 500 - 599 lbs., $95 to $121; 600 - 699 lbs., $89.25 to $108; and 700 lbs. and over, $83 to $108. DJ. Service "Music for all occasions" (519) 887-6069 ~ CUNTON - 48 Ontario St 482-3467 - EXETER - 118 Mom St 235-0640 9 a.m. Finished Cattle & Cows 9:00 a.m. Dropped Calves Veals followed by Goats Sheep & Lambs 10:00 a.m. Stocker Cattle 1:00 p.m. Pigs