The Goderich Signal-Star, 1975-03-06, Page 25A
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Q: The Family Allowance
cheques received for our
children are made out to my
wife. Does this mean she must
report the payments as in-
come?il
A. Mt necessarily. The law
•'requires- that the individual
who claims ' a personal
exemption on behalf of a' child
•for whom the payments are
received must report the
payments as income. If neither
parent claims an exemption,
-theversorrto-whormthe-cheques
are made out must report the
income. For further' in-
formatom-refer to Itenr7-ofthe
Income Tax Guide provided
with your income tax return.
+++
Q. When filing my tax return,
should interest be declared in
the year it is earned or the year '
it is received?
K You may report interest as"
income either when you
become entitled to receive it, or
when you actually receive
but you must follow the same
„ .method regularly from year to
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half of it on each of our returns?
A. If you and .yottr•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. What is the general rule as
am making out MY income tax
return and claiming "fly wife,
must I include the Old Age
Security Pension' as part of her
income?
A. Yes. The Old Age Security
Pension as well as any sup-
pfement received are her in-
come and must be taken into
account fn determining the
amount, if any, of your married
Loial Liana involved
41 •
GODERICH SIGNAL -STA TBVR.S1:4.Y.;MARCJ 6,
Canadian Legion yellow tulips
on sale for anniversary year
Fifty years pf service to the
ex -serviceman and woman will
be marked this year when the
Royal Canadian Legion
celebrates its Golden
Anniversary from November
1975 to November 1976.
To mark this anniversary,
the Legion has embarked upon
a project which is aimed at
having a carpet of •golden
yellow tulips blooming from
coast to coast in the spring of
1976.
• A specially -bred Netherlarlds
tulip bulb, registered as "The
Royal Canadian Legion'Tulip"
is being grown in the fields of
The Netherlands where so
many ,,Canadians died in the
Second World War.
• The Royal Canadian' ‘egion,
through its branches across the
countPy, is takirlg orders for the
Legion tulip bulbs for delivery
in 'Septemberof 1975.
Canadians from coast to coast
are invited to join the Legion in
its celebrations and are en-
couraged to purchase these
bulbs from their local branch of
the Legion.
Celebrations c o m -
memorating the creation:of the
Legion in 1925 will 'start 'on
November 10 -. the night before
Remembrance Day.
In emphasizing that the 50 -
year old Legion wants to stay
young, Dominion President
R.D, McChesney, of Kirkland
Lake told a news conference
that the scheme of the year will
be Old Torch, New Flame.
Mr. McChesney said that
there are now 446,000 members
in 1,825 Legion branches across
the country, This is the result of
many groups represen,ting
about 20,000 persons uniting in
Winnipeg in 1925 And holding
their first Unity Conference
there in 1926.
He said years of peace have
led the Legion to concern itself
with community and national
affairs as well as with ex -
servicemen and women.
The organization has
recently opened its doors to the
children of its members and
deceased service personnel.
Some 38,000 of these young
persons have already joined.
Another feature of the an-
niversary • year will be a
Dominion Convention' in' June,
1976 in Winnipeg, the birthplace
of the' Legion.
Help Legionnaires pay - a
tribute ,to the past. and salute
the future of Canada by pur-
chasing these tulip bulbs from
your local Legion.
1
•
• NOTICE!
• Bluewater Taxi
announces their new extended srvice
6:30 a.m. to 12 midnight daily
524,7305
"TIME CALLS OUR SPECIALTY"
111111•11101111111116
Par as capital gains or losses exemption.
• are concerned? + +
A., The general •rule -is that Q. _My,: husband and . I ...*"
--one-half of--captta-1 gahis--are—separated-in-1-974-and 1 -obtained -
included in income•and taxed at, custody of our child on whose
a person's normal rateof tax. behalf both of us 'will be
When de -alit -4 with' capital claiming a---p-ersonarexemptiorr
year. .
+ +
' Q.- My employer pay s me an
allowance to cover my 'board
and room while I am wOrking'at
distant work . sites 'away from
'my ordinary place of residence
where I support my wife .and
•family Previously, I was told,
that this had to be included in
income for income tax 'pur-
• poses because I was not a
• construction worker. I un-
derstand that this ns) longer -
applies. Is this correet?,
A. Yes. This exempting
• provision now applies to all
workers employed at a distant
work site providing they meet
. the other necessary conditions.
+ -=1"' +
•' Q J..received , a...Jump sum
upon retirement. I do not want
to pay tax on it athis titins but
• would like to invest it so as. to
• spread the tax over a number of
years. Is there some way that
this can be done?
A. Yes. A person can use such
amounts to purchase an income
averaging annuity from a
licensed • or other'w ise
authorized person. The annuity
may be for life, or a guaranteed
term not exceeding 15 years but
• not extending beyond the an-
nuitant's 85th birthday.
+ + +
Q. 'My wife and I have
a joint bank account. The,
money that my wife pays into
the bank account is from her
earnings as a stenographer.
The T5 slip is made out in our
joint names. Do I declare the
income on my tax return or
does my wife declare it on her
tax return, or should we divide
the Fhterest income, declaring
• losses, one-half of such losses for that year. Wlfich of us must
maybe deducted against one- report allowance payments as
half of capital gains, When 'income?
' losses exceed gains, subtract
,one-half of .your gains from one- • ' A. Each of you must report a
half .of your losses and -deduct' ' portion of total payments
up to $1000 of the difference. • received in the year. To
Q. My wife has interest from determine your share, multiply
• bonds that 1 purchased for her the amount of yopr exemption
in her name. Is this -interest for the child by the total of
considered to be my wife's payments received' in the year
income? and divide the product by the
A. The interest is' your in- total of personal exemptions
come because you purchased' claimed for the child by you
.the.bonds from your fund. The " and your husband.
same rule would apply to
di viderids on shares, intecelst on
savings accounts and so on. It is .
the persbn Who had the money
to invest who -must report the •
is a regular weekly feature
income earned.
„ • ••
Q. My wife and I are both.- of this neWspaper
retired. She:receives the Old •
Age Security Pension. VVhcn
Income tax tips
•
• Excayating-Dashwood 236-4230
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The instant -heat feature
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•
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