The Goderich Signal-Star, 1975-03-13, Page 10PAGE 4_B -GAD ERICH SIGNAL-ST,R, THURSDAY, MARCH 13, 1975
Nt TIPS
"i.
Pensioners
must file
by deadline
Q. I am divorced and have
three ,children. My ex-husband
is required by a decree to pay
support for the children only.
Do I have to pay tax on this
money?
tA. Yes. Even though no money
is received for your own sup-
port, you must pay income tax
on the support paid. to the
children.
etir' next, e
y
and will be receiving a. con-
siderable amount of severance
_pay: 4 -haver heard ---that' I, can
invest this money in an Income
Averaging Annuity contract
and will only pay tax when I
draw it out. Is this correct?
A. Yes, that is correct. Ask
your DistrictTaxation. Office
for a copy of Inform6tion
Circular 72-21 which lists other
qualifying income •fors ' in-
vestment
in an ,income -
averaging annuity contract.
Q. I live in a trailer. Can this
be classed as a principal
residence?
• A. Yes. Any type of structure
that you own and ordinarily
inhabit may qualify as a
principal residence.
+ + +
Q. Last year a relative died
and in his will left me several
thousand dollars. Is this money
I inherited taxable as income?
A. No. Money inherited is hot
subject to income tax.
However, if there were in-
vestments involved, any in -
,vestment income received or
• credited after you inherited the
money would be taxable as part
of your incohr e'.
+++
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, •
manuscripts and books, stamps
and coins are referred to as
listed personal property. Gains
on the disposition of these
assets when sold for more than
$1,000 are subject to the capital
gains provision. Losses are
subject to a special calculation.
They may be deducted only
from gains made from the sale
of this type of property.
+ +
Q. What .happensif I sell my
home at a price greater than it
st me? Am I going to be taxed
on\ any profit or fain that I
ma
A. .. Ordinarily no. If a tax
aerus es his home only as is
principal residence, that home
together with 'up to an acre of
surrounding land, if the land
contributes to the use and
enjoyment of the home, will be
exempt from capi"taltains tax.
•
- + +
Q. What do you mean by the
term principal,residence?
A. A principal residence will
generally be considered as any
type of structure' owned by -the
taxpayer and ordinarily
inhabited by hirci. This . could
include a mobile home,
houseboat, or a condominium.
+++ „
Q. My wife claims personal •
exemptions for two of our
children and I claim the other
two. Who must. report Family
Allowance payments'?
A. Both of you - each parent
must report ' the amount of
Family Allowance received for
the children which he or she has
claimed .as dependants. For
additional details, refer to Item
7 of the guide to filing provided
with your income tax return.
+++
Q. I understand there are
three different ways I can
report interest from my
Canada Savings Bonds, What
'are they?
A. The three Methods are as
follows: First, you can cash the
coupons yearly,. and of course,
you would have to report the
interest for the year in which
you cashed them. • -
Second, you can leave the
coupons on the bond and not
clip them until you finally sell
the bond. This way you, take
advantage of compounding the
interest. You would have to
report all the interest in the
year you received it for the 1974
Canada Savings , Bond issue.
However, there is no benefit to
leaving the coupons attached to
CLAY —
• Sib Unloodeii '
- Feeders
• Cleaners
• Stabling
• Leg Elevators
- Liquid Manure Equipment
Hog Equipment
, PARMATIC -
- Mills
- Augers, etc.
,ACORN =--,
- Cleaners
• Heated Waterers
ZERO
i
get credit for compound in-
terest' because the compound
interest coupon feature does
not form part of this particular
issue.
Third, you can report the
accrued interest without ad-
tually cashing the coupon. , .
• + + +
Q. My wife and I have a joint
bank account. ' The' payments
into the bank account are made
by me since my viife has no-
private Bite' e *other own: -The- ..-
T5 slips are made out in out,
joint • names. Should I still
T`GPort the interest income on,
,my tax return, including it with
my income?
A. Yes All of the bank in-
terest must be reported as your
income since your wife's share
of the money on deposit came
from you. -
iq
A large number of old .age
pensioners in Ontario will not..
be ,,getting proper Guaranteed
Income Supplement cheques -7
some none at -all— if they don't
get their applications in by the
March 31 deadline, according
to Health and Welfare Canada
officials.in Toronto.
W. Wright, yegional Director
for Old Age Security and
Guaranteed Income Sup-
plement in Ontario said today
that some 92,000 possible
eligible applicants have yet to
file applications.
"So far we 'have heard from
nearly 250,000 people," Mr.
Wright said. There are about
92,000 who are eligible but have
yet to fileapplications."
t, the
whose
will
a
Wright
people
others
Re -applications for
Guaranteed Income Sup-
. to 11
. element,.., �KKeI'eF_....u.a.. e.�..�..-,�._ a....
recipients of G.I.S. .in
December, 1974. This has been
followed-up by.one reminder. r
According to Mr. Wright,
program requires annual
re-application by recipients
because of the possible change
in income. Recipients
income , has dropped
reeeiye larger G.I.S. payments
while recipients whose income
has increased will receive
reduced rate, Mr.
pointed out:
Consequently, some
will receive larger amounts
beginning- this April —
will receive less.
"We urge that those persons
who have not, yet filed their
applications do 'so as quickly as
possible so that • they will
continue 'to receive the G.I.S.
payments to ' which they are
entitled," Mr. Wright said.
1J VA VIM t Sal ,C1 LiSh` ILEYIITit
that CONSOLIDATED gives you
an UNUSUAL OPPORTUNITY!
You can't win all the time.
This was, learned on Wed-
'nesday night at Holmesville
When the Colborne township
boys played eight games of
volleyball with the Goderich
township lads. Colborne won
five games and the ,boys
learned' that winining is not, as
important as the fun of playing
and meeting-, new friends. The
home boys would like to thank
Colborne for travelling through
unsatisfactory weather con-
ditions to'meet them.
To be new fashioned is to be
old fashioned. Yes, the quilt is
now in the quilting frames at
the Goderich township Council
Office. (I'll bet that's a first for
our council!) So leave, the
dishes in the sinK, pick up your
thimble and ' whip over to
Holmesville to learn the
modern art of quilting . —
Monday nights or Thursday
mornings. A day long party
,may be planned.
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OFFERS YOU
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1
•
This Wednesday, March 12th,
Goderich township volleyball
boys travel to Londesboro
school to play a group from that
locale. It sounds like another
'fun night.
Everyone likes a bus trip, but
this one is for anyone in the
township who enjoys a day's
shopping for art and craft
material. April 10th has been
set aside for a sewer and
knitters delight — stops for
yarn and fabric at stores and
factories in "Kitchener,
Hespeler and Galt. Cost is $4.25
paid one week in advance. The
bus is filling rapidly (no
wonder!), so if you're in-
terested phone Kaye Harris
482-9985.
Some good things
happen at 65!
Free Health Insurance. But you must apply for i
Phone
524-8132
DAY
OR
NIGHT
It becomes free as soon as you or ,
your spouse turn 65. For both of
you and any eligible dependents.
Provided you have lived in Ontario
for the last year.
Phone, write or visit your OHIP
District Office for an application form,
You've earned it.
'Ministry of'..
Health
Ontario
Nr/r/ F,,tni `i Millar M.r ,,ler'
MEN on the CONSOLIDATED TEAM WELCOME the GREAT
SUPPORT end BIG EARNINGS' to be made YEAR AFTER YEARI
5 rine ,at ,'+arvie ' 0' ^0.0 Inu^d '^ b•• n4niy,nrnlil.
100 a S!Cady ,ear alter year [,u5 gess rn 0 ,•r!y d' aunt On, 4n0 STA,. WITF,t'
0 `
Ma�...:Od:u tf, o a�,IC[iyeals 'll P. �Pr u31 :.4' 0.0001•1..ON3'a' 4 Say .res s Jl 'Reapwhd-31 -
05_s(• �0o'esPr�lattve Ynamber5 .r too C.r,n 001 44001 T-d'� nave ''r. sae About •
rf'n 'hn�9h n AO, Jnr/ wM,P 7' IP he(lUi wile d Cnmpallror
h, .0 0 ^nl•nr.,w ON,'O,P '•P '.r 'l(C' :ld(00 0., 07,0 -We ,mend Ie
0. .„nh; '7d'PO ,PAJ` ,rll',1 Ono
-,p r.3 le ad
h 7" 'S0• '. ,aad r ^PAA
. Important: Always quote your OHIP;
number when contacting OHIP.
The OHIP District Office in your
area Will answer any questions and
help you, with your application.
Barrie
114 Worsley Street
726:0326
Hamilton
25 Mom Street West
528-3481
Kingston
1055 Princess Street
546-3811
Kitchener
68 King Street East
745-7379
London
227 Queens Avenue
•133-4561
Mississauga.
55 City Centro Drive
275.2730
Ottawa
75 Albert Street
237.9100 '
Peterborough '
311 George Street North
743-2140
St. Catharines
15,Chllrch SUeet
682/6658
Toronto
'195 Yonne Street
IEglinlont 482 1.111
Windsor
1427 OueItell[` Avenue
258.7.560 A
•
r2• -
•^ • nr• "o.e r^P 0 0 ^h t0 Dr0J4.e, 'l40Jay harp. me^
h , 41r,r r0' O •. _ r, .. r....] Baro,'
TERRIFIC SELLING TOOL TO HELP YOU CLOSE MORE SALES'
WP na.A a ,r!sletl ; .0,0, 5 *0)0 ^q /-,r n',r Representatives Jve malre avaoaoae rc
,• mP'S ,r a ,040 and yenta, ba5rs,,d 0 end ^q b^ site of arde • ./ver S4 000 worth.?
eon vh, h. 0a.0 eas,er a6r! mare 0) 000) o 4000s rhe use ,of
• P.;.PrPr, r,r• acro, rrr. SAO, mCney
•
•
JOIN THE WINNING TEAM(,
A,d now' r, '.•t and mai' the'`. oupO' l0r Ir E•e (3105 '1P,Ialls nn'Ihe Gre-1 Consolidated
Oupor,uniry - -
INFORMATION REQUEST COUPON 'PLEASE COMPLETE.¢ MAIL TODAY(
MAIL TO CONSOLIDATED PAINT & VARNISH (CANADA) LTD
P 0. 000,396 — Montreal North, Que. HI 5L4
NAME
ADDRESS
CITY, R STATE h' PROVINCE -
PHONE AREA CODE
HAVE_OR nave NOT_ had e.penence n ROOFING ano,or CHEMICAL I
and or FLOORING and or BLACKTOP SALES NOTE l+ you HAVE HAD
e.re'er :e :'ease erdor NAME of F)RAA you,replesenred
an'.T ANNUAL SALES VOLUME $ r
me answer to the above ,s yes are you willing to FLY to Cleve,and AT OUR
E0PENSE with yaw WIFE NO STRINGS ATTACHED to discuss the
oo55,bi .'y of a PROFESSIONAL Career with CanTaotrdated^
Or wou,d you prefeo nave managembnt visit you,
L • B • 12 3 4117890 .I
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In ,1973, 2000 people were killed -and nearly
100,000 injured %n car accidents here in
Ontario! Tragic? Sure. But.even more tragic
when you consider that many of these
people could have been saved by one simple
action. Buckling a seat belt.
Scientific evidence proves that seat belts
reduce the chance of death or injury in acar
accident by 50%!
So your Ontario Government is spon-
soring an intensive educational program to
persuade* drivers and ' passengers—and
children, too—to' Wear a seat belt even on
short drives.
The symbol of this program is the sign
shown. It's a reminder to "Buckle up for
safety." You'll be seeing it- often along
Ontario streets and highways.
It's part of a plan to help protect you, your
family, and everyone in the province—to-
help Ontario residents live better, longer.
And to make doubly-sure'of it, the govern-
ment has .prepared interesting, informative
booklets, a. film, and a special school pro-
gram on the importance of wearing a seat
• belt.
For more information,on seat belt safety,
write:
Public and Safety Information Branch,
Ministry of Transportation and
Communications,
1201 Wilson Avenue,
Downsview, Ontario. M3M 1J8.
Ministry of Transportation
and Communications
John, Rhodes, Minister
a
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A
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Government of Ontario
William Davis, Premier
524-9344
1(e