HomeMy WebLinkAboutZurich Citizens News, 1960-04-06, Page 7WEDNESDAY, APRIL 6, 1960
Are You Interested In Reducing Your
Income Tax; Here Are 20 Helpful Flints
Mere are some timely tips to
help reduce your income tax,
1. Any bribes or "payola" you
received last year is considered
income by the tax department and
you must declare it.
2. Cash "gifts" and "bonuses"
from your employer are taxable,
But if the bonus was for some
sort of mechanical invention or
design, then it's considered a "ca-
pital gain" and is not taxable,
3. The cost of special, full-time
care in a nursing home or hospi-
tal for a mentally retarded child
is deductible.
4, If you made a profit on a
stock, it's not taxable unless buy-
ing and selling stocks is your re-
gular business. You can deduct
the broker's interest charges on
stocks bought on a margin, from
its dividends.
5. If you gave some income-pro-
ducing property to your wife or
child last year, you still pay the
taxes, But, you can "loan" them
the money to buy such a property,
Since the tax department can't call
a "loan" a "gift", the owner of the
property (when the loan is repaid)
pays the taxes.
6. Any wages you pay your wife
aren't deductible.
7. You can deduct any medical
expenses over 3% •of your net in-
come instead of the standard $100
deduction,
8. . Fees paid to a qualified doe -
tor, dentist, nurse, osteopath, chi-
ropractor, physiotherapist or li-
lieensed hospital are deductible.
9. Contribution from children
for household expenses are not
taxable.
10. If you pay alimony, it's de-
ductible.
11. Claim $250 exemption for a
child born last year. Claim $500
if a child died last year.
12. Ontario residents cannot
claim for expenses paid by the
TIEMAN'S HARDWARE
Plumbing
11eatinc
SALES
Oil Burner
Service
el Electrical
Work
and SERVICE
FURNITURE, COAL and CEMENT
PHONE 8 — DAS;,.• WOOD
17-tfb
0,18
from Report N
Compiled Official
figures Co
. -Council Tests, 1955-merican 56'
Poultry
Boost Your Poultry Profi(tstr
•
RA/SE .DEKALB CHtX`_`
McKINLEY FARM AND HATCHERY LTD.
R. R. 1, Zurich Phone 697r3, Hensall
provincial hospital insurance plan.
But you can elaim for expenses
paid by all other insurance corn-
panies.
13. Dependents can earn up to
$950 and still be claimed, A girl
under 21, with less than $950 in-
come, who got married last year
can be elaimed by both her hus-
band and her parents.
14, Income for rented property is
taxable, but you can claim a de-
duction for insurance and main-
tenance.
15. If your boss paid your ex-
penses for moving to another city
last year, the amount isn't taxable
as income.
16. If you made money on a real
estate deal last year, it's not tax-
able unless real estate is your bu-
siness or unless it happens too of-
ten.
17, Declare any interest the bank
paid you last year. The bank itself
reports interest payments of more
than $100 to the tax department.
18. Expense accounts aren't or-
dinarily taxable income. If you're
given a set amount for expenses, it
is taxable. But if your boss reim-
burses you for business expenses
it's tax free.
19. Attach only the original, ne-
ver the carbon copy of the T-4
slip to your return. The tax de-
partment won't accept the carbon
copy because some chisellers have
tried to file both T-4 slips to get
a double refund.
20. File your income tax return
before April 30, even if you can't
pay your tax just then. There's
a fine of up to $500 for not filing.
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FERTILIZER DEALER
*,
Check Your Tractor
Before Spring Rush;
You May Save a Life
Cheek your safety know-how
with safety experts of the Ontario
Department of Agriculture, Know-
ing (and practising) the right one
could save your life.
1. When the speed of your trac-
tor is doubled, the danger of tip-
ping over sideways is:
a. decreased slightly
b. increased two times
e. increased four times
d, increased eight times
2, By replacing the front wheel
unit of a row -crop tractor with a
wide front-end, the danger of tip-
ping is:
a. inereased
b. not affected •
c. slightly lessened
d. greatly lessened
3. In collisions involving cars and
tractor;
a. both drivers have equal chan-
ces of being killed
b, the driver of the tractor is
much more likely to be killed
c. the driver of the tractor is a
little more likely to be killed
d. the driver of the auto is more
likely to be killed
4. Which of the following meth-
ods is the safest way to pull out of
a mudhole or ditch?
a. Add weights to the rear
wheels
b. chain a log in front of the rear
wheels
c. back out or be pulled by an-
other tractor
d. remove weight from the front
end
5, Children are more likely to
have accidents while operating
tractors because of all the follow-
ing reasons except one:
a. they often lack the judgement
that comes from years of exper-
ience
b. they sometimes do not have
enough strength to handle emer-
gency situations
c. their reaction time is slower
d. most machinery isn't adapted
to fit the size of children
6. By increasing the width be-
tween the rear wheels the dan-
ger of side tipping is:
a. increased
b. decreased
c. not changed at all
d. done away with
Answers:
1. When the speed is doubled,
the danger of tipping over side-
ways is four times as great. When
turning, the tipping force is in pro-
portion to the square of the speed.
Even when the tractor operator is
When In Zurich
GET YOUR HAIR CUT AT
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Open Thursday
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OUR JOB
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trying to drive straight ahead, this
rule still holds because every
burlap turns the tractor to some
extend. Three times the speed
caused nine times the tipping ha'
zard.
2, The danger of tipping is
greatly decreased. When the
wheels are placed farther apart,
the tipping axis is moved farth-
er from the centre fo gravity.
Therefore, wide front-end trac-
tors are less likely to upset side-
ways.
3. The driver of the tractor is
much more likely to be killed. It's
reasonable to be expected since a
farmer has practically no protec-
tion when seated on a tractor. The
worst record ever reported in one
state in the U.S. showed that 17
tractor operators died compared to
1 car driver in tractor -car colli-
sions.
4. The safest way to get out of
a mudhole or ditch is to back out
or be pulled out. All others in-
crease the danger of tipping over
backwards. By backing out you
won't tip over backwards. If this
doesn't work hitch on to another
truck or tractor.
5. Children are no more likely
to have accidents while operating
tractors because of slower reac-
tion time. They react more quick-
ly than adults. But lack of judge-
ment, lack of strength, and machi-
nery not adapted to fit the size
of children account for the many
tractor accidents involving young
drivers.
6. If you increase the width of
the rear wheels, the danger of
side -tipping is decreased. Reason:
the tipping axis Is farther away
from the centre of gravity. Keep
the wheels at full width except
when closer spacing is needed for
a particular job.
TOP PRICES
PAID FOR .
CREAM
• EGGS
• POULTRY
Give Us A CaII!
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PRODUCE
Phone 101 Zurich
DON'T WASTE GRAIN
MIX IT! THE
FEED IT! SHUR - GAIN WAY
BALANCE YOUR GRAIN WITH:
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EITZ and SIN
YOUR BALANCED FEEDING HEADQUARTERS
IONE 154 ZURICH
rl 4n:21:e1Eq.+,hn•.Ji4:., yi^.: .n.il :re. ;u :ain de..•.F: Iniil:*IA
BODY WORK • GENERAL REPAIRS
To All Makes Of
CARS, TRUCKS, and TRACTORS
ARC and ACETYLENE WELDING
DESJARDINE AUTO SUPPLY
PHONE 38 -- ZURICH
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SLUMBER LING . 59,50
SLEEPY KNIGHT . 49,50
CHARM REST
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PRONE 393 ZURICH
NEIVIEMORMIBINNIMMINISVI
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