The Brussels Post, 1979-03-07, Page 16Welcome Brussels
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Get good accountant, farmers told
(Continued from Page 1)
has recommended that women in partner-
ship arrangements keep a daily schedule of
their labour on the farm and get witnesses
such as vets or R.O.P. men who may visit the
farm to witness their contributions to the
farming operation.
Mr. McEachern said while the taxation
department recognizes the wife as a partner
in the operation, the Farm Credit Cor-
poration doesn't take the wife's labour into
account.
Many of the questions at the meeting
dealt with the transfer or "roll-overs" of
property and assets from a father to a son.
Mr. McEachern advised the audience to
consider profit sharing arrangements rather
than a full partnership operation since the
accounting costs are way out of line when a
father and son go to divide the farm assets.
In a profit-sharing arrangement, each
partner would have their own assets, and "a
son could buy a new tractor without his
,ather's permission."
Mr. McEachern told members he doesn't
ocommend incorporating a farming
Aeration, unless partners are making
etween $20,000 to $30,000 each year, since
'corporation brings "accounting fees and
.oubles to farmers."
He advised if family members do in-
irporate an operation, then the farmer
houldn't put his farm into it, since this can
reate a problem if one member of the family
wants out at some future date.
Mr. McEachern said transferring a family
Notice
to
Brussels
Residents
WATER
RATE
INCREASE
April 1st, 1979
Water FlateS ftom
$2.50- to $3.00 per
month.
Outtide Water
Users $3,75 to $4.50
per month.
Manger and
Secretary-Treasurer
14eut8elt. PAL:0,
WM, H;King
farm from a father to son can cost as much as
q00,000 in avoidable income taxes unless
, he farmers can get someone who really
snows the tax legislation to assist in the
transfer.
By handling a roll-over properly, Mr.
McEachern said you can pass the capital
gains tax down four or five generations down
the line, so the taxes won't have to' be paid
for 30 to 40 years.
The problem in roll-overs however is that
many accountants aren't familiar enought
with provincial and federal legislation in
transferring property. The tax consultant
told the audience, "I know only three
accountants who can do a roll-over
properly."
The righ• s of federal auditors in de-
manding aci.:t..ss to farm records was also
questioned by members of the audience.
Mr. McEachern told the members that
Revenue Canada can examine all of a
farmer's records, as long as they do it at the
farm. •
"They aren't allowed to take them (the
records) out without your permission unless
they have spt et al identification to seize your
records, if they do, that's when you're in
trouble," the tax consultant said.
Pe said the threat has been used by
andtiors, "well, if you don't want to give
.hem (records), we'll take them" but records
an't be removed from a farmer's home
.,xcept for a special investigation,
He said if the auditors used any of the
information on the farm records outside the
audit procedure, then they would lose their
jobs.
Also, he advised the audience that they
now have a right to go into a Revenue
Canada office and view their file under new
government legislation.
He said if farmers ar unhappy about the
audit, there are appeal procedures they can
follow when the audit is completed.
16 — THE BRUSSELS POST, MARCH 7, 1979
PUBLIC SPEAKING WINNERS Brussels
Legion member Ted Elliott Wendy Kloss of
Seaforth who won third, Janet Mulholland of
Goderich who won second and Mary Luanne
Clare of Wigtiam who won first at the zone
public speaking competition at the Brussels
Legion on Saturday. Standing to the right is
Howard Carroll of the Goderich legion.
(Photo by Langlois)
Kids enjoyed
eclipse on TV
Even though school
children around the Brussels
area were kept in at noon
hour to avoid damage to their
eyes during the recent
eclipse, they needn't have
worried.
Ken Scott, principal of the
Brussels Public School said
they had asked the town
students to bring their lunch
that day and a television had
been set up in the auditorium
for any students who wished
to view the eclipse. He said
the teachers talked over the
basic fundamentals of the
eclipse with their students.
M Grey Central School in
Ethel the students were kept
inside too and they watched .
the program on television.
Some had assignments to do
before and after they
watched it. All of the grades
saw parts of it on television
principal Jim Axtmann said.
Students were also kept in
at Walton Public School
where they watched the
eclipse on television