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The Brussels Post, 1979-12-12, Page 5. , BEST COMIC FLOAT—The Leos won first prize in the Best Comic. Float category of the Brussels Santa Claus parade on Saturday. (Photo by Langlois) Farm business management topics Income tax discussions THIS ISN'T YOUR TRADITIONAL DOG SLED—Dianne Bernard (driving tractor) and Cindy Bernard turned the tables around and had Elsa the dog in the sled instead of pulling it when' they entered the Brussels Santa Claus parade on Saturday.(Photo by Langlois) A-1 -USED MACHINES `71 Ski Roule 300 `72 Sno Jet 396 cc `72 Boa Ski '73 Sno Jet 440, rebuilt motot Ski-Doo TNT `79 El Tigre 6000 `73 Sno Jet `79 Cross Country 440 6000 `79 El Tigre 6000 `70 Moto Ski Grand Prix '79 John Deere Trail Fire 340 `73 Sno Jet 340 `71 Ski Roule `71 '78 '75 73 `78 El Tigre 6000 `72 Yam 292 `76 Ski Roule- 340 `79 Jag 3000, SOLD `74 Chapparral TB, SOLD `77 El Tigre 4000, SOLD `72 Puma 340 `72 Cheetah 399, SOLD `76 John Deere 440, SOLD `76 John Deere 400 /9 Ski Doo 5500, Blizzard 16 Rupp `76 Panther 4000 Nordic 399, good conditionISOLD '73 Alouette El Tigre 6000, SOLD '73 Johnson 30 Pantera 340 SOLD '74 Polaris 295 INTEREST FREE UNTIL NEXT YEAR No interest till next year when you buy any new or used snowmobile from us. until Feb., 1980 New December Hours To Better Serve. You Open 8 a.m, - 9 p,m, Monday Friday Saturday 9 5, Sunday 1 - 5 g OD c":± VARNA, 040M, *4' WON OF HEWitik toe* Obit THE MOW). 1•242-5809 ft 33 Hi THE BRUSSELS POST!, DECEMBER 12, 1879 5 wners smaller esses.. farm land at $2,000. per acre. And in the next breath said "of course we don't expect to'make much profit for a few years and certainly there won't be any income tax problem." That 'worries me. It's almost as though--not paying income tax was a criteria for success. I'm afraid these young people don't completely understand what dad meant. Chances are his farm land was already paid off. He may have received some capital from family. He may have paid off the capital from profit (after income tax) made on 'the farm. Or he and his family " worked off the farm. Now, as an established farmer he probably does pay a fair amount of income tax. The only way to pay off capital is to first declare the money as income and pay the tax. In dad's time land may have been $100. per acre. The capital gain since was not paid off -- it just grew. And at some time there will be income tax on one,half of the gain since December 31, 1971. The banks and lending • Financial assistance • Management counselling, (CASE) .• Management training • Information on government programs for business Can we help you? See our Representative FAYE COOK at: Huron Financial Services, 306 Josephine St., Wingham the 2nd and 3rd Tuesday of each month on: [Next Visit: Dec. 18th] j C g FEDERAL BUSINESS DEVELOPMENT BANK (Branch Office Address) For prior information call 271-5650 [collect] or write 1036 Ontario Street, Stiatford, Ontario. 111111111111111.111....1111111111011.1111.111.1111 BY JACK HAGARTY Many farm families are now discussing their income tax situation. It'll be dis- cussed around the breakfast table. "What are we going to do about income taxes?" It's a question many farm child- ren hear repeated annually. "Should we buy a new tractor before year end?" Should we purchase some fertilizer or feed?" Young people receive a regular diet of such discussion along with their oatmeal porridge. I recently talked to some young farm people and. I was surprised at their comments. They talked about buying agencies have already paid income tax on the money they lend out. Anyone who Rays off the principal (cap- ital) must first put their income through the tax screen. Some people say "there is no way young people can start farming today." That's not true; because many young farmers are doing it. They often get help from home, they start small, they rent land, machinery--even livestock. A positive attitude can overcome many obsta- cles. But, it alone won't pay off $2,000, an acre on land that's worth $700. for agri- cultural purposes. The Wedge Ladies Fashions Clinton Closing Out SALE FINAL WEEK Closing date Fri. Dec. 21 1979 "MAKE US AN OFFER SALE" no reasonable offer refused - selling to the bare walls FOR SALE also Fix tures rac.ks, hangers, antique pine cupboard, fnirrors ?tc 14004.00:, 111V112431/2., ' • .