The Brussels Post, 1974-03-06, Page 10TAX T ips 0,4
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News of Belgrave
Huron Black Knights meet in Blyth
Correspondent
MrS. Lewis Stonehouse
The annual meeting of Boron
Co. Royal Black Knights of
Ireland was held in Blyth Orange
Hall, Saturday, March 2 with a
good attendance, Dep. Co.
Master Mervin Falconer of
Clinton conducted the meeting.
The election and installation of
officers was conducted by the
G.M.John B. Munro of Hamilton.
Officers were all re-elected.
C.M.Harold Webster, Blyth 1226,
D.C.Mervin M. Falconer, 161
Clinton, Chap. Emerson Mitchell
1226 Blyth, Treasurer Robert
1-libberci 335 Fordwich, Rec. Reg.
Henry Pattison 1226 Blyth, 1st
censor Harvey Jacklin 1226 Blyth,
2nd censor Raymond Neill, 1st
Beaver, Burns Blackler, 2nd
Bearer, Bill Taylor, Ty ler - Tom
Deeves.
The Murray cup award went to
Clinton R.B,P.161 for the most
Initiations.
Grand Chapter officers present
at the Memorial Service for the
late R.W.Sir Kt. Walter H. Scott
held. in R.A.Currie and Son
Funeral Home, Wednesday
February 27 were M.W. John
Morrison, and W.W.Tatford of
Sarnia, John Berry of Grand
Valley, Rt. Wor. Sirs John B.
Munro of Hamilton, G.M. G.B.
C.O.W.Robert Beck of Stoney
Creek, P.G.M, Jesse McIntosh of
Allenford, William Munro of
Schomberg, J.M.Gilroy of
Mansfield,
Pee Wees Win
Last week the Belgrave Pee
Wees started the semi finals
against Gorrie. The first game
was played on Monday night at,
Belgrave with a score of 5 - 3 for
Belgrave. Friday night they
travelled to Gorrie where
Belgrave defeated Gorrie 5 - 2 to
end that series.
These two games really showed
what team effort was all about.
Special credit goes to Belgrave's
Goalie Ronnie McDowell who
played well' in both games.
Belgrave Pee Wees now
advance to the finals. This series
is the best 3 out of 5.
Hi-C Meets.
The Belgrave group met at the
home of Barbara and Michael
Moore on Sunday evening March
3 with 25 young people and six
adults present. Dale Lougheed
conducted the business part of
the meeting, Plans were made for
a bake sale, and tea- to be held.
Jo. Belgrave in the near future.
The topic for the evening was
taken by Barbara Moore who
described the work of a young
people's group from Largo,
Florida. Travelling on their own
bus, these folks usually undertook
summer jobs renovating and
restoring churches in poorer
areas, whose labour costs were
prohibitive. Barbara then called
on their guest Hugh McBurney,
who showed films of his trip to
Australia last year and also of his
work as helicopter pilot in the
north where groceries, staples
and medical supplies are only
available by air. He also told of
some Of the work of the James
Bay Hydro project.
After thanking Hugh and
expressing the gratitude of all
those present, the hostess for the
evening served lunch.
The next meeting will be held
on March 17 at 7:30 p.m. 'at the
home of Jane Sanders.
World,Day of Prayer
The World Day of Prayer was
held on March 1st at 3 p.m. in
Belgrave Anglican Church.
Miss Marjory Procter sang a
solo "Amazing Grace".
The message "Make . Us
Builders of Peace" was given by
the Rev. Fred Carson of Blyth.
U.C.W.Service
The ladies of the Calvin-Brick
U.C.W. held their annual World
Day of Prayer Service at the home
of Mrs. Norman Coultes.
Mrs. Coult es opened the
meeting with a piano selection,
"Let there be Peace on Earth".
The first leader was Mrs. Richard
Moore with Mrs. John Currie
reading scripture, Leader for the
second lesson was Mrs. Gordon
McBurney leading in prayer of
repentance and reconciliation.
Scriptures for this part were read
by Mrs. Alex Robertson and Mrs.
Roy Pattison.
Mrs. Robertspn introduced the
speaker Mrs.Jitri Armstrong who
gave a very interesting and
thought provoking talk on the
theme, "Make Us Builders of
Peace. She described the
importance of each of these words
"Make Us Builders of Peace"
and that it was the word "Us"
which could make all things
happen. Mrs. Moore thanked
Mrs. Armstrong for her*
encouraging message.
Mrs. Kenneth Mason led the
third part of the service
emphasizing a World of Peace
through ' friendship and recon-
ciliation. After the benediction
Mrs. Coultes served lunch and a
social hour was enjoyed by all..
Personals
Mr. and Mrs. James Carter and
family of Londesboro visited on
Sunday with their aunt, Mrs.
Telford Cook.
Mr. and Mrs, Gary Leitch,
Julie and Jeffrey of London spent
the weekend with their parents,.
Mr. and 'Mrs. Robert Grasby.
Mrs. Ella Greene and Miss
Hazel Young of Westport are
spending a few weeks with their
sister Mrs. Earl Anderson and
Mr. Anderson.
The Belgrave Branch of the
Bible Society donations were as
follows: 1972 - $354.35 and for
1973 $416.70:
Mr. and Mrs. Don Rae of
Guelph spent the weekend with
their parents, Mr. , and Mrs:
Murray Rae of Wingharn and Mr
and Mrs. James R. Coultes,
Mrs. Cliff Logan returned
home last week after spending
few days with Mr. and Mr s
Americo Arruda of Toronto ant
Mr. and Mrs. Barry Logan
Oakville.
Ronald McBurney of MaIng
and Hugh McBurney of Toronto
spent the weekend with th6
parents Mr. and Mrs. Gordor
McBurney..
Mr. andMrs. Willard
Armstrong spent a couple of day;
with Mr. and. Mrs. David Hann
and family of Kitchener als
attended the Ice Capades
Kitchener.
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Q. Regarding the tax on capital
gains, what if property was
acquired before January 1, 1972,
at a cost of $2,000 and was worth
only $1,000 on Valuation Day, If
later this property was sold for
$2,500 will the capital gain in thiS
case be $500 or $1,500?,
A. In this example the capital
gain would be $500, the actual
gain over the period of owner-
ship, one half of which would be
taxable.
Q. How would I be affected if I
acquired an investment befOre
January 1, 1972, at a cost of $800,
the fair market value of the
investment on Valuation Day r iS
$400 and I sell the investment at a
later date for $300, Do I have a
capital loss of $500 or $100?
A, in this case you would have a
capital loss of $100, the difference
between the fair market Value on
Valuation Day and your actual
selling price, one-half of which, -or
$50 would be deductible from
inconie.
What Is the general rule As far
as capital gains or losses are
concerned? How are such gains or
losses accounted for by a
taxpayer?
A. The general. rule is that
one-half of capital gains are
included in income and taxed at a
person's normal rate of tax.
When dealing With capital losses,
one-half of such kisses may be
deducted against one-half of
capital gairis. In addition an
individual taxpayer may also
deduct up to $1,000 of capital
losses against othet income.
Q. Do I have to have a recognited
evaluator and pay him in order to
meet the requirements for Valua
tion Day?
A. No. If the taxpayer can
establish a fair market value as of
December 31, 1911 himself, from'
documents that •confirm his basis
of valuation,- that Method will be
acceptable to the Department.
Insurance valuations, prormty
tax assessments, details of sales
of comparable property are
sources that could be taken into
conSideration.
or do it yourself decorators
with more taste than money
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