The Rural Voice, 1982-06, Page 20tit
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RALH EN
HAMPSHIRES
Registered R.O.P.
breeding stock
RALPH HENDERSON
R.R. 1, Atwood, Ont.
(519) 356-2656
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FARM ADVICE
Pros and cons of incorporating
Incorporating farms, like most things in
life, has its pros and cons.
"From a tax point of view. incorporation
is not all it's cracked up to be,” says Ulrich
Schwab of Ward Mallette Chartered
Accountants of London. The advantages
are more of a long-term nature than
year-to-year tax savings, a method of
protecting a farming investment.
Recent changes in tax laws don't make
incorporation as appealing as it once was
for reducing taxes and limiting liability.
The chartered accountant says. for
example, it used to be that a husband
could not reduce his taxes by hiring his
wife as an employee but a corporation
could pay salaries to both. thus reducing
taxes for both. But the law was changed in
1981. Now an unincorporated farmer can
pay a wage of his wife and/or children and
claim it come income-tax time.
Incorporation means the farmer has to
employ a "more formalized accounting
System" to justify exemptions and de-
ductions, says Schwab. The incorporated
farmer is also required to pay capital taxes
to the province. Both new tax laws are
aimed at stopping the practice of fun-
neling funds through a corporation for a
person's own use.
While incorporation does limit the
liability of the principals. Schwab says,
most bankers require personal guarantees
before they will lend money.
Those are some cons.
On the other side of the coin,
incorporation can benefit future genera-
tions because all members of a family can
participate.
An example. he says, would he a family
with two boys and six girls. With each
holding a share in an incorporated farm,
the eight could split the profits even,
though the women were not directly
involved in the operation.
Schwab suggests Nigger operations
would benefit more From incorporation,
although anyone can apply. A farmer with
000,000 operation "should seriously
txm*ider" molting Ilse 11111ve, Ile says,
&specially it lrlalIlIulq tnr Ill' Balsa/,
l4 apply for IIII'Il'' tiro. Lunn 1
should visit an artnt1111u11 1.0 u11vit r,
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company. The latter takes longer to
research for possible duplication.
Gregor Campbell
Clinic invites problems
No need to panic if you have a pest
problem. What baffles you is business at
the Pest Diagnostic and Adivsory Clinic.
The clinic, located at the University of
Guelph. offers information, identification
and control recommendations for a broad
range of pests, plant disease and weeds.
The service, which began in 1978,
operates with grants from the Ontario
Ministry of Agriculture and Fond. This
year, to supplement grants and improve
service. the clinic is instituting a nominal
charge for speciemen and analysis.
The cost is $2 per specimen for routine
identification and analysis. For samples
requiring laboratory cultures and analysis
an additional charge of 510 per hour up to
a maximum of $20 will be added. There is
no charge for telephone inquiries without
samples.
The clinic is located at Graham Hall.
Department of Environmental Biology.
University of Guelph, Guelph, Ontario
NIG 2W1. The telephone number is (519)
824-4120 ext. 2701.
AGRICREW CAN WORK FOR YOU
For more information, contact:
Bruce - Betty Szilazzy - 881-3301
Grey - Betty Szilazzy - 986-2040
Huron - Rob Black - 482-3428
Perth - Pauline McFadden - 271-0280.
Farm Follies
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