The Citizen, 1991-05-29, Page 11Program a financial cushion
BY JOHN BANCROFT
FARM MANAGEMENT
SPECIALIST
HURON COUNTY
The 1991 Farm Interest Assis
tance Program is a one-year $50-
million program designed to
provide a financial cushion to farm
businesses in financial need.
Farm corporations, farm partner
ships and sole proprietorships may
apply for the program if:
•the farm business had a gross
farm income of at least $15,000 for
the fiscal year which ended during
1990
•the majority (at least 51 per
cent) of the farm business is owned
by residents of Ontario
•the farm business is in operation
during 1991
What is the maximum rebate
available? Farm businesses where
one person claims the farm net
income (or loss) for tax purposes
and farm corporations with one
shareholder are eligible for a grant
of up to $8,000. A grant of up to
$12,000 is available to farm busi
nesses where two or more individu
als claim the farm net income (or
loss) for tax purposes and to farm
corporations with two or more
shareholders.
How is the rebate calculated?
Take your total 1990 farm interest
paid, subtract 10 per cent of your
total farm expenses up to a maxi
mum of $5,000 and multiply by 25
per cent. If your total net income
exceeds $40,000, the grant is
reduced by 50 cents for every dol
lar your total net income exceeds
$40,000. Total net income is calcu
lated by adding all sources of
income (including farm net
income) from page one of the 1990
Tax Return. Losses are considered
as zero for this calculation.
Only one application form per
farm business unit should be sub
mitted. The farm business unit is
the unit which prepares a separate
income and expense statement for
tax purposes. Applications will be
mailed in late May directly to
everyone who participated in the
1990 Income Assistance Program.
All other farm businesses may pick
up an application at the Agricultur
al Office.
THE CITIZEN, WEDNESDAY, MAY 29,1991. PAGE 11.
Growing into the future
The members of Walton Wl planted at Norway Maple tree at Walton Public School last
Monday. Wl President Margaret Mclnroy explains to the students that the tree planting is part
of a Federation planned theme for this year. A second tree was planted at the ball park. "They
are," Mrs. Mclnroy said, "a Wl symbol of branches, supported by the strong roots of their
history, reaching out for the light and growing into the future."