The Citizen, 1997-11-26, Page 12PAGE 12. THE CITIZEN, WEDNESDAY, NOVEMBER 26,1997.
OMAFRA offers tax workshop
Winter preparedness
Area youths got ready for winter entertainment at a
snowmobile driver training education class in Brussels
this past Saturday. Youths 12 and over learn not just how
to understand the rules of the trail, but to ride safely and
smartly.
By Bob Humphries, P.Ag.
Agriculture and Rural
Representative
Clinton Field Office
The Ministry of Agriculture,
Food and Rural Affairs in Clinton
is sponsoring its annual workshop
on farm income tax on Wednesday,
Dec. 10. Farmers using the
calendar year often use the 12th
month to make adjustments that
minimize an income tax liability.
Many farmers in Huron County
have taken advantage of the Net
Income Stabilization Account
(NISA). Interest earned on these
accounts is now clarified under the
Income Tax Act. Farmers with
employees may want to leam about
employment insurance deductions
for 1997.
Farm businesses have been
bought and sold in 1997. Both
buyers and sellers should be aware
of tax liabilities. Parents involved
in transferring assets to children
also need to be aware of the
taxation rules around quota and
other farming assets.
Some farmers may want to know
why there are more tax audits now
than five years ago. What
information do you present to a
Revenue Canada field auditor?
Additional topics covered in the
workshop will include NISA
updates, Farm Business Registra
tion Numbers, tax reform as related
to farmland in 1998, temporary
retail sales tax rebate for
commercial farmers.
The workshop begins at 11 a.m.
and concludes at 2:30 p.m. The
resource speakers are John
McNeilly, CA from Exeter and
OMAFRA's Business Management
Advisor, Gary Stephens from
Stratford. The cost is $20 per
person and $10 for an additional
family member. The registration
fee includes lunch and printed
materials.
Make cheques payable to
University of Guelph and mail to
OMAFRA, Box 159, Clinton, ON
NOM 1L0 before Dec. 8. Complete
details are available by calling
Clinton (519) 482-3428 or 1-800-
265-5170..___________________
Between 1979 - 1993, a larger area
of Canada's commercial forests was
affected by fire, insect and disease
than by harvesting. On average,
natural disturbances affected 1.3
million hectares each year (0.6 per
cent of commercial forest land),
and harvesting was carried out on
887,000 hectares (0.4 per cent, or
0.2 Der cent of total forest land).
STRICKLAND TOYOTA * GODERICH STRICKLAND TOYOTA •GODERICH STRICKLAND TOYOTA •
(A
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MTf/Vi
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just 16,900
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Sale Priced Ifcjv/vv
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^STRICKLAND TOYOTA
=- GODERICH AS>.
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Mon., Thurs., Fri. 9 -8 Other Evenings by Appointment Saturdays 9 - 5
Reduced to $14,995 $13,995