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Times Advocate, 1995-02-08, Page 5CJ a Ir_Ns_yO1IR B US T \IFS `c— Times -Advocate, February 8,1995 Page 5 7 Secure your future TORONTO - Farmers who plan to retire today or forty years from today can benefit from the two- day Securing Your Future work- shop§ being held throughout Onta- rio this winter. An accountant and a lawyer team up with advisors from the Ontario Ministry of Agriculture, food and Rural Affairs at each workshop to help farm families develop a plan for transferring their farms to new owners or to the next generation. The accoun- tant deals with tax issues, includ- ing change to the capital gains ex- emption. The lawyer covers legal aspects of transfer- ring the farm busi- ness, and updates participants on pre- paring a will and power of attorney. The OMAFRA ad- visors talk about communication, set- ting goals, conflict resolution, financing, methods of transfer, and retirement planning. "Farmers never really retire," says John Anderson, and OMA - 'FRA Business Management Ad- visor in Eastern Ontario. "What they're looking for are choices: They want to be able to jump out of bed on a nice spring day and go to work if they feel like it, or lie in bed on a cold January morning and let someone younger worry about machinery repairs or what- ever else needs to be done." "It's ideal to have both genera- tions participating," says OMA - FRA Business Management Ad- visor Rob Gamble, who is on the workshop team or Waterloo and Wellington. otes family discussion, which I is crucial to a successful transfer," says Gamble. Sometimes people transfer their farm to their children without sav- ing enough for themselves, says Anderson. "You may want to leave everything to your children when you retire, but it's not realis- tic". He tries to impress upon peo- ple the idea that they will probably live 20 or 30 years after retirement. Careful planning can ensure that both generations are happy with the deal. The process requires a lot of communication, says Gamble. "it's not a snap decision. It takes months or even years of discussion .to come up with a transfer that is fair." "The course deals with all the is- sues people want," says Doug Jack, a lawyer with the Fergus firm Wil- son, Jack and Grant. It also pro- vides them with take-home materi- als for later reference. The workshop fea- tures farmer speak- ers or a video of a farm family telling about their own ex- perience in transfer- ring the farm to the younger generation. Participants then have a chance to question, discuss, and compare the case with their own situation. "The farmer speaker gives a bit of a tes- timonial, and sometimes tells of mistakes made -what they might do differently," says Gamble. "We try to let participants see the perspec- tive ,of people who have gone through it, so that they may benefit from someone else's experience. "No two families are the same. Nobody can sit down and tell you 'this is the way you should do it'. There may be several alternatives and you need to take your time and look at pros and cons of each one." Anderson says people should be prepared to make informed choices about their wealth dispersement. "You spend your life generating wealth, and afterwards you have to think about dispersing it," he says. "You have two choices: you can let your lawyer or accountant decide, or you can control it yourself." Securing Your Future workshops begin in November and will run until March. For more information on dates and locations, farmers can contact their local OMAFRA of- fice. "You have two choices; you can let your lawyer or accountant decide, or you can control it yourself." Creating summer jobs TORONTO - JobsOntario will be spending $57 million to create 24,000 summer jobs this year for Ontario youth according to a new release. The program provides young people with information and opportunities for summer employment. The program makes an effort to create jobs which will be access- ible to all young people. The jobs help youths gain skills and work experience which assist in them finding a full time job in the future. Some of the more that 23,000 jobs are under the following pro- grams: jobsOntario Youth, Environmental Youth Corps Program. Northern Training Opportunities Program, Ontario/Quebec Summer Student Job Exchange Program, Ontario Ranger Program, Student Venture Program and the Summer Experience Program. Contact the jobsOntario summer employment information line at 1-800-387-0777 for a guide and further information. arBUSINESS DIRECTORY AUCTIONEERS Filson & Robson 35 Years Experience of Selling or Appraisals Call or fax 519- 668.0833 for yours Mobile office, Immediate payment, 3 auctioneers we pick up and sell com- plete ornplete or partial household effects Specializing In real estate and general sales REPAIRS Sewing Machine Repairs to all makes Free estimates 90 Day Warranty Experienced since 1952 Sew and Save Centre Ltd. 149 Downie $t., Stratford Phone 271-9660 • 1 Bob Heywood Licensed Auctioneer Specializing in household and estate auctions Reasonable rates Bob 235-0874 Laverne 235-1278 HAIR STYLIST IX?* Cuitritg chert 10 Wellington St. & Main (Beside Murphy's) 235 -HAIR (4247) Vicki Parsons Kim Scott Terri Farquhar Waxing and air piercing Seniors discount on Mon., . Tues., Wed 1 Back in Time... By Ross Haugh from the archives of the Exeter Times Advocate YEARS AG January 23, 1985 -The worst10 winter stoO rm in a number of years hit the area on the weekend closing highways for at least two days and stranding motorists in many locations. About 70 motorists stranded in Exeter found refuge at the Legion Hall; oldtimer hockey teams from Exeter, Zurich and Ilderton playing in Niagara Falls didn't get home until Tuesday and mem- bers of volleyball teams from Crediton, Byron and London spent two nights in Lucan. Also, minor hockey teams from Zurich, Thedford and Mitchell didn't get out of Hensall until late Monday afternoon. The storm also postponed Saturday's planned marriage of Kim Ann Adair to Mike Scott. It was postponed until this Saturday as participants were stranded in a number of different spots. dam 25 YEARS AGO January 27, 1970 - At Monday's meeting of Grand Bend village council, clerk Lorne Clemas submitted his resignation. Clemas of London took over as clerk -treasurer and tax collector on January 1 to replace Murray A. Desjardins who resigned the same position late in 1969. In tendering his resignation, Clemas said it wasn't the type of job " I ex- pected and 1 couldn't get interested." He has accepted a position as secre- tary -treasurer of St. Thomas Plymouth Chevrolet and will begin his new duties early in February. Exeter council this week received the resignations of two senior town employees Corporal Harry Van Bergen of the police department and works superintendent Jim Paisley. Mrs. Elda Wagner, clerk -treasurer of the village of Zurich since 1962 has resigned. She will terminate her position when the 1969 audit has been completed. Her replacement will be Douglas Armstrong, manager of the Zurich Hydro and Water System. 50 YEARS AGO January 25, 1945 - Exeter police chief John Norry had an exciting expe- rience when he and county constable John Ferguson took part in a hunt for a 300 pound black bear which had escaped from the farm of Peter Baker, north of Zurich. Wounded by one shot the bear charged to within a few feet of chief Norry when a second shot laid the wounded animal low. A pair of bears had been purchased by Mr. Baker as pets. The second one was also shot at his request. In a fire at Wiarton, which wiped out a business block, the apartment of Mr. and Mrs. Kenneth Hodgins, formerly of Centralia was destroyed. Rain with a wild windstorm in this area flooded streets and fields mak- ing motoring almost impossible as cars cut through the snow. Fire destroyed the fine school building at S.S. No. 6 Hibbert known as Cromarty School. Mrs. Frank Bruce noticed the flames about 10 p.m. A bucket brigade was formed from the well, but when the water gave out. there was no hope of saving the building. 75 YEARS AGO January 24, 1920 - Harry Beaver of Crediton has bought the farm owned by James W. Lawson on Concession 9 of Stephen township.and will take possession in March. At the annual meeting of the Dairymen's Association of Western Onta- rio in London last week Mr. W.G. Medd, proprietor of the Exeter and Winchelsea Creameries was re-elected president. Messrs. J.H. Grieve and W.J. Statham were successful in winning a number of the prizes at the poultry show in Goderich last week. Mr. Cedric Stanlake last week disposed of his 100 acre farm in Hay township, London North Road to Mr. Arthur Coxworth. 100 YEARS AGO January 24, 1895 - In the ballot to name the new warden of Huron county, William McPherson of Turnberry township edged Benjamin Cook of Howick township by one vote 24 to 23. The political complexion of the council as per Tuesday's vote, stands one majority for the Liberals. Mr. H. Eilber, first deputy reeve of Stephen township was strongly urged by both parties to allow his name to go to ballot, but owing to his extreme modesty he declined. His election would certainly have been a good majority. HARRYDOUGHERTY Income Tax & Accounting -Service APPROVED EFILER Farm & Small Business • Financial Statements • Payroll • Bookkeeping Income Tax Preparation • Personal • Farm • Small Business Et85 Riverside Dr., a Ont. 519.235 2156 Investmentl GIC/ P •r t -I 1 Yr. - 8.2% 3 Yr. - 8.75% 5yr. - 9.125% Segregated Funds 2YR. -10.12% 3YR. -7.69% 4 YR. - 11.19% Gaiser-Kneale 235-2420,238-8484 • GIC rates subject to change. Short- term rates available. Segregated fund rates reflect actual past performance. 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