Times Advocate, 1994-12-14, Page 16Page 16 Times -Advocate, December 14, 1994
FARM1JPDATE
Coleman Farms
big winners at
Winter Fair
Two Staffa area farmers also
came home with top prizes
TORONTO - Want to be a winner when it conics to growing prize
winning crops - just ask William, Les and John Coleman of Kippcn.
The trio won this year's Oats division at the 1994 Royal Ag-
ricultural Winter Fair_in Toronto.
The secret to their success has four basic ingredients: have a good
variety and plant early, have good clean Land, good cleaning and
processing throughout and finally, a lot of luck.
If it's luck, they must have a lot of it as they also won in the barley •
class in 1993. Previous wins include 1982 (Bruce barley) and 1985
(Leger barley) and 1989 (Barley reserve champion.)
The Coleman's have about 700 acres that they farm in the Kippen
arca which consists mostly of winter barley, winter wheat, spring
barley, oats, beans and corn. Everything is grown for seed except
corn.
William has been a seed farmer since 1956, Lcs since 1974 and
John since 1979.
A couple of other local farmers also did very well at this year's
Fair.
Alex and Brian Miller of Staffa combined to win both the soy-
beans and field beans pedigreed classes while in the open class,
Brian R. Miller won the soybeans.
Roger Fell, also from Staff won the white and coloured beans divi-
sion in the open class.
Take advantage of the
$100,000 capital gains
CLINTON - Those who own
capital property on February 22,
1994 and who have not used all of
the $100,000 capital gain exemp-
tion will have an opportunity to
make a special election when fil-
ing their 1994 income tax, advise
farm business specialists with
OMAFRA.
The election will work in the fol-
lowing manner: When you file an
election, it will be treated as if you
sold your property and immediate-
ly reacquired the property. This
will allow you to report the ac-
crued capital gain and to claim the
capital gains exemption on your
1994 income tax return.
Simply, you fill out a form list-
ing the fair market value of the
capital, property, minus the price
you paid (Adjusted Cost Base).
Revenue Canada will treat it as if
you sold the asset which will re
duce the amount of tax that will be
paid when the property is actually
sold.
The adjusted cost base of capital
property is the original cost includ-
ing expenses you paid to purchase
the property such as commissions
and legal fees, plus costs of non
depreciable improvements.
The fair market value of capital
property is the highest dollar value
that your property would bring in
an open market between a willing
buyer and a willing seller who'are
acting independently of one an-
other.
Using this capital gain election
will not be without compilations
so it is advisable to begin now.
First, list all your capital proper-
ty such as real estate, rental prop-
erty, quota, partnership interest,
shares of a small business corpora-
tion, stocks, bonds, securities, cot-
tage, and personal property, such
as antiques, cars, jewellery, art.
Next, you would calculate the
adjusted cost base of the capital
property and the market value of
the capital property owned on Feb-
ruary 22, 1994.
Once you have made the various
calculations, and decide to use the
capital gain exemption you should
be aware that claiming the capital
gain exemptitkn will not increase
your taxable income but will in-
crease your next income.
Since government benefits are
determined by net income, you
may have your Old Age Security
clawed back by a considerable
atnount. Also, other benefits such
as the Child Tax Credit could be
lost if you elect to use the Capital
Gain Exemption.
Remember also that if you decide
to take the capital gain exemption,
you could trigger alternative mini-
mum tax.
It is recommended that you begin
thinking about this matter now.
Don't Icavc this until your accoun-
tant is busy filing income tax. Con-
tact your accountant now for more
information.
i
Ontario cattlemen welco
beef Import measures
GUELPH - Ontario cattlemen
welcome the recent announcement
by the Fcderal Government that
Canada will replace its Beef import
Act with a tariff rate quota (TRQ)
under the terms of the new World
Trade Organization (WTO). The
TRQ of 76,409 tonnes, with a tariff
of 31.1 percent falling to 26.5 per-
cent over six years, on beef and
veal imports above the TRQ is con-
sistent with the GATT/WTO nego-
tiations.
Ken Summers, President of the
Ontario Cattlemen's Association
said "Ontario cattlemen were be-
trayed by the Federal Government
with the removal of the surcharge
on imported hip cuts of beef from
non NAFTA countries in mid Octo-
ber. However, we are very pleased
with this recent announcement. Not
only has the federal government
implemented the TRQ consistent
with the new WTO/GATT but it
has also taken administrative meas-
ures to ensure that the problem of
beef import surges which were ex-
perienced with the temporary meas-
ures taken in 1993 and 1994, arc
not repeated.
"In mid 1993, the Canadian Inter-
national Trade Tribunal recom-
mended that the Federal Govern-
ment implement a TRQ on
boneless beef imports from non
NAFTA countries of 72,021 tonnes
e
with an over quota tariff of 25 per-
cent. However, the lack of TRQ ad-
ministrative measures led to com-
petition among exporting countries
to maximize their share of the TRQ
and hence led to import surges. We
welcome the idea of country alloca-
tion and while New Zealand has
agreed to an allocation of 27,600
tonnes, we feel that Australia
should also be subject to a country
allocation."
Australia and New Zealand are
the major offshore beef exporting
countries to North America. Cana-
da has a major two way trade in
cattle and beef with the United
States. Because the net trade with
the U.S. is very much in Canada's
favour, cattlemen want assurances
from the Federal Government that
offshore beef import measures are
harmonized with the U.S. Ken
Summers also stated, "Canada has
for many years accepted propor-
tionately more offshore beef im-
ports than has the U.S. This has
contributed to the export of cull
cows from Canada to the United
States. The measures announced by
the Federal Government, if it re-
mains committed to them, will send
a confidence signal to our Canadian
meat packers that investment in
processing capacity and employ-
ment is warranted."
ATTENTION
All Farm Families!
Farm Business Initiative
PROGRAM
1 f(uronC0lntY...
Huron County Farm Families will
profit from a series of business
seminars being presented at The
Benmiller Inn. The seminars are
led by experts in a variety of
business fields and are designed
to help identify and enhance
alternative income opportunities.
This program also includes one-
on-one counselling to each
participating family and should
improve your farm management
skills and practices.
Supported and sponsored by The
Federal Business Development
Bank and the Ontario Agricutture
Training Institute (OAT). Training
is scheduled for January through
March 1995 at a cost of $450.
plus GST per family. The fee
allows up to 3 members to
attend.
cf
o Registration is Limited
For further information, please call
Gary Eagleson Bob Humphries
Federal Business Ontario Ministry of
Development Bank Agriculture, Food & Rural
1-800-265-4594
271-5605
.10
Affairs (OMAFRA)
1-800-265-5170
482-3428
Federal Business Banque federal@
Development Bank de developpement
® ONTARIO
scliact9ssriaantasE SALE
Help fill Santa's List with
Savings from our Toy Selection
ALL PAINT AND DECAL KITS 15% OFF
IN STOCK
AGCO LUBRICANTS Including all OILS, GREASE,
SPRAY PRODUCTS * NOTE: Minimum or Max purchases necessary
20% CASH &
CARRY
WINTER WORKSHOP SPECIALS 10_50% OFF ,k
ON SELECTED IN -STOCK PARTS
KUBOTA OWNERS - Pre -Season Parts
Sale & Stock Orders Christmas Bonus
20%OFF
OUR PARTS DEPARTMENT (CASE) IS ALSO TAKING PRE -SEASON
ORDERS ON... • GREAT PLAINS • GEHL • KINZE • TYE
DON'T SLEEP THROUGH: THIS SALE!
HOLIDAY SEASON HENSALL & RANNOCH STORE HOURS; • Open 8 a.m.-5 p.m. till Dec. 23 • CLOSED Dec. 24, 25, 26, 27, 31
OPEN Dec. 28, 29, 30 - Jan. 2/95 IItMVROKNCY CALLS TO 238-4178 • 2835988
YEDILELS.111710tS
,)» FARM EQUIPMENT LIMITED
(H) HENSALL STORE (519) 262-2605
(R) RANNOCH STORE (519) 229-6700
OR TOLL FREE 1-800-461-6089
i
4
Cook's achieves
QMI registration
CENTRALIA - Cook'
achieved QMI registration
quality standards in t
D •
ivision of Parrish & Heimbecker has
'ts adherence to known international
marketing, sales, conditioning and pro-
cessing of course grains, cereal grains, pulses
and seeds.
The registration is effective November 28,
1994 and covers both of Cook's processing
facilities located at Centralia and Hensall.
The management of Cook's is pleased to
make this announcement as it is the first company
in the Edible Bean Processing Industry in North Ameri-
ca to achieve this registration.
This accomplishment is the culmination of three years of work by
Cook's in-house Quality Assurance personnel.
TOYS
EvEN SMALL
BuILDERs HAVE
BIG PLANS
Sometimes the blueprint for a child's future
begins with a simple idea. Like playing with toys.
And, because Ford New Holland toys are richly
detailed. they give children freedom to create, to
express ideas, to explore the world around them.
And, just maybe, the toys your children play with
today will be the tools thgy use tomorrow.
. Isn't that what being a child is all about?
LONDON
FORD NEW HOLLAND
O LAND \g
tteW HOLLMD
A DIVISION OF COLD SPRINGS FARM LIMITED'
Hwy. 022 - West of Hyde Park Rd, Hyde Park Ont.
Phone: (519) 641-8820, Fax (519) 641-8756
TIME IS MONEY!
Thinking of purchasing a new
planter for 1995? Now is the
time to make your purchase.
,.:.�-..
'tour local AGCO White
Planter dealer has "early
order" savings available!
Place your order be-
fore December 10
for super prices.
And ask about the
interest waiver
program.
,. 111•
•
Yr,
4 -row to 12 -row sizes are available fin -
conventional. min -till or no -till.
Lower input costs and higher yields can pay for a
new planter in three to five years! White planters
have accurate seed spacing and precise depth
control. These greatly affect your input costs and
I
your harvesting yield.
Contact your AGCO White Planter dealer today.
Don't delay! Now is the time to buy! WHITE
COMO
AM) &NV Ltd
Solos & S•rvlo•
PPaxhone
9123.64034
(119)
22 Main Street, L. Yurleh