The Goderich Signal Star, 1976-03-11, Page 8GOPER'IC I SIGNA.6STeAR,; THURSDAY, MARCH 11, 1'976
A
Let's talkitaxei.,
Q. I atm a farmer. At the end of my basic herd; at that time
of 1971 I had a total herd of 100. was $26,25.0" During.19751 sold
cattle' of 'which 75 were ap- most of my herd and now
-proved.•, -"bas c herd. The have only 30 .animals left. 1
average value of my herd at understand there is a _coin
Decerr ber..31, 1971 -was $350 pulsor,' reduction of my basic
per animal so that the value ,herd tonomore than'the total.
Ri
number 'ot• animal8 in the
herd at.the end of 19,75r, The
price of cattle has inCreased
ser .I received, more than $350.
p'er animal, in fact tay.eraged
about $425 per animal. How
do I calculate the .deduction
from total sales to reflect the
non taxable portion on the
disposition of part of my basic
herd: -
A. The formula -is relatively
simple: Reduction in Basic
-Herd • times Total Value of
Basic,. Herd at December 31,
I,I
l ovf.�•N
unlbct of animal
M 'Iasic Herd at December
31, 19 -?1. The' selling price
does not cone into this
calculation but Will be used to
determine your sales for the
year. Using your own figures:
i minus 30 equals 45 times
$26,:.'50 over 75 which equals
x$15,750. Refer to•Chapter4 of
y<iui• 1975 Farmer's., and'
•
I ishermen's Income Tax
• 'Guide. . '
•
• +.-1=.•-i
Q. I am a farmer;and fused
1969 as the year Of Averaging
for incu.me tax purposes and
an1•eligible to average again
In 19.5. Am I required to
average again using 1975 -
the year of averaging, or can
I wait ,until. a year in Which'
averaging 'would be More:
beneficial to me?.
A. You may choose any
year yclu, wish as The year -ori
averaging, ,,. provided , that
returns have been filed as
require -d and that the
averaging •period .chosen does
not over kap another period for
which you have averaged.
-k + -I-
-Q. I retired from farming
and now live in the city.- My
farm• lands., are rented to, a .
tenant. l make .six or more
trips each year to the farm
to o
sLpervJsie—seeding,, summer
fallowing and. -harvesting.
Can I claim the expen's•e in-
curred in travelling to and
from the f'arm?
A. Travelling •exp.enses
incurred; while travelling to
and from you' farm cannot be
claimed as a deduction from
y'our.rental income. -
Q. 1s :a 'farmer required to
WINTARIO & OLYMPIC LOTTERY TICKETS
AVAILABLE AT-A&P:FOOD STORES!
OPEN:
MON. THRU
1
•
make Canada Pension Plan
dedugtions ,from the wages
paid to farm help?
A. D
eduo�tions 'for the .-
Canada Pension Plan must be
made from all wages paid for
farm labour, ,provided the
employee has reached 18
years of age but has not yet
reached 70, and has ,received
cash wages' of $250 'or more
and has worked for 25 days
for the employer, during the '
year:.
Look fol- the Man in Red at. A&P
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MALL
GODERICH
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JANE PARKER.
KRAFT -SMOOTH OR CRUNCHY ACTION PRICED! .6 VARIETIES -=INCLUDING DINNER TIME MINTS
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CHERRY - •
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JANE PARKER -ENGLISH
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109% PURE
Mazola Corn Oil
ARTIFICIALLY MAPLE FLAVOURED
Old Tyme Sirup
CARNATION -INSTANT
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10 -oz jarh$2
GENERAL MILLS CEREAL
79 Cheerios
MARGARINE
24 -fl -oz btl $1..19 Blue Bonnet ` 3-6.0m$189
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SEMI -SWEET OR MILK CHOCOLATE— BUT•t'ERSdOTCN • •
si.2t9 Chipitspkg 67,
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23 -oz jar .$1.99
10 -az pkg 6 5
• A •