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Whitby-Free press, Wednesday, March 31, 1993, Page 17 hiiçiessnewsi $5 million11 allocated to help laid-off apprentices The Ministry of Education and Training is providing $5.27 million to help more than 9,000 laid-off apprentices continue their training. "The program allows appren- tices who might otherwise leave the trade to continue their training," said Education and T1raining Minister David Cooke. Tax time agaîn In theory, taxes are paid by Canadians te fund services that are in the national interest. Unfortunately, for a variety of reasons, including governrnent mismanagernent, Canadians are amen g the most heavly-taxed people in the world. The Fraser I ns titute in Vancouver calculates that, in 1992, 51 per cent of the average Canadian family income was paid in taxes of ail kinds. The biggest single arnount comes in the forrn of personal incarne tax. At this time of year, each taxpayer cornes face te face with the reaity of just how big tiat tax bite is. Unfortunately, most Canadians seern te be resigned to this situation. However, there are several ways of reducing your taxes. Think of paying taxes as a game. Would you play a game before knowing the rules? Probably not. The n, why do s0 many Canadians ' lay' the incarne tax garne with barely a ýthought abeut the rules until after the game is over (usually April of t he following year)? We have no choice -- we have te, play the tax garne. AIl the rules stilI apply, it's just that most peeple don't know them se they play the game poorly. Wh at we really need is a coach. Revenue Canada is not the coach -- it's the umipire.You have three choices: coach yourself, get a moniey coach (financial planner, tax lawyer, accountant, trusted fniend) or default ta doing nothing andilet the umpire caîl the garne for yeu. It's tee late ta make any plans for your 1992 tax year, but let's review some of ttÎ'Ç rules that you might still be able te use te, your advantage. Charitable donations: 'Bunch' your donations so that you exceed $250, thereby gaining a higher tax credit. You may dlaim your spouse's deductions te, exceed the $250, or you may carry forward deductions ta next year if that will give you a higher tex crecit. Moving expenses: It is generally available if yau move te begin employment in a new location and your move brings you atleast 40 kms. dloser ta yaur new place of work. The twa most aften overloeked cases are students and people transferrinjg within the same company. Although students generally don't have a lot of taxable incarne, claiming eligible moving expenses may alloNV a supporting parent or spouse te receive extra tax credht. Transferable credits: Certain credits are transferable te a sup orting spouse (or in sorne cases, ather qualifying relatives), suc as pension and age tax credit, disability tex credit, tuitien and education tex credit. Equivalent ta married: Basically, if yau are a single parent and have a child living with yau, yCu can make the dlaim. Where it is more allen missed is if yauh ave a relative living with you who is dependent on you, it is an eligible dlaim. Medical expenses: A new ruling allows medical expenses in excess of $1,615 ta be eligible for tax credits. H-igh-income earners are no langer hampered by the 3-per cent-af net-income rule. You may dlaimi medical expenses for an?' 12-month period that ends in the year. (0f course yau can t daim th e same expense twice.) Year-ends: If you sterted y aur own business, yau are allowed te, daim a fiscal year that dfers from the calendar year. This doesn't reduce your tax liability, rather it simply defers it by one year. But if you are just sterting out, having that money could make your situation a lot more bearable. Hopefully, these hinrts givey ou an insight te some af the rules of the tax game. Hawever, i t'slike reading the boxscore after the garne -- it can't change anything for last year. My best advice ta you: Stert learning the rules of the tax garne for 1993 now, while there is stilI three -quarters of the year left. If yau can't be trusted ta teach yourself, loak for a fulI-time professional who coaches the 'tax gamne.' 'The programn will help them acquire the skiIls required in order te, contribute te the work force.". Thirty-one cornmunity-based projects have been established across the province in a variety of different trades. The projeets, valued at $2.27 million, will allow laid-off apprentices to continue te progress in their trades through alternative workplace training. The ministry is aIse providing Bank urges risk capital fund to help busi nesses At a meeting of the mayors frorn the Greater Toronta Aiea on Feb. 19, the National Bank of Canada called for the creatian of a fund jaintly managed by the province of Ontario, the municipalities, labour, business and lenders that would help saal- and medium-sized business get the equity funding they need te succeed. The bank's senior vice- president - Ontario, David A. Garton, made the proposaI at the meeting before an audience of mare than 50 mayors, econarnic advisors and senior officiaIs from other chartered banks. 'We speak frorn experience. National Bank is already actively invoîved in a number of regional partnerships in Quebec that provide risk capital te local businesses. "We are prepared ta do even mare to prornate this entre- preneurship and, in fact, I would welcome the oppartunity te, open a dialogue with you and your staff relative ta jointly estab- lishing a regional development partnership for the Greater Taranto Aiea. "I envisage the province, municipalities, labour, business and lenders creating and managing a fund te provide much-needed equity te qualifying small- and medium sized businesses. "Such a joint initiative could strengthen these businesses, making them mare credit-worthy and, therefore, able te, expand and create employment, thus providing the required stimulus for this ecanomy." There was a standing-room- only audience at a first-time home buyers'seminar in Oshawa last Wednesday. The seminar was sponsored by Scotiabank and Caldwell Banker JRMR Real Estate. $3 million for accelerated in-sehool training. This allows apprentices who have been laid off te attend the in-school component of their training Last year, the miinistry spent $6.7 million to assist more than 11,000 laid-off apprentices under the program. MK TXMANINC. E-FILE Tax Returns Fuil ,.Refund in about 2 wks. Whitby 666-2400 Toronto 733405 Ne ati Eentns &SaudaeA pinm ntoAalal *Emergency Cails Accepted (during office hours) 701 RO0SSLAND RD. E. SUITE 207 (Rossland Garden Plaza) WHITBY N IELEVATOR ENTRANCE BESIDE SCOMMUNITY PHARMACY 666-0244 _ _ _ _ _ _ lsWe - (7nk ! jS LciaII Of IThe VVW e I back f rom WASO!>One Way Motor Home Rentai to VancouverVaoue _ April/May $1 9 er week __-E-(ask rentai deparent for detaits)-- OWASCO VOLKSWAGEN iNC. MyT2 Expenience the Owasco Feeling.iim- Proven ta serve y ou best sinoe 1972 An -I Caî&- andCAA awa«I winner I l~ .Ca es. se vic . I 'd I vIy A /uL MI m akes.- 1 8 1 1425 Dundas St E, Whitby 35MNTES 686&6410 or 1-800-263-2676 EATFO JbWASO TOP DOLLAR FOR D<YMJTOWN VV OUR TRADE! TORON4TO HOBB GILLIES BAKKER chartered accountants We are a Revenue Canada authorized agent for ELECTRONIO FILING ( EFILE) of personal income tax returns. Revenue Canada wilI process yiour1tax return and refund much faster using EFILE. For further information please contact the office noarest you. 200 Bond St. W. Ste. 208 118 King St. E. OSHIAWA BOWMANVILLE 579-5659 623-9461 F a i 16