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Page 12, Whltby Free Proes, Weclesday, October 26, 1M9 Iil .a l to afourth term ta the Whitby Hydro Commission.. A Ifelong resident of a fourth generation family in Whitby. Au thorlzed by the OFO for the Bill Lawler Campalgn. business news Home business legality to be discussed 'Small Business an Lea Issues' will be presentedby t he Durham Homo Business Associa- tien on Wednesday, Nov. 9 in Ragln,north of Oshawa. Thee will ho discussion of how the. egon of Durham views homebased businesses, munici- pal bylaws, and cencernis about sueh businesses. The sominar includes a ques- tion period. Products can aise be displeyed if reservations are made. Guest speaker will ho Normn Leigh, director of business deve- lopment for the Region, and lawyer Phil McMullen. The seminar begins at 7:30 p .m. and will be ho Id at Trillium ails. Tickets are $15 per per- son ($10 for members). Cali Bernice at 721-3323 or Bob at 683-8703 for tickets or more information. Tickets are aise avail'able at Le Print in tho Oshawa Shopping Centre. targeir DheVille The nwy expan ded -DeVille Prouc on Hlighway 12, south of Tau iXon I? oad, was «off-icially» 0p e in: ceremenies on Tb4rsa.yasweek /DeVifie has more than tripled /ts store/rt'ee. .with an 18,000- /: suare-".~t expansion.ý acco odt.mr rout n e~ ',ces,: induùdiingian expaidýd, b1iher shop, fresh 'fish market ;4nd salad bar. - The expansion ha meant about 60 new jobs. jWhitby Mayor Tom Edwards Joined the owners the Guzzo- Foliare family, for tbe open'ing. Year-end -tax planning For anyone whô has been precrastinating, this is your wakti- up eall. If y ou haven't dono your tax Planning for 1994 yet, you have only eight weeks left. One area bound to cause a lot of confusion is the.use of the 1994' capital cains election. The'February 1994 bu~dget eliminated the $100,000 lifetime capital gains election, but they left a special provision to use ail or part oNit on your* 1994 tax return (due April of 1995). For anybody with some exemptio n l'eft, this could, save literally tens of thousands of doýllars 'in'taxes'. This ;will especially affect people owning cottages, investmenit properties, stocks and mutual fnds that have apprete signifiaty i value since their purchase. However the tex department seldom- makes' .anythin'g simple, and this is no exception. If you plan to use, this onie- time election, it is important for y ou to gather up aIl your information and do a sam ple.calculation of your,1994 inL'ome tax return. If you work with a financial planner or accountant, they sheuld aise be involved. Why is this important? First there are a number of items that might prevent you from ciaiming the exemptioni:,CNIL, ABIL, capital losses, etc. Even if you can, daim the exemption, it might not be advisable. The additional income may cause you te lose benefits y ou would otherwise receive, suchas the Guaranteed Income Supplemont, the GST 'credit, etc.- and your Old Age Security may have te ho repaid. Thepurposof this column is simply to ,get you to roview the viability ofmaking the capital gains *election before tihe end of the year. There are two major benefits té doing thi. there will ho ne unexpected surprises next April, and'you still have time te do something about it if the news looks bad. 1-.,ýl . There are gtill legitimate -tax shelters ýavailable, but -be careful. At this time of yoar, there is more thâîn the aveére amount ef hype about 'tex shelters.' Before yeu sign on thie dotted lino te save yourself thousandsý of dollars in taxes, ask yourself how good the underlying,.investmentis - andcfWould you still bu y it if there were ne tax benefitsý Tax shel tering is important, but secondary.. The primary objective of any investment should be the potentiel to produce inceme and/or growth. Would yeu pay a dollar. to save 50ýerits? Unfortunately, many 'investers' (ncludingmyself) have. donle that. Here are three basic questions.te ask of anyinvestment (o tax shelter): 1) What arnI. buyipg -,how' iuèh dol rpIly avg *on the uine?; 2) Where doos thie tax shelter ,C"ome from?âX1Q and when do I get eut of it? If you are not cômfortable Withi,ýtle *answers you get te these qûostions, it's robably net worth getting inte -- ne matter how large the tex savings. Derek Dutka is an ndependent iaca ner iwih Financial Concept Croup in Osa wa. ANNOUNCEMENT' David Singh, President of Fortune Financial Management Ine. is pleased to announce the appointment of Paul A. Gawne as an Investment Management Consultant in the Whithy office of Fortune Financial. Mr. Gawne's significant investment experience includes over 20 years in banking, wîth the past 8 years as a Branch Manager in Whitby. In addition Io successfully completing several advanced investment programs, he is also a member of the Trust Companies Institute. Paul invites ail previous clients who have appreciated his personalized service and attention to detail over the years to contact him at their earliest opportunity. As a member of a full- service firm. he will now be able to provide them with high quality investment advice required to maximize growth of their capital with minimal risk. Fortune Financial (Management Inc.) is hased in Toronto and has more than 30 offices in seven provinces across the country. As a member of First Marathon Securities Correspondent Net work, a leading securities dealer with operations worldwide. Fortune Financial offers investors a comprehensive financial plan, through unbiased consultation and i mplementat ion. FORTUNE 500 Brock St. S., Whitby Li N 4K7 JR NAANCTel. 430-0333 e Fax 430-8062